DNV: Steady increase in new orders for alternative fuel vessels

Image: DNV

DNV has now released the April figures from its Alternative Fuels Insight (AFI) platform. They show that a total of 23 new orders for alternative fueled vessels were registered in April 2024. The largest number of these (12) were for methanol fueled vessels, continuing to outperform orders for LNG-fueled vessels, new orders for seven of which were placed in April.

“Interestingly, all of the methanol orders come from the tanker segment, where the uptake of alternative fuels has been low up to now,” notes DNV.

The momentum for ammonia continues, with four ammonia fueled vessel orders confirmed.

Following a quiet month in March, these strong figures confirm the overall trend of a steady increase in new orders for alternative fuels. A total of 93 new orders have been added to the AFI database in the first four months of 2024, representing a growth of 48% compared to the first four months of 2023.

Jason Stefanatos, global decarbonization director at DNV Maritime commented:
“With the slow activity of March now behind us, these numbers for April confirm an increasing shift in the new order market towards alternative fueled vessels, with a notable surge in new orders from the tanker segment. Methanol continues to have the highest number of orders so far in 2024, with new orders totaling 47 – a 42% increase compared to the same period in 2023.

“It is also notable that four new orders have been placed for ammonia fueled vessels, on top of the five ordered in the first quarter of 2024. Although we still have a long way to go before a maritime eco-system for ammonia is fully developed, this provides more evidence that investment in these vessels is on the rise.”

The orders for four ammonia-capable medium gas carriers just announced by Trafigura, should give the ammonia segment a further boost when DNV’s next AFI numbers are released.