Singapore, 14th January 2025 – The American Bureau of Shipping (ABS), PaxOcean, and Pacific Carriers Limited (PCL) have signed a Memorandum of Understanding (MoU) to collaborate on developing retrofit strategies. This partnership addresses the need for effective Energy Efficiency Technologies (EETs) to enhance the sustainability and operational lifespan of vessels amidst stricter decarbonization targets and an aging global fleet.
Paving the way for the adoption of Energy Efficiency Technologies (EETs)
With global efforts to meet ambitious climate targets, the shipping industry is motivated to adopt solutions that enhance efficiency and reduce emissions. Aging vessels, whose designs and engine efficiencies are becoming less aligned with modern standards, require retrofits to remain operational and compliant. Retrofitting with EETs offers a practical path to extend their useful life while contributing to global climate goals.
The collaboration between ABS, PaxOcean and PCL will focus on identifying effective EETs for vessel types such as bulk carriers, tankers, container ships, and gas carriers. The partners will also analyze trends in the retrofit market, projecting medium-term (3–5 years) and long-term developments to support informed decision-making.
Combining Expertise to Drive Results
All three partners bring their unique set of expertise to the table. ABS will provide feasibility assessments and technical solutions to align retrofits with future regulations and operational needs. PaxOcean will focus on the technical feasibility and efficient execution of retrofit solutions, while PCL will ensure strategies are practical and cost-effective through operational insights. Together, they aim to deliver meaningful results for the maritime industry.
Mr Christopher J. Wiernicki, Chairman and CEO of ABS, said: “Retrofit of low carbon and energy efficiency technologies are going to be critical if the global fleet is to meet decarbonization targets. ABS, PCL and PaxOcean bring together world-class technological expertise, a laser focus on safety and a shared innovative mindset to support ship owners and operators to extend the life of their fleets by reducing the carbon intensity of their operations.”
Mr Tan Thai Yong, Managing Director & CEO of PaxOcean, said: “By leveraging our shipyards’ operational and technical capabilities, the joint development of a retrofit strategy with PCL and ABS, provides comprehensive insights into innovative solutions that enhance vessel lifespan and support decarbonisation goals.”
Mr Hor Weng Yew, Managing Director and CEO of Pacific Carriers Limited, said:
"As a shipowner, we recognize the importance of aligning operational needs with sustainability goals. We believe retrofitting existing vessels is one of the viable solutions to meeting decarbonization targets while maintaining efficiency. Through this partnership, we aim to share practical, data-driven insights that can drive effective retrofit strategies for the benefit of the entire industry."
The signing of this MoU highlights the importance of retrofitting to meet global decarbonization goals while maintaining fleet viability. Through their combined efforts, ABS, PaxOcean and PCL are committed to delivering practical and impactful solutions for the maritime sector.
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About ABS
ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design and construction. Focused on safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance and operational efficiency for marine and offshore assets.
About PaxOcean
PaxOcean is a service provider specializing in the construction, conversion, and repair of marine and offshore assets. The Group owns and operates five shipyards across Singapore, China, and Indonesia, along with an MRO (Maintenance, Repair, and Operations) facility in the Kingdom of Saudi Arabia. Established in 2007, PaxOcean offers a wide range of services, including integrated solutions, newbuilding, module fabrication, green recycling, and conversions for both conventional and renewable energy assets.
About Pacific Carriers Limited (PCL)
Pacific Carriers Limited (PCL) was established in 1973 and has since grown into a leading shipping operator in the maritime industry. PCL provides shipping services and maritime supply chain solutions for customers across the globe. We operate a diversified shipping fleet to move and deliver a wide range of bulk and specialised cargoes for the commodities, energy and industrial markets.
For media inquiries, please contact:
ABS
Jennifer Mire
Manager, External Communications
Tel: +1-281-877-5845
Tel: +1-281-703-8905
Email: [email protected]
PaxOcean
Juliana Tan (Ms)
Assistant Manager
Marketing & Communication
Tel: 9236 8519
Email: [email protected]
PCL
Sabrina Chew (Ms)
Manager
Corporate Communications
Tel: 9783 8699
Email: [email protected]
