The maritime industry is at a pivotal juncture, and the latest findings from Clarksons Research’s Green Technology Tracker for 2024 underscore this reality. With newbuild order volumes soaring to heights not seen since 2007, the push towards alternative fuels is not just a trend; it’s a seismic shift in how shipping operates. Steve Gordon, Global Head of Clarksons Research, remarked on this momentum, stating, “With overall newbuild order volumes reaching their highest level since 2007, alternative fuel has continued to play a prominent role representing 50% of all tonnage ordered in 2024.”
This statistic is more than just a number; it signals a robust commitment from shipowners and operators to embrace cleaner technologies. The data reveals that 820 vessels, totaling 62.2 million gross tons, have been ordered with alternative fuel capabilities this year. Notably, LNG dual fuel technology has made a remarkable comeback, now accounting for 70% of the alternative fuel tonnage ordered, a significant leap from 43% in 2023. Methanol, meanwhile, has seen a decline in its share, dropping from 30% to 14%.
The diversification of fuel options is crucial, with orders for vessels capable of using LNG, methanol, ammonia, LPG, and hydrogen indicating a broadening horizon for energy sources in maritime operations. However, it’s the “ready” status of these vessels that stands out, with around 21% of all orders now indicating readiness for alternative fuels. This proactive approach is essential, especially as the industry grapples with the realities of an aging fleet—averaging 13.1 years—where retrofitting with Energy Saving Technologies (ESTs) is becoming increasingly vital.
Yet, it’s not all smooth sailing. The infrastructure to support this transition is lagging behind. While 276 ports have LNG bunkering facilities and 275 have shore power connections, only 35 ports are equipped for methanol bunkering. This disparity raises questions about the feasibility of a swift transition to alternative fuels. Without the necessary infrastructure in place, the ambitious plans for a greener fleet could hit choppy waters.
The statistics also paint a concerning picture regarding greenhouse gas emissions. Clarksons estimates that shipping’s global GHG emissions will have increased by approximately 4% year-on-year in 2024, surpassing pre-COVID levels. This uptick is attributed to various factors, including increased time spent at sea and a rise in speeds, particularly in the container market. Despite the growing share of alternative fuel vessels and those fitted with eco-friendly technologies, the overall emissions trajectory remains troubling.
Looking ahead, the forecast suggests that over 20% of fleet capacity will be alternative fuel capable by 2030, a massive leap from just 2% in 2017. This shift will undoubtedly influence future developments in the sector, pushing shipowners to invest in cleaner technologies while also advocating for improved infrastructure. The challenge will be balancing these investments with the pressing need to address emissions and environmental impacts, ensuring that the maritime industry not only sails towards a greener future but does so in a way that is sustainable and economically viable.
As the industry navigates these waters, the role of data and analytics, as provided by Clarksons Research, will be crucial in guiding decision-making and shaping the future of maritime operations. The full implications of these trends will unfold in the coming years, but one thing is clear: the maritime sector is set for a transformation that could redefine its very essence.
