Shipping’s generational change to alternate forms of fuel is accelerating. Data from Clarksons Research shows a record 61% share of all orders in the first quarter of this year were alternative fuelled: excluding LNG carriers the share was 48% and 10% of all orders were both LNG fuelled and ammonia ready. For context, in 2021 32.7% of newbuild tonnage ordered was for alternative fuel capable vessels, up from 209 orders in 2020 and 46 orders in 2016.
Breaking the Q1 order numbers down, 57% of newbuild contracts by tonnage were LNG fuelled, with 3.4% methanol fuelled, 0.6% of orders ethane fuelled, and 0.7% included battery hybrid propulsion. A further 12% of orders were ammonia ready, 1.4% LNG ready and 0.1% of orders were hydrogen ready.
As it stands 4.5% of the global merchant fleet on the water and 37.8% of the orderbook in gt terms are alternatively fuelled. Clarksons is projecting that 5% of global fleet capacity will be alternative fuelled by the start of next year.
Other highlights from Clarksons latest green technology update include the statistic that 23% of global tonnage is scrubber fitted.
The average age of the world fleet is getting older with Clarksons warning that under the impending Carbon Intensity Indicator (CII) legislation, around 29% of today’s tanker, bulk carrier and container fleets would be D or E rated in 2023 rising to over 40% if they are still trading in 2026 and have not modified speed or specification.
Source: Splash 247
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