- October 2024 saw record-breaking alternative fuel vessel orders, with LNG and methanol leading.
- LNG-powered vessels reached 229 orders year-to-date, marking over 100% growth.
- Methanol-fueled vessel orders also increased, particularly in the bulk carrier segment.
In October 2024, 97 new-build orders were placed, with 66 vessels designed for LNG, 29 for methanol, and two for LPG. DNV’s Alternative Fuel Insights platform confirmed this surge in demand, reports Seatrade Maritime.
Methanol Orders at Yearly High
DNV noted that October saw the highest monthly methanol-fueled vessel orders in 2024, bringing the annual total to 162 vessels.
This marks a 9% increase from last year, with 20 methanol orders allocated to bulk carriers.
LNG Vessel Orders Lead in Growth
LNG-powered ship orders reached 229 for the year, showing a 106% growth year-on-year. Notably, 58 of the 66 LNG orders in October were for container ships, excluding LNG carriers.
DNV’s data shows that LNG and container ships are leading the alternative fuel fleet, with over 1,200 LNG-capable ships on order or in operation compared to under 400 for methanol.
Growth in Alternative Fuel Orders Across All Segments
According to DNV, 464 alternative-fueled vessels were ordered in the first ten months of 2024, a 46% increase from the previous year.
Jason Stefanatos, Global Decarbonisation Director at DNV Maritime, stated: “October marked the strongest month ever of new ordering for the alternative fuelled fleet, maintaining the strong momentum that has been notable in the second half of 2024.”
Surge in LNG Orders Driven by Container Segment
Stefanatos highlighted a spike in LNG orders since July: 177 new orders in the past few months, mainly from the container segment, compared to just 52 orders in the first half of 2024.
Methanol orders are also showing steady growth, with 162 vessels ordered in 2024 so far. It is already surpassing the total figure for 2023, as noted by Stefanatos.
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Source: Seatrade Maritime
