AMSTERDAM - AkzoNobel's pioneering methodology for rewarding ship owners who use sustainable hull coatings has been named Environmental Leader Product of the Year for 2016. The award recognizes the introduction of the shipping industry's first carbon credits methodology, which was developed by the company's Marine Coatings business.

Launched in 2014 in conjunction with The Gold Standard Foundation and Fremco Group, the scheme is based on ship owners converting existing vessels from a biocidal antifouling system to a premium, biocide-free hull coating such as Intersleek, part of AkzoNobel's International range of marine coatings.

The methodology financially rewards ship owners for using sustainable hull coatings that improve operational efficiencies and reduce emissions. This is reflected in the awards success, which specifically recognizes the role of the initiative in improving environmental and energy management in the shipping industry, while delivering bottom-line benefits to those who participate.

Commenting on the company's award, the judging panel said, "Intersleek is a great technology to help reduce greenhouse emissions from the shipping industry, and the carbon credits methodology will help incentivize ship owners to adopt it. This could be a very impactful initiative, leading the industry towards sustainable shipping."

Earlier this year, Neda Maritime Agency Co Ltd, a leading Greek tanker and bulker owner, became the world's first ship owner to be awarded carbon credits through AkzoNobel's landmark scheme. The company received a total of 13,375 carbon credits, potentially worth around $60,000.

Each carbon credit accrued represents the avoidance of one ton of CO₂ being emitted to the atmosphere, meaning that Neda Maritime has offset a total of 13,375 ton of CO₂ from its business.

Environmental Leader is a leading daily trade publication covering energy, environmental and sustainability news. The award was presented to AkzoNobel during the recent Environmental Leader Product & Project Awards ceremony held in Denver.