Ferries need to be updated or replaced, experts warn

Greece's coastal shipping fleet is old and environmentally unsound, and needs to be replaced with the assistance of local and European Union authorities, XRTC Business Consultants says in its latest report on the sector.

"The countries of the European Union, and Greece foremost, have no other choice but to upgrade and replace their older ships," the report said, calling for "new investments, new financing tools and flexible business ventures that can carry out direct investments."

The report stresses that Greek coastal shippers have until January 1, 2020, to comply with an International Maritime Organization (IMO) directive limiting the sulfur in fuel oil to 0.50 percent m/m (mass by mass), so as to reduce sulfur oxide emissions.
They also have to strive to meet commitments from the international shipping community to reduce carbon emissions from fossil fuels by...