LNG-fueled vessels keep increasing their share of global fleet

Almost every day brings new announcements of fleet owner investments in LNG-fuelled vessels, SEA-LNG highlights. Numbers have grown from 21 LNG-fuelled vessels in operation in 2010, many of them smaller ships operating regionally, to 590 in operation globally today, including the world’s largest container ships twice the size of any operating in 2010.

With a further 564 on order, the total number of LNG-powered vessels in operation by the end of 2028 will be 1,154. Added to these are 772 LNG carriers in operation, with a further 341 on order at the end of 2023. This means that over 2,000 of the world’s 60,000 largest vessels are LNG-powered.

In addition, according to DNV, LNG dual-fuel vessels make up one third of the new build order book. If DWT is used, the LNG-powered fleet in operation and on order of 142.5Mt DWT represents 6% of the world’s total 2,224 Mt DWT.

It is gratifying that LNG is finally gaining favour amongst so many shipowners. LNG is the only practical and realistic alternative fuel pathway available today – even for those shipowners that may also be considering other such pathways. While we have always said that a basket of fuels will be required for shipping to meet the 2050 emissions reduction targets, the rationale for the LNG pathway remains unchanged.

… said Peter Keller, Chairman, SEA-LNG, adding that the LNG pathway using liquefied biomethane and eventually hydrogen-based e-methane currently provides the only viable option to making progress towards 2050, starting with immediate carbon reductions, now. LNG also continues to help solve critical local emissions and health related environmental concerns”

LNG has virtually zero SOx and particulate matter emissions, up to 95% reduction of NOx emissions, and up to a 23% reduction in GHG emissions. The environmental benefits are compelling.  With continued collaborative engineering efforts across the value chain, methane slip will be eliminated for all engine technologies within the decade, SEA-LNG supports. 

Today, we have engines on the market that effectively have no methane slip, and these high-pressure diesel engines represent about 75% of the order book. This indicates that the industry is moving towards engines with no methane slip.

… Steve Esau, Chief Operating Officer, SEA- LNG, said to SAFETY4SEA during the SMM exhibition. 

Today, 2-stroke diesel cycle engines account for approximately 75% of the LNG-fuelled vessel order book. These engines have effectively eliminated slip already. For low-pressure engine technologies where methane slip remains a challenge, manufacturers have already cut the levels of slip from low-pressure 4-stroke engines by more than 85% over the past 25 years.

In support of this expansion in LNG dual fuel vessels, LNG bunkers are currently available in 185 ports, with an additional 50 being added next year. The bunkering vessel fleet has increased from a single vessel in 2010 to 60 in operation today, with a further 13 on order and significant interest in the maritime community to continue to invest in these needed assets.

According to SEA-LNG, this expanding infrastructure is immediately ready for liquefied biomethane (bio-LNG) as it scales, and eventually e-methane (renewable synthetic or e-LNG), providing ship owners and operators with the confidence that vessels ordered today are future proofed for 2050 and beyond.

The use of liquefied biomethane as a marine fuel can reduce GHG emissions by up to 80% compared to marine diesel on a full well-to-wake basis. When produced from the anaerobic digestion of waste materials, such as manure, methane that would otherwise be released into the atmosphere is captured, resulting in negative emissions of up to -190% compared with diesel.

The recognition of the LNG pathway and the growth in the asset base is positioning LNG to play a significant, long-term role in maritime decarbonisation. 

… SEA-LNG concludes.