Marine Link
Tuesday, June 25, 2024

Methanol Beats LNG in June Newbuilding Orders

Maritime Activity Reports, Inc.

July 4, 2023

Source: DNV

Source: DNV

According to the latest figures from DNV’s Alternative Fuels Insight (AFI) platform, 55 vessels with alternative fuel propulsion were ordered in June.

Of these 26 were orders for LNG fuelled vessels and 29 for methanol powered vessels (including retrofits). So far this year the total order figure for alternative fuel vessels stands at 128. The container segment continues to be the main driver of growth in orders for alternative fuel vessels.

Container vessels constituted almost half on the LNG fuelled ships ordered last month, bringing the total for LNG fuelled container vessels over 250. For methanol, container vessels made up nearly 80% of the new orders, bringing the total of methanol fuelled container vessels to over 100.

Martin Wold, Principal Consultant in DNV’s Maritime Advisory business, commented: “June saw the first order for a methanol driven vessel within the tanker segment that was not a methanol carrier. We now have methanol fuelled ships in the pipeline for most main segments but when excluding methanol carriers, containers make up more than 80% of the entire confirmed fleet of methanol fuelled ships. Measuring by future fuel demand, that share rises to well over 90%.”

Wold added: “We continue to see a strong pipeline for orders of both LNG and methanol fuelled vessels.”

There are currently 937 confirmed LNG fueled ships sailing or on order, according to AFI. There are currently 156 confirmed methanol fueled ships.