Alternatively Fuelled Vessels Were Ordered The Most In Q1

86

A recent news article published in the Splash 247 states that 61% of all orders in Q1 were for alternatively fuelled vessels.

Change to alternate forms of fuel

Shipping’s generational change to alternate forms of fuel is accelerating.

Data from Clarksons Research shows a record 61% share of all orders in the first quarter of this year were alternative fuelled: excluding LNG carriers the share was 48% and 10% of all orders were both LNG fuelled and ammonia ready.

For context, in 2021 32.7% of newbuild tonnage ordered was for alternative fuel capable vessels, up from 209 orders in 2020 and 46 orders in 2016.

Breaking the Q1 order numbers down, 57% of newbuild contracts by tonnage were LNG fuelled, with 3.4% methanol fuelled, 0.6% of orders ethane fuelled, and 0.7% included battery hybrid propulsion.

A further 12% of orders were ammonia ready, 1.4% LNG ready and 0.1% of orders were hydrogen ready.

Global merchant fleet on the water

As it stands 4.5% of the global merchant fleet on the water and 37.8% of the orderbook in gt terms are alternatively fuelled.

Clarksons is projecting that 5% of global fleet capacity will be alternative fuelled by the start of next year.

Other highlights from Clarksons latest green technology update include the statistic that 23% of global tonnage is scrubber fitted.

The average age of the world fleet is getting older with Clarksons warning that under the impending Carbon Intensity Indicator (CII) legislation, around 29% of today’s tanker, bulk carrier and container fleets would be D or E rated in 2023 rising to over 40% if they are still trading in 2026 and have not modified speed or specification.

Did you subscribe to our daily Newsletter?

It’s Free! Click here to Subscribe

Source: Splash247

LEAVE A REPLY

This site uses Akismet to reduce spam. Learn how your comment data is processed.