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Increasing orders for dual-fuel newbuildings among South Korean shipbuilders, says research

21 Jun 2022

An increasing number of shipowners are opting for dual-fuel vessels such as LNG-powered ships in order to meet environmental regulations, reported Business Korea on Friday (17 June).

This year, three major South Korean shipbuilders received a total 154 orders, and 68 were for newbuildings which can utilise either LNG or methanol as an alternative bunker fuel.

Further, orders of vessels fuelled by a single type of bunker fuel were concluded with either scrubber installations or future-ready designs to accept LNG, ammonia or hydrogen as a bunker fuel.

Specifically, the dual-fuel orders were 30 out of 111 at Korea Shipbuilding & Offshore Engineering; 24 out of 24 at Daewoo Shipbuilding & Marine Engineering; and 14 out of 19 at Samsung Heavy Industries. 

According to Clarksons Research, the ratio of alternative fuel vessel orders, which was 32.7% in 2021, is increasing fast.

The ratio of such vessels in operation increased from 2.2% to 3.9% from 2017 to 2021 and reached 4.5% recently; it is expected to top 5% in 2022.

 

Photo credit: Shaah Shahidh on Unsplash
Published: 21 June, 2022

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