BAR Technologies says elevated second-hand tanker values are strengthening the financial argument for retrofitting older vessels with wind-assisted propulsion. In a company statement carried by Hellenic Shipping News, chief executive John Cooper argued that owners expecting ships to remain commercially valuable should reconsider objections to spending on efficiency upgrades, rather than relying on replacement tonnage to reduce fuel consumption.
The statement cited Poten & Partners valuations placing a very large crude carrier available for immediate delivery at about $235 million, against roughly $130 million for a new vessel ordered now for delivery in 2029. A 15-year-old VLCC could fetch around $140 million, according to the broker. Cooper said those valuations undermined the argument that ships approaching the end of their working lives were not worth improving. He expects many older tankers to continue operating into the 2030s.
The technology also has an operating record in dry bulk shipping. According to the statement, both Pyxis Ocean and Berge Olympus have been retrofitted with WindWings. DNV independently measured a reduction of up to 32% in main-engine energy use aboard Pyxis Ocean under favourable conditions. The company also reported that Union Maritime had received three LR2 tankers fitted with WindWings, with another two expected in 2027.
For a VLCC trading between the United States and Japan, BAR modelled an installation of five 37.5-metre WindWings saving approximately 2,670 tonnes of fuel annually at 80% utilisation. Using a very-low-sulphur fuel oil price of $850 a tonne, it estimated annual fuel savings of $2.27 million and a four-year payback. Those projections exclude carbon-related costs or benefits and represent company modelling rather than reported operating results.
BAR also argued that lower fuel consumption and carbon dioxide emissions could improve a vessel’s Carbon Intensity Indicator rating. It presented wind propulsion as a potential means of supporting older ships’ commercial viability as efficiency requirements tighten, alongside reducing their operating costs.