Damen Shipyards Group, with funding from Atal Solutions, will retrofit four bulk carriers for BAM Shipping with emissions-reduction technologies, integrating eight proven technologies, enabling these vessels to consume at least 20% less fuel and reduce greenhouse gas (GHG) emissions by up to 99%.

Damen believes the reduced opex of the vessels will help yield a rapid return on investment and anticipates the overhaul may increase the vessels’ lifecycle by a further 10 years and comply with new emissions regulations such as the Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII).

Financier Atal Solutions will arrange for $124 million in funding for this project, allocating supplier credit of $105 million requiring vessel owners to provide 15% equity, with a 10-year repayment period at competitive interest rates.

Atal Solutions founder and managing director Edwin Sieswerda said, “We look at impactful solutions – easy and fast to implement, based on proven technologies – and avoid idealistic solutions. If we believe in a project, we make it happen and don’t stop until we do. Currently, we are working on four vessels, but we anticipate many similar projects will follow upon the successful implementation of this initiative.”

“Additionally, we expect increased support from the financial sector as the positive impact of our integrated solution becomes evident. Atal’s ongoing collaboration with Damen and other industry players helps them set a new standard for fuel-saving and emissions-reduction solutions.”

Damen Business Development Manager Rutger van Dam called the financing structure of the project a “breakthrough” that enables advancements through a commercially viable model. “Our mutual goal is to accelerate the transition to more sustainable shipping while ensuring the business case and revenue generation remain competitive,” he said.

The project is expected to be completed by Q1 2025.