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Keeping Score – Are You Green Enough?

Maritime vessel owners and operators are being pressured by international authorities and port state regulations to comply with regulations forcing vessel operations to be “clean”. That is, sea transport producing greatly reduced greenhouse gas emissions, reduced spread of invasive bio species through ballast water treatment and clean hulls, and reduction of overboard wastes.

All of this costs money, starting with the large capital outlays for the design, testing and building of ships of entirely new designs. In the long run over the life of a ship, much of this will be recovered by reduced annual operating and maintenance costs.

“That’s the way it is in life- you get a position or a map but not both at the same time.”

– William Least Heat Moon

Meanwhile…Along comes ESG, Environmental, Social, and Governance compliance. In the past corporations followed CSR, Corporate Social Responsibility. Make a profit but along the way be good to your employees, customers, community and the environment. While CSR sounds wonderful, ESG now has corporations having to produce the metrics that show that they are actually working toward the CSR goals and making a difference.

In the environmental area this might be showing a reduction in carbon emissions, kilowatts of energy saved, reduction in tons of waste, reduction in water usage, and progressive targets for each year. This can be done with the older standards like ISO 9001 and the newer ISO 14001-Environmental Management System (EMS), and ISO 50001-Energy Management.

What does this have to do with the marine industry? Shipping has many similar regulations that have been put in place by the International Maritime Organization (IMO) forcing the “greening” of the industry. And ESG is used as a key assessment marker for investors.

It is reported that as of early 2019 a quarter of the world’s professionally managed investment funds only invest in companies that have sound ESG credentials.

A recent article in the New Orleans newspaper noted that Nationwide Insurance just invested in a Louisiana 50 megawatt 197,000 solar panel solar farm as part of its ESG stance. This electricity will be sold to a Fortune 500 Entergy Corporation who now has around 190 megawatts of renewable energy in its portfolio including waste heat recovery, biomass, and hydro power. Entergy states that in the past two years about 25% of the electricity used in Louisiana came from carbon free sources. This is in a major oil producing state and follows up on my data on the drop in coal usage.

So, it can be many of the usual lenders that will find it in their interest and part of their new mission statement to fund new marine construction and conversions in the next decade. Working with owners and shipyards green loans can be made as part of the portfolio of loans to a company along with normal funding.


It is agreed that it is good to be green and many throw their “greenness” in front of lenders, investors and the public. But the truth is that there are no agreed to bases for measuring green.

Various sides push LNG, low sulfur fuel oil, ammonia, bio-fuels, hydrogen, methane, lithium power packs, etc., but like good sales people they accentuate the positive and eliminate the negative.

What are “zero emissions”? All airborne emissions? Is that just the current headliner CO2, or does that also include the collection of Green House Gas (GHG) and/or lead? Is it just air emissions or also emission into the water through hull biofouling or the exhaust from open circuit exhaust gas scrubbers? And how about the emissions on shore from the production of these fuels or battery packs and the coal or LNG power plants that charge the batteries.

But there are interested and powerful parties that are working toward developing “score cards” that will measure the ecological soundness and advantages of environmentally sound designs and practices.

The Green Shipping Project is sponsoring the Sustainable Shipping Initiative (SSI) which will define criteria for new fuel’s sustainability. They will then work with other bodies to create a form of certification.

The main bodies interested are of course the IMO which has been working on emission standards for several decades, and probably classification societies and port state authorities that will be signing off on certifications.

Another step is the recently announced rating system put forward by the International Chamber of Shipping (ICS) where every vessel under IMO regulations for emissions (greater than 5000 G.T. will receive and operational efficiency rating, much like a report card. They will each have a grade, possibly A to E, or A to G, which can be updated annually. This grade will be included in each vessels IMO specifications so that anyone, be it shipper, charterer, or prospective buyer, knows where the ship stands in efficiency.

This system has been presented to the IMO to be made into a regulation. One might expect that when ratified, vessel operators with vessels under 5000 G.T. might seek credentials as part of green marketing.

DLS Marine will be watching this and the many other design and regulatory factors that may be affecting vessel values in 2021 and forward. As if the economy in 2021 and forward is not enough to research and consider in our valuations.

Norman Laskay

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Matt McDaniel DLS Marine Survey and Appraisal

Matt McDaniel

Hull & Machinery Surveyor

Areas of Expertise:

  • Hull and Machinery
  • Damage Assessment and Repairs
  • Condition
  • Inspections
  • Project Management

Memberships / Professional Certification:



Matt began marine surveying in 2014 and has experience with damage causation, reviewing transit plans, new construction, cargo transfers, salvage operations, on/off charters, and general condition surveys. He joined the Hull & Machinery department at DLS in 2019.
Jessie Page DLS Marine Survey and Appraisal

Jessie Page

Hull & Machinery Surveyor

Areas of Expertise:

  • Hull and Machinery
  • Diesel Technician
  • Marine Repair and Fabrication
  • Engine Causation Analysis
  • Equipment Damage
  • Vessel Conditions and Safety

Professional Certifications:


Certified Specialist in Caterpillar diesel engines to include:

