The Methanol Advance
In a surprising turn of events, orders for methanol-fuelled ships surpassed those of LNG-fuelled vessels for the third consecutive month in July. These insights were provided by the classification society DNV. Martin Wold, an esteemed consultant in DNV’s Maritime Advisory business, highlighted a notable discrepancy; there were a mere 14 LNG-fuelled ship orders compared to the staggering 48 orders for methanol-fuelled tonnage. Even more striking, this count includes both original builds and retrofitted conversions.
The tally for methanol-fuelled ships has impressively catapulted past the 200-ship mark, with the container segment acting as the locomotive propelling the methanol momentum,” beamed Wold.
LNG’s Diverse Landscape
Many people might be wondering about the situation of LNG-fuelled ships. Well, unlike the methanol-dominant container sector, the LNG sector has exhibited more diversity. For LNG, the primary driving forces this month were car carriers and large tankers. “The 100th LNG-fuelled crude tanker was confirmed as an order in July. Certainly, a milestone moment in its own right,” Wold said.
Methanol’s Rising Star
The surge in popularity of methanol as an alternative marine fuel has been nothing short of remarkable. Over the last three years, orders for methanol-fuelled ships have skyrocketed from various shipping sectors. Conversely, orders for LNG-fuelled ships descended into a slow pace in recent months. Despite this, LNG still holds its position as the dominant alternative fuel, largely due to its longer-standing establishment within the shipping industry.
The Challenge Ahead for LNG
The current stumbling block for the LNG industry is amplifying the production of greener bio-based and synthetic LNG. This adjustment seeks to match the demands of shipowners resolute in slashing the greenhouse gas emissions produced by their gas-powered vessels. Despite the ascent of methanol-fuelled sh NG has its race to run, as the industry evolves to clean-energy-driven shipping landscape.
