Oil and gas companies pursue renewable energy ambitions, but investments to remain cautious, says GlobalData

Global power generation is undergoing a structural transformation as renewable energy capacity nearly doubles over the last decade, challenging the traditional dominance of fossil fuels. While major oil and gas entities like Shell and BP pursue ambitious decarbonization goals, GlobalData reports that capital expenditure remains cautious due to volatile market conditions. This transition directly impacts the tanker segment, specifically VLCCs and Suezmax vessels, as global energy demand shifts away from crude oil transport toward alternative fuels and green energy infrastructure.

The maritime industry must align with the IMO’s MARPOL Annex VI regulations, which mandate strict limits on sulfur oxide and nitrogen oxide emissions to curb environmental impact. Furthermore, the EEXI and CII frameworks, enforced under SOLAS Chapter II-1, require shipowners to optimize vessel energy efficiency. Compliance departments are increasingly focused on these classification society requirements to avoid port state control detentions. As renewable investments grow, vessels must integrate advanced energy-saving technologies to maintain operational compliance and meet the evolving carbon intensity indicators set by international maritime authorities.

Chief engineers and second engineers must prepare for a significant shift in technical operations as vessel propulsion systems transition toward dual-fuel and hybrid configurations. These rank groups need to prioritize specialized training in handling alternative fuels and monitoring advanced emissions-reduction equipment. Understanding the integration of renewable energy sources into shipboard power grids is now essential for maintaining vessel efficiency and ensuring that engine room operations remain fully compliant with the latest international environmental standards and safety protocols.