Jason Stefanatos, Global Decarbonization Director, DNV, explains that recent figures from DNV’s Alternative Fuels Insights (AFI) database reveal significant trends in the ordering of alternative fuelled vessels, despite a slow month in September.
According to Stefanatos’ LinkedIn post, in this month alone, only 13 vessels utilizing alternative fuels were ordered, but a broader examination of the year’s data showcases a promising trajectory for the industry. As the third quarter of 2024 comes to a close, the total number of new orders for alternative fuelled vessels has reached an impressive 335. This figure marks a substantial growth of 25% compared to the same period in 2023, indicating a robust shift towards greener maritime solutions.
In the first half of 2024, methanol dominated the landscape, capturing the largest share of new orders. However, the third quarter has shifted the spotlight to liquefied natural gas (LNG), which has made a notable resurgence. In Q3 alone, 105 new LNG orders were recorded, accounting for 64% of all alternative fuelled vessel orders for the quarter.
The container segment remains the primary driver of growth in the alternative fuelled fleet, representing approximately two-thirds of all new orders in the third quarter. In addition to container vessels, gas tankers and car carriers contributed significantly to the total, with 26 and 13 new orders respectively.
While the interest in methanol continues to be strong, the progress in ammonia-fuelled vessels is particularly noteworthy. A single new order for an ammonia-fuelled vessel in August brings the total to 15 for 2024, a dramatic increase compared to 2023, which saw only two such vessels ordered. This sharp uptick in ammonia orders suggests an emerging confidence in this fuel source as a part of the industry’s transition to sustainability.
Overall, the data from DNV’s AFI database highlights a significant movement towards alternative fuels in the maritime sector, driven by a variety of factors including increased demand for greener shipping solutions and advancements in fuel technology.