  • Small Engine Fuel Systems
  • Medium Engine Fuel Systems
  • Engine Diagnostics
  • Electronic Sensors and Control Logics
  • Electric and Electronic Troubleshooting
  • 3500 A/B/C Diesel Engine Master Mechanic I MUI/MEUI


Jessie joined DLS in 2021 with extensive experience in the marine industry. Jessie began his career as a shipfitter, machinist, and propulsion machinery installer at a shipyard. He then spent ten years as a diesel technician doing everything from routine mechanical repairs to complete engine overhauls and dynamometer testing. Jessie specializes in engine failure analysis and recognizing improper maintenance and installation. He is able to make recommendations regarding failure causation and potential imminent failures. Jessie transitioned to marine surveying in 2016 and is now a part of the DLS Hull & Machinery department.

Ave P. Boudreaux

Marine Surveyor

Areas of Expertise:

  • Hull and Machinery
  • Project Management Supervisor (QC) – overseen numerous construction and delivery schedules for vessels
  • Extensive knowledge of U.S. Coast Guard and ABS rules and regulations for vessel construction and repair


  • Rolls-Royce Z-Drive Failure Analysis Seminar
  • Flex-Core and Aluminum Welding Course
  • Extensive training in engine, gear, and shaft alignment
  • Extensive training in vessel repair and new construction

Memberships / Professional Certification:



Mr. Boudreaux has 15 years experience with offshore supply vessels, crewboats, and anchor handling tugs. During this time, he served 8 years in vessel repair and new construction, 3 years in vessel operation and logistics, and 4 years as a vessel port captain.

Mr. Boudreaux served over 3 years as a marine surveyor performing numerous types of surveys in the marine industry prior to joining DLS.

Norm Laskay - DLS Marine Valuation

Norman F. Laskay

Of Counsel

Mr. Laskay joined Stickney, Dufour & Associates, Inc. in 1988 as a partner. He is now of Counsel. He became a Marine Surveyor in 1974, having gained prior experience in steamship agency, bulk cargo handling and vessel operations. He has been involved in many aspects of marine surveying including hull, machinery and cargo, both inland and ocean. Since becoming an Accredited Senior Appraiser of commercial marine equipment, he has been active with the American Society of Appraisers’ International Machinery and Technical Specialties Committee. He has written a comprehensive exam for the Commercial Marine Appraisal specialty and has written a 30-hour course for the American Society of Appraisers on appraising commercial marine vessels and yachts and is the lead instructor.

Areas of Expertise:

  • Commercial Marine Appraisal
  • Hull Damage and Repair
  • Cargo Loading, Securing and Trip in Tow Preparation


  • Maine Maritime Academy Graduate
    B.S. in Marine Transportation
  • Continuing education credits in Law, Appraisal, Marine Survey, and Diesel Repair.

Professional Certification/Memberships:

  • NAMS Regional Board of Directors Member 1989-1994
  • American Society of Appraisers – Chapter Treasurer 1991-1994
  • American Society of Appraisers – Chapter President 1994-1995
  • Mark Twain Club (Charter Member)
  • Machinery and Technical Specialties International Committee 1995-Present


  • The Journal of the International Machinery & Technical Specialties Committee of the American Society of Appraisers “TUGBOAT DESIGN 101” Vol 13 No. 2 Fall 1996
  • The Journal of the International Machinery & Technical Specialties Committee of the American Society of Appraisers “KEEPING AN EYE ON YOUR MARINE ASSET” Vol 13 No. 3 Winter 1996
  • Marine Money, The Ship Finance Publication of Record “ASSET BASED APPRAISAL:, Vol. 21, No. 3, May/June 2006 Wrote the chapter on Marine Asset Appraisal for the American Society of Appraisers text book: “VALUING MACHINERY AND EQUIPMENT: THE FUNDAMENTALS OF APPRAISING MACHINERY AND TECHNICAL ASSETS” Second Edition. In 2008, revised the chapter for the future Third Edition and wrote an accompanying Work Book section.



Harry Ward President DLS Marine

Harry Ward


Harry Ward is the President of Dufour, Laskay & Strouse, Inc. Harry is a US Navy veteran and has spent much of the past decade in the maritime industry in sales, finance and general management. He has extensive experience in asset and business valuation and is working to maintain DLS leadership in marine appraisal and survey for another 50 years. Harry is a graduate of the US Naval Academy and served as a helicopter pilot and survival instructor through multiple tours of duty. He has an MBA from San Diego State University.

Areas of Expertise:

  • Fleet and Vessel Appraisals
  • Marine Business Valuation
  • Transaction Support – Due Diligence
  • Transaction Support – Marine M&A Advisory
  • Digital Inspection – Marine and Offshore Wind


  • U. S. Naval Academy, Annapolis, MD – 1991, Bachelor of Science
  • San Diego State University, San Diego, CA – 1999, MBA with emphasis in Finance

Licenses and Professional Associations

  • FINRA Licenses, Series 63 and 79 (Investment Banking)
  • American Society of Appraisers, AM
  • Certified Exit Planning Advisor, CEPA (Business value assessment and strategy development