Page 27: of Marine News Magazine (November 2022)

Great Workboats of 2022

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Column

Finance

Alternative Fuels,

Newbuilds and Retro? ts are

Key to Marine Industry Growth

By Timothy Stickney, Key Equipment Finance native fuels, acquiring new construction vessels, retro? t-

The global marine vessel market is projected to grow from $170.75 billion in 2021 to ting existing ? eet, and determining ideal solutions for pro- $188.57 billion in 2028 at a CAGR of 1.43%, according curing these vessels. A general theme for 2023 is “research your options and plan ahead.” to research from Fortune Business Insights.

From transportation vessels to workboats to marine con-

Alternative fuel vessels struction ships, companies want to grow their business,

The International Maritime Organization’s (IMO) ini- stay current with new technologies, gain a competitive tial greenhouse gas (GHG) strategy strives to reduce the edge and be good stewards of our environment.

total GHG emissions by at least 50% by 2050 compared