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Alternative Fuel Ordering Gaining Pace

Even with overall contracting volumes easing back this year, momentum from the 'Fuelling Transition' has remained, with 444 alternative fuel capable vessels of 36.6m GT ordered in 2022 so far. This is already an annual record, and accounts for 63% of GT ordered in the year to date. Here we take a closer look at the trends behind alternative fuel capable vessel ordering in the year to date.
 
Alternative Fuel Ordering Up
 
At start November, orders this year for alternative fuel capable vessels (100+ GT) reached 444 units of 36.6m GT, surpassing last year's total (and previous record) of 30.9m GT (480 units) and up 42% yo-y on an annualised basis in GT terms. Moreover, this increase in alternative fuel ordering comes against a backdrop of softer ordering overall (down 30% yoy), with alternative fuel units accounting for 63% of GT ordered Jan-Oct 2022 (31% in 2021).
 
Supportive Sectors
 
Whilst surging LNG carrier ordering,at a record 146 units, all LNG dual fuel (DF) capable, of 15.7m GT (up 119% yo-y) has contributed to this trend (contracting in the sector accounts for 43% of alternative fuel capable tonnage ordered in 2022 so far, up on 28% in 2021) alternative fuel ordering has also been picking up in other sectors, with 298 such units of 20.9m GT ordered, 49% of tonnage ordered outside the LNG carrier sector (25% in 2021). Alternative fuel capable boxship ordering, at 137 vessels of 15.4m GT. accounts for most (73%) of this, with 66% of boxship GT ordered so far this year set to be alternative fuel capable (22% in 2021) and ordering of such units having surpassed 2021's annual total (91 units of 8.9m GT). Orders for 43 LNG DF PCTCs of 2.7m GT, up 17% y-o-y (13% of alternative fuel tonnage ordered outside the LNG carrier sector), have also supported the total. LNG carrier sector aside, LNG DF remains the most popular alternative fuelling choice (70% of GT ordered), but other alternative fuels have also seen increased uptake, with 114 such units of 6.2m GT ordered in 2022 so far, led by orders for methanol DF units of 4.9m GT(including 30 boxships), accounting for 79% of the non-LNG DF alternative fuel orders (in GT), with a further 16% of the tonnage LPG or ethane capable.
 
Deeper Into The Data
 
Drilling down further into the statistics, 73 yards took an order for at least one alternative fuel capable unit in Jan-Oct, out of 192 yards to take an order in total, with 22 yards taking an order for 5 or more alternative fuel capable vessels. Yards in China (33) and Korea (8) have taken orders for 195 alternative fuel capable units of 16.0m GT and 185 units of 18.6m GT respectively. Meanwhile, 101 owners have ordered an alternative fuel capable unit this year, with 24 owners having ordered 5 or more. 46 European owners have ordered 214 alternative fuel capable vessels of 16.6m GT and 43 Asian owners have ordered 173 such units of 15.2m GT. Alternative fuel capable units ordered have on average been larger; the average size of alternative fuel capable unit ordered has been 82,354 GT, compared to 27,390 GT across conventional units.
 
Significant uncertainty remains around alternative fuel technology choice. But even though total order volumes have eased back this year, ordering of alternative fuel capable tonnage has gained further pace. Our data continues to track the latest totals and trends.

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.

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