FastRig

Gallery FastRig 1
Gallery FastRig 1
September 2021
Headquarters Weavers Mead, Great Cheverell, Devizes SN10 5TP, UK
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FastRig - Smart, cost-saving and recyclable wingsails for cargo ships

The International Maritime Organisation has committed the shipping sector to reducing GHG emissions by at least 50% by 2050 and to reach zero emission "as soon as possible". London broker Simpson Spence Young (SSY) has warned that less than 25% of bulkers and tankers will attain Energy Efficiency Existing Ship Index (EEXI) and the operational Carbon Intensity Indicator (CII) compliance, leaving most of the global merchant fleet facing either engine power limitation (EPL) options or other forms of CO2 abatement. FastRig is a modular, intelligent wingsail technology is designed to address this issue for the 75% of vessels with conversion to sailing hybrid, by reducing fuel consumption and GHG emissions by 20% and to help attain EEXI compliance. – FastRigs realise 20% fuel & GHG emission savings – FastRig technology needs no additional crew – No port-side infrastructure changes required – Rapid retrofit design to minimise disruption

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Key features

  • Can save approximately 20% fuel on a transatlantic crossing on a Panamax-sized bulk cargo ship
  • 276 FastRig installations anticipated by 2030
  • 20% fuel and associated GHG emissions for up to 40,000 existing cargo ships
  • Potential to save 736,000 MT of ship's fuel consumption by 2030

Profitability

  • Decrease on fuel costs associated with 20% fuel savings
  • 3-5 year ROI for ship-owners/operators through managed-service leasing model
  • Reduction in imminent pollution penalties (EEXI & CII) for energy-inefficient ships

Activity Region

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Europe

United Kingdom,

  • Headquarters
  • Activity

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