Clarksons: 41% Of Tonnage Ordered In 1H24 Can Run On Alternative Fuels

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  • Investment into alternative fuels continued in first half 2024, accounting for around one third of all newbuild orders.
  • The relative share of ordering of LNG fuel capable tonnage increased relative to methanol capable tonnage in the first half compared to 2023 levels.

Clarksons Research’s latest Green Technology Tracker reveals significant progress in the adoption of alternative fuels and energy-saving technologies in global shipping, reports Safety4sea.

Significant progress in the adoption of alternative fuels

According to Clarksons Research, in the first half of 2024, alternative fuel investments accounted for about one-third of all newbuild orders and 41% of the tonnage ordered. Key orders included LNG (109 orders, 51 excluding LNG carriers), methanol (49 orders), ammonia (15 orders), LPG (42 orders), and hydrogen (4 orders).

Although this marks a decline from the 2022 high, it reflects a shift in the types of ships being ordered, with a notable rise in vessels designed for future fuel flexibility, now comprising around 22% of tonnage ordered. Steve Gordon, Global Head of Clarksons Research, highlighted that by the end of the decade, over a fifth of the global fleet capacity is projected to be alternative fuel capable, up from 7% in 2024 and just 2% in 2017.

Despite the advancements, port infrastructure and green fuel availability lag, with limited facilities for methanol bunkering compared to LNG and shore power connections.

Furthermore, energy-saving technologies have been retrofitted on over 8,713 ships, representing 33.5% of fleet tonnage. These include various innovative systems like propeller ducts, rudder bulbs, and air lubrication systems.

Additionally, the shipping industry’s global GHG emissions are expected to rise by approximately 3% in 2024, reaching 1,046 million tonnes of CO2e, driven by increased sea time, higher speeds, and trade growth.

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Source: Safety4sea