DNV, a leading classification society, has observed a significant increase in orders for alternative-fueled vessels, particularly LNG-powered ships, in the maritime industry. This surge reflects a growing emphasis on decarbonization and sustainable shipping practices.
Shift Towards Alternative Fuels: Trends and Insights
The first four months of 2024 have seen a notable shift in the new order market towards alternative-fueled vessels, as reported by DNV. With a 48 per cent growth compared to the same period in 2023, this trend underscores the industry’s commitment to embracing environmentally friendly propulsion systems.
Methanol and Ammonia Leading the Way
Methanol emerges as a frontrunner in alternative fuels, with a substantial number of new orders recorded in 2024. Moreover, the growing interest in ammonia-fueled vessels indicates a promising future for this eco-friendly fuel, despite the challenges of developing a maritime ecosystem for its use. These developments highlight a strategic shift towards diversifying fuel options for the shipping industry.
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Source: DNV
