AkzoNobel's carbon credits methodology for the shipping industry has won the Best Offsetting Project award in the 2015 Voluntary Carbon Market Rankings.

Based on nominations from leading stakeholders within the voluntary carbon markets, the award recognizes the efforts of AkzoNobel and development partners The FReMCo Group and The Gold Standard Foundation.

Claimed to be the first of its kind within the shipping industry, the carbon credits methodology is based on ship owners converting existing vessels from a biocidal antifouling system to a premium, biocide-free advanced hull coating such as AkzoNobel's Intersleek, part of the company's range of marine coatings.

The Dutch company said its Intersleek coatings are proven to increase a vessel's operating efficiency and reduce CO₂ and associated emissions by an average of 9%. Carbon credits are awarded based on the reduction in emissions, which can then be sold on the carbon markets.

In the first round of claims, two ship owners are due to be awarded a combined total of nearly $500,000 for 17 vessels in 2015. And based on the 100 eligible vessels already converted from a biocidal coating to the Intersleek range, there is a further estimated $2.8 million available for ship owners and operators.

AkzoNobel's partners in developing the carbon credits methodology, FReMCo, also won the Best Project Developer - Energy Efficiency award in recognition of the initiative. The Gold Standard Foundation won the Best Voluntary Standard award.