Clarksons Research has released its latest Green Technology Tracker for the first half of 2024, highlighting the ongoing investments in alternative fuels and energy-saving technologies within the global shipping fleet.
Steve Gordon, Global Head of Clarksons Research, noted that investments in alternative fuels accounted for about one-third of all newbuild orders, with 41% of tonnage being placed for vessels capable of using fuels such as LNG, methanol, ammonia, LPG, and hydrogen.
While there has been a decline in the share of alternative fuel orders compared to 2022, this is attributed to a shift in the types of ships ordered, particularly with lower volumes for containerships in the first half of 2024. However, there has been an increase in orders for vessels with “ready” status, now comprising around 22% of all orders.
Looking ahead, Clarksons projects that by the end of the decade, more than 20% of global fleet capacity will be alternative fuel capable, up from 7% in 2024. Despite this progress, investment in port infrastructure for green fuels is lagging, with only a limited number of ports currently offering methanol bunkering compared to LNG and shore power connections.
With an ageing fleet (12.8 years on a GT weighted basis up from a low of 9.7 years in 2013), over 30% of fleet capacity rating D or E under CII last year and long lead times (~3.5 years) at major shipyard), retrofitting of Energy Saving Technologies (ESTs) remains a crucial part of shipping’s decarbonisation pathway.
Energy Saving Technologies (ESTs) have been fitted on over 8,713 ships, accounting for 33.5% of fleet tonnage: this includes propeller ducts, rudder bulbs, Flettner rotors, wind kites, air lubrication systems and others (>493 ships with air lubrication system and >116 units involving “wind” assistance in the fleet and orderbook). Our tracker also includes 31 vessels in the fleet (plus 28 newbuilds) testing onboard carbon capture technology.
To remind, during the 2023 GREEN4SEA Athens Forum, Maria Tsompanoglou, Energy Performance Manager, Pantheon Tankers Management Ltd, presented an overview of the impact of specific energy-saving technologies on the EEXI & CII for large tankers and bulk carriers.
However, global greenhouse gas emissions from shipping are projected to increase by about 3% in 2024, reaching approximately 1,046 million tonnes of CO2 equivalent.
This rise is expected due to higher operational levels at sea, increased speeds—particularly in the container market—and overall trade growth, despite the growing presence of alternative fuel vessels and eco-friendly technologies.
