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DNV Alternative Fuels Insight shows ‘significant’ orders for alternative fuel vessels in February

07 Mar 2023

Latest figures from DNV’s Alternative Fuels Insight (AFI) platform showed orders for alternative fuel vessels significantly picking up in February 2023.

The month saw 10 orders for LNG fuelled ships being placed – all in the container segment.

However, Methanol stole the spotlight with a record 22 ships ordered. So far this year the total order figure for alternative fuel vessels stands at 34.

“Interest for methanol has been growing very quickly, and now this is materializing into firm orders. Being a well-established alternative for some time, we see that LNG is still gaining ground,” commented Martin Wold, Principal Consultant in DNV’s Maritime Advisory business.

“We expect continued growth for both fuel options as they have their distinct pros and cons depending on the segment.

“LNG offers immediate reduction of GHG, even when fossil LNG is used, at the expense of a higher capital investment.

“Building a methanol fuelled vessel is less expensive, but green methanol will be needed sooner than green LNG and there is currently high uncertainty on future availability and prices.”


Photo credit: DNV Alternative Fuels Insight
Published: 7 March, 2023

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