2023 witnessed a significant shift in the choices made for ship orders with alternative fuels. While oil-based bunkers retained their stronghold, methanol emerged as the top choice for vessels seeking alternative fuel options, surpassing LNG in popularity. The latest data from DNV's Alternative Fuels Insight (AFI) platform reveals intriguing trends and sheds light on the factors driving this transformative shift.
New Builds Overview by Fuel Type in 2023:
Methanol: 138 ship orders (excluding 14 methanol carriers)
LNG: 130 ship orders (excluding LNG carriers)
Ammonia: 11 ship orders
Hydrogen: 5 ship orders
Conventional Oil-Based Bunkers: 85% of new vessel orders
Methanol's Ascension:
In 2023, methanol claimed the spotlight with an impressive 138 ship orders for alternatively fueled vessels, excluding 14 methanol carriers. This marks a substantial increase from the 35 orders recorded in 2022. The surge in methanol's popularity can be attributed to its surpassing LNG as the preferred alternative fuel, with 130 ship orders for LNG in 2023 (excluding LNG carriers), reflecting a sharp decline from the 222 orders in the previous year.
Retrofits Propel Methanol Growth:
One key factor contributing to methanol's dominance in alternative fuel choices is its attractiveness as a retrofit option. DNV's data highlights that a significant number of the methanol orders in 2023 were retrofits. Soren Toft, CEO of MSC, the world's largest container carrier, has expressed his belief that methanol will become one of the preeminent retrofit options for ships. This preference may stem from methanol's onboard handling characteristics, which closely align with conventional fuels, easing the transition for existing vessels.
Newbuilds and Combined Dominance:
Analyzing new builds alone, LNG retains its lead in alternative fuel orders. The combined force of Methanol and LNG, however, remains unparalleled, with 268 vessels opting for these alternative fuels. In total, 284 ships (or 298, including methanol carriers) featuring alternative fuel propulsion systems were ordered in 2023, marking an 8% year-on-year increase.
Diversification of Alternative Fuels:
Beyond methanol and LNG, the maritime industry also witnessed a diversification in alternative fuel choices. The year 2023 marked the first orders for ammonia-powered vessels, totaling 11. Additionally, five hydrogen-powered vessels were ordered, a slight decline from the 18 orders in 2022. This diversification underscores the industry's commitment to exploring a spectrum of sustainable options.
Conventional Oil-Based Bunkers Retain Dominance:
Despite the rising prominence of alternative fuels, conventional oil-based bunkers maintained their dominance, making up 85% of new vessel orders in 2023. Globally, just under 85% of the total order book opted for conventional bunker fuels, emphasizing the continued reliance on traditional options.
ABCAP Conclusion:
This diverse array of fuel types reflects the industry's commitment to exploring and adopting a range of sustainable options, particularly the surge in methanol-powered vessel orders, signifies a transformative shift towards sustainability. While conventional oil-based bunkers continue to dominate, the diversification and growth in alternative fuel choices suggest a commitment to reducing the industry's environmental footprint. Methanol's rise, driven by retrofit advantages and onboard handling characteristics, positions it as a key player in the evolving landscape of maritime propulsion. As the industry navigates towards a greener future, these trends set the stage for further innovation and adoption of sustainable practices in shipbuilding and operation.
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