TMS Tankers Ltd. Shipping Retrofit Project 1

Audit Analysis

A shipping retrofit project with VVB-confirmed additionality and conservative under-delivery relative to ex-ante estimates, but undermined by a project-specific baseline, a 0% leakage deduction with contradictory justification, six ships removed during monitoring, an approved methodological deviation, and seven outstanding corrective actions. The data quality issues and unresolved measurement uncertainties materially weaken confidence in the verified emission reductions.

Project Description

Red Flags

• ⚠Six of 46 ships removed from the project during monitoring due to insufficient baseline data, ineligible retrofit dates, or compromised operational performance (verification report, 2025-07-17)
• ⚠Approved deviation (DEV_490) to substitute the GNM model for the Basic model after regression analysis failures, introducing methodological uncertainty (verification report)
• ⚠Leakage deduction of 0% with justification described as 'not addressed' in the verification report, contradicting the monitoring report's 'deemed negligible' claim
• ⚠Seven corrective actions remain open, including inconsistencies in ER calculation spreadsheets, missing ship data, and unclarified fuel flow meter calibration methods
• ⚠Fuel flow meter calibration corrections applied for some ships, indicating measurement uncertainty in the underlying data (verification report)

Credit Vintages