Friday, March 1, 2024
Maritime Propulsion

February 2, 2024

Alternative Fuel Newbuilding Orders Strong in January

Source: DNV

According to the latest figures from DNV's AFI platform, it was another strong month for alternative fuel orders. This was led by methanol fueled ships, where 23 new orders were registered. Around 70% of these were in the container segment with the remainder mainly made up of vessels in the bulk and RoRo segments.

LNG continues to feature strongly, with 10 more LNG fueled ships added to the database. Car carriers and tankers made up the bulk of these orders, followed by RoPax. Twenty-four LNG ships were delivered in January, representing a record number for the segment, which has grown rapidly in recent years. There are now 493 LNG fueled ships in operation globally, representing growth of over 100% compared to 2021.

Martin Wold, Principal Consultant in DNV's Maritime Advisory business, commented: “Strong new order activity continues to demonstrate a promising trajectory in the uptake of alternative fuel vessels. As the data shows, the orderbook for methanol fueled ships continues to grow rapidly. There are now 228 confirmed methanol-fueled ships on order, which will significantly expand the current global fleet of 29 over the coming years.

“Meanwhile, the LNG fleet has expanded to the point where we now observe a doubling of the number of LNG-fueled ships in operation between 2021 and 2024, bolstered by a record number of deliveries in January. Interest in ammonia is also on the rise, with two orders confirmed in January, and we expect this to continue to grow in the months and years ahead.”