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Alternative Propulsion Takes Center Stage at Monaco's Captains' Forum

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Alternative Propulsion in Focus at Monaco's Captains' Forum

The Captains' Forum, organized by the Yacht Club de Monaco, recently highlighted the engineering of superyachts of the future, with a specific focus on alternative fuels, operational challenges, and classification societies. The event brought together 150 superyacht captains from 25 different nationalities, representing an average Length Overall (Loa) of 65 meters. The forum aimed to address the industry's image and foster collaboration to propel it forward. Captain Malcolm Jacotine emphasized the need for the yachting industry to swiftly transition to low carbon fuels like HVO (Hydrotreated Vegetable Oil) to align with the International Maritime Organization's 2030 decarbonization target. HVO offers practical benefits, including reduced carbon footprints without the need for hydrogen or methanol fuels. However, challenges such as price, availability, and raw material traceability need to be addressed. The second session of the forum focused on a design challenge, exploring cutting-edge propulsion methodologies and the role of classification societies in shaping the future of the maritime industry. The engagement between experts and participants challenged traditional paradigms and encouraged innovative solutions. The forum, held under the collective approach of Monaco, Capital of Advanced Yachting, attracted professionals eager to advance the sector. The next event in Monaco's yachting calendar will be the 13th edition of the Environmental Symposium and the YCM Explorer Awards, scheduled for March 21st, 2024. For more information, contact the Press Office LaPresse at ufficio.stampa@lapresse.it. [View the accompanying photo here.](https://www.globenewswire.com/NewsRoom/AttachmentNg/4e1aa13e-beb7-4397-bd37-bdb870c3ac11)

Impact of Alternative Propulsion Focus on New Maritime Businesses

The recent emphasis on alternative propulsion at Monaco's Captains' Forum could have significant implications for new businesses in the maritime industry. The forum's focus on low carbon fuels, such as HVO, indicates a growing trend towards sustainability in the industry.

Opportunities in Low Carbon Fuels

For new businesses in the maritime sector, this shift presents an opportunity to innovate and offer solutions that align with the industry's sustainability goals. However, they must also consider the challenges highlighted at the forum, such as price, availability, and raw material traceability of these fuels.

Role of Classification Societies

The forum also underscored the role of classification societies in shaping the future of the industry. New businesses must therefore work closely with these societies to ensure their solutions meet safety, reliability, and compliance standards.
Collaboration and Innovation
The forum encouraged collaboration and innovation, which are crucial for new businesses to thrive. By challenging traditional paradigms and fostering a collective approach, the forum has set a path for new businesses to contribute to the advancement of the maritime industry. In conclusion, the focus on alternative propulsion at the Captains' Forum signals a new direction for the maritime industry, creating both opportunities and challenges for new businesses.
Story First Published at: https://financialpost.com/globe-newswire/in-monaco-alternative-propulsion-takes-centre-stage-at-the-captains-forum
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