In our pursuit to reduce emissions we have identified several different elements to consider. These are the well-known ones: operational efficiency, as full loads as possible, short ballast distances, efficient port operations etc. Since the emissions are in direct proportion to the amount of fuel used, it clear that the most important measure is to reduce fuel consumption. Since the ships need energy to move also in the future, we need to focus on the type of fuel we use on our ships.
As known, we have been searching for alternative fuels for decades and we have put a lot of work and resources into developing our own, waste-based biofuel. From the options available today we consider this fuel to be the most efficient solution to reduce the CO2 emissions of our vessels.
This year we have taken a big step forward to enable a wider use of this fuel. We are pleased to have the opportunity to increase the amount of EcoVoy contracts, and we are looking forward to signing new agreements with our customers. In a nutshell, this contract means that the customer can buy sea transports which causes approx. 98% lower greenhouse gas load compared to traditional fossil fuel. The Marine Ecofuel Meriaura uses has been granted an ISCC certificate stating that the reduction of GHG-emissions is 97.7%. In other words, the benefits are indisputable and tangible.
As we unfortunately also see so-called greenwashing in the green transition scene, we consider it extremely important to be transparent and honest in our offering. Thus, we have decided to engage an external and independent party to assure the validity of our EcoVoy concept. The commercial activities related to the use of biofuel are audited by KPMG in accordance with the ISAE3000 standard. Simplified, this audit assures the balance between emission savings sold to customers and biofuels used onboard our vessels. Besides the external audit, we keep an internal record for every voyage performed under the EcoVoy contract as well as for the bunkering of biofuels. Thus, we can sincerely offer a solution that is both technically and commercially ready to launch.