MSC, Fincantieri and Snam to assess hydrogen cruise ship feasibility


© Reuters. FILE PHOTO: The MSC Magnifica cruise ship passes in the Saint Mark Basin in Venice, Italy June 9, 2019. REUTERS/Manuel Silvestri/File Photo


MILAN (Reuters) – Swiss-based shipping group MSC, Italian shipbuilder Fincantieri and gas group Snam are joining forces on a feasibility study with a view to building the world’s first hydrogen-powered cruise ship.

The three companies will look at a series of logistical and technological issues over the next 12 months to assess whether to proceed with the project, they said in a joint statement on Monday.

The aim is to promote the use of hydrogen in shipping to reduce emissions while attracting the investment needed to scale up the business, they said.

“We want to be on the front line of the energy revolution in our sector and hydrogen can greatly help in this direction,” said Pierfrancesco Vago, the executive chairman of MSC’s cruise division.

The European Union this month announced an ambitious climate change package that will introduce duty on high-carbon shipping fuel that has not been taxed previously.

Hydrogen is widely viewed as having an important role to play in reducing emissions in heavy transport sectors that are difficult to electrify, though costs will first need to fall.

“Maritime transport today accounts for some 3% of CO2 emissions worldwide … the use of hydrogen can help achieve net-zero emission targets,” said Snam CEO Marco Alvera.

Snam, which derives most of its revenue from gas transport in Italy, has pledged to spend more on new green business lines such as hydrogen to help to position the company for the transition to cleaner energy.

See also  Oil Inventories Fell by 7.2 Million Barrels Last Week: API
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here