LR: 600 vessels capable of using alternative bunker fuels ordered in 2024

Shipowners continued to invest for a future of lower emissions in 2024, with 600 vessels capable of using alternative fuels ordered until 13 December, according to classification society Lloyd’s Register (LR) on Thursday (2 January). 

The new orders grew the total orderbook by more than 50%, to 1,737 vessels.

The in-service alternative-fuelled fleet also grew strongly, up 18% to 1,860 vessels. Combined with current orders, the fleet will stand at 3,597 – around 4.8% of all vessels in service and on order. 

But with the IMO’s 2030 target on zero and near-zero emission energy use crossing the five-year horizon, orders will need to accelerate further to meet the required 5-10% of shipping’s energy consumption.

“These numbers show the significant effort the industry is making to reach net-zero emissions,” said James Frew, Business Advisory Director, at LR. 

“As the maritime transition towards decarbonisation advances, the next steps will require greater alignment between industry ambitions, regulatory measures and, crucially, incentives to rapidly grow global production capacity for the alternative fuels shipping will need.” 

Methanol-fuelled vessels led the way amongst new fuels, with 119 orders adding more than a third to the existing orderbook. In early 2024 LR, which classed the very first methanol conversion in 2015 – the ro-pax Stena Germanica – was appointed to support and class Stena Line’s next two fast ferry conversions. 

It also teamed up with Danish alternative fuel specialist Green Marine to deliver training and consultancy around methanol fuel, helping to deliver the skills needed to make alternative-fuelled vessel operation a reality.

Ammonia-fuelled vessel orders more than doubled compared to the previous year, to 22 vessels. In 2025 the first ammonia-fuelled marine engines will be delivered, with a further surge in orders likely as the industry gains experience with the carbon-free fuel. 

As illustrated in LR’s Fuel For Thought report on ammonia published in March 2024, securing the safety of ammonia-fuelled ships through design, training and regulation will be crucial to maximise any opportunity for decarbonisation.

Hydrogen fuel also consolidated its appeal within relevant vessel segments, with orders for 12 more vessels in 2024. Two hydrogen-powered passenger ferries ordered by Norwegian transport company Torghatten Nord are set for LR class, while a memorandum of understanding with H2Terminals, HiDROGEN and D3IM was signed to assess the feasibility of a green hydrogen infrastructure project in the UK. LR also granted AiPs for several new hydrogen vessels, including ferries and tugboats.

Related: LR: Safety and supply crucial for widespread adoption of ammonia bunker fuel
Related: LR report sees surge in methanol engine retrofits in 2023, calls it a ‘defining trend’

Photo credit: william william on Unsplash
Published: 3 January, 2025