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May Methanol Orders Exceed LNG

Maritime Activity Reports, Inc.

June 6, 2023

© Photocreo Bednarek / Adobe Stock

© Photocreo Bednarek / Adobe Stock

According to the latest figures from DNV’s Alternative Fuels Insight (AFI) platform, 19 vessels with alternative fuel propulsion were ordered in May - seven for LNG and 12 for methanol.

This brings the year-to-date total for alternative fuel vessels to 73.  

Martin Wold, Principal Consultant in DNV’s Maritime Advisory business, commented: “In May container vessels and car carriers continued to dominate the orders for ships equipped to use alternative fuels. Following the normalisation of gas prices, the LNG bunkering market has now returned to full strength, and we see a potential shortage of LNG bunker vessel capacity from 2025, and for some locations and periods this may occur even sooner.”

Korea Bizwire reports that competition is heating up between South Korean and Chinese shipbuilders, with Chinese yards reportedly offering prices around 20% lower than their Korean rivals. Chinese shipyards are also offering shorter delivery times than busy Korean shipyards. “So far, a total of 81 methanol-powered ships have been ordered worldwide, with Korea securing orders for 45 and China for 36,” reported the news outlet on May 29.

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