The maritime industry is undergoing a transformative shift towards sustainable energy solutions, with insights from DNV and ABS reports shedding light on the adoption of alternative fuels and the changing landscape of global shipping. The rivieramm source.
- DNV’s Maritime Forecast to 2050 reveals a shift towards LNG and methanol as preferred alternative fuels in the shipping industry.
- Alternative fuels power 6.5% of ships in operation, with 51% of ships on order capable of using them, according to DNV’s report.
- ABS predicts a decline in the tanker fleet due to the rise of alternative energy sources and shifting global oil demand.
DNV’s Maritime Forecast to 2050
In DNV’s recently released “Energy Transition Outlook 2023 Maritime Forecast to 2050,” the global shipping industry’s future is painted with alternative fuels. The report, focusing on the adoption of alternative fuel technologies, reveals a notable shift towards liquefied natural gas (LNG) and methanol as preferred choices. LNG, often used alongside traditional fuel oil, has seen a significant surge in orders, particularly in car carriers, containerships, tankers, and bulk carriers. Additionally, methanol has gained traction, especially in containerships, signaling a shift in the industry’s fuel preferences.
Alternative Fuels on the Rise
The report by DNV showcases a remarkable increase in the adoption of alternative fuels. It reveals that alternative fuels, including LNG, now power 6.5% of ships in operation, a substantial rise from the previous year’s 5.5%. Furthermore, an impressive 51% of ships on order have the capability to operate on alternative fuels, compared to 33% in the previous year. These statistics illustrate the maritime industry’s growing commitment to sustainable energy sources, with 1,376 out of 5,258 ships on order possessing alternative fuel capability.
ABS’s Beyond the Horizon
ABS, a leading maritime classification authority, presents a comprehensive view of the evolving energy landscape in its report. While global demand for oil experienced a short-lived surge, ABS predicts a swift decline as alternative energy solutions gain traction. The transportation sector, driven by electrification and hybrid technologies, is reducing its reliance on oil, while the power sector is moving towards renewable energy sources. ABS forecasts that oil-based marine fuels, such as heavy fuel oil (HFO), will account for about 10% of the oil and chemical tanker market’s fuel mix by 2050.
The Changing Face of the Tanker Fleet
ABS’s report also delves into the future composition of the tanker fleet. With the anticipated decline in global oil demand, the rise of alternative energy sources, and associated geopolitical risks linked to oil production, the tanker fleet is set for transformation. The aggregate share of oil and chemical tankers, as well as dry bulk carriers, is expected to decrease from 64% in 2022 to 45% in 2050. This shift will emphasize smaller vessels like medium-range tankers. However, the adoption of alternative fuels has been relatively slower in sectors that employ small tankers and bulkers.
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Source- rivieramm
