The maritime industry is undergoing a significant transformation as sustainability takes center stage. Alternative fuels are gaining momentum, and methanol-fueled ships have emerged as a prominent choice. The businesskorea news source.
- Methanol-fueled ships see a surge in global orders, with Korean shipbuilders leading at 35.8%.
- Container ships dominate methanol-fueled vessel orders, constituting 70.1% of the total.
- Methanol-powered ships surpass LNG in recent orders, signaling a shift toward greener maritime solutions.
Shipbuilders Lead the Charge
Korean shipbuilders have taken a pioneering stance in the methanol-fueled vessel market. As of July, the cumulative orders for methanol-fueled ships worldwide reached an impressive count of 204 vessels, including both new builds and retrofits. Korean shipbuilders proudly accounted for 73 of these vessels, contributing 35.8 percent to the global total. This proactive role signifies their ability to adapt to changing market demands and embrace environmentally friendly technologies.
Rise of Methanol-Fueled Container Ships
Among the methanol-fueled vessels ordered, container ships have emerged as the dominant player. A staggering 143 vessels, making up 70.1 percent of the total orders, are identified as container ships. This trend reflects the maritime industry’s commitment to greener shipping solutions, with methanol offering a promising alternative to traditional fossil fuels. Notably, when considering only container ships, Korea’s order share surges to an impressive 42.7 percent, showcasing the nation’s prowess in this sector.
Shipbuilding Powerhouse Challenges
While Korea commands a significant share of methanol-fueled ship orders, China remains a formidable contender in global shipbuilding. In the first half of the year, China’s share of total global ship orders reached a remarkable 58.5 percent, surpassing South Korea’s 29.0 percent. This competitive landscape underscores China’s accelerating efforts to capture a substantial slice of the market, including the growing interest in methanol-fueled vessels.
Methanol-Fueled Ships Overtake LNG in Orders
Methanol-fueled ships are gaining momentum in the maritime sector. In a noteworthy shift, July witnessed the signing of contracts for the construction or conversion of 48 methanol-fueled vessels, outpacing orders for LNG-powered vessels for the third consecutive month. This surge in demand underscores the increasing appeal of methanol as a viable alternative fuel. The report reveals that methanol-powered ships have accounted for almost double the share of alternative fuel ships ordered this year, indicating a positive trajectory for green shipping solutions.
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