WHAT do I build? Where do I build it? How much does it cost? And when can I get it?

That’s the checklist of shipowner’s questions right now as they consider newbuildings.

If you asked a shipowner what they would be looking for a decade ago, the answer to those questions would be pretty standard. If money was no object they would plump for the quality of Japanese yards, they would know exactly which engine was the most efficient for their requirements, and the list optional specifications would largely be a question of cost and strategy.

As we have reported in previous editions of the podcast, the shipping industry’s decarbonisation strategy is largely built on a fuel mix for which availability is low, energy density is low, capital requirements are high, prices are at record levels, consumer signals are weak, and the ownership structure is fragmented, with no clear market leader to drive the new market offering.

And yet orders have to be placed. Regardless of the regulatory uncertainty, lack of supply, scalability and availability of technology or fuels, the fleet needs renewing. Decisions must be taken and inevitably the interplay between flexibility, efficiency, and yes, cost, make for a complex process, that more often than not ends up looking like a series of bets more than a strategy.

So this week we explore how the industry is thinking about these decisions. What’s the best ship you could theoretically build today? If money were no object and you could get on a plane and find yourself in a shipyard office with all the available specs in front of you — what do you go for?

Joining Richard on the podcast this week are:

• Claire Wright, head of Hanwha Ocean Europe

• Nikos Tsatsaros, construction director at Lloyd’s Register