After a sluggish beginning to the year, order volumes for ships powered by alternative fuels have picked up significantly in February, reports The Maritime Executive in an article appearing on their site last week. They point to DNV reports that a record number of orders of dual-fuel methanol vessels and significant growth in demand for LNG-powered ones. Following the success witnessed last year, it appears 2023 is likely to yield similar results with an increased appetite for new ship construction across several industries, the article stated.
The demand for methanol-powered vessels is at an all-time high, with a record number of orders placed in the past year. This surge in interest reflects the success of this clean and efficient fuel source - one that has proven itself capable of powering ships safely and effectively across oceans worldwide.
Martin Wold, DNV Principal Consultant, recently took to social media with an exciting announcement: "Alternative fuels are back and thriving like never before!" Despite earlier reports of a slow start for the year 2023, February has offered promising opportunities in this sector that have proven too good to resist. With high expectations for what's yet to come, it looks as though alternative fuels will continue their successful run!
In 2022, overall construction orders slowed down; however, the portion regarding alternative fuels stayed level with that of 2021. DNV estimated that 81% of all ships ordered were powered by LNG (222 vessels in total), making it the most popular option among those placing an order for alternative fuel-powered boats. Methanol came second as 35 ships had been requested (13% out of the entire orders placed).
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