Sixty-eight newbuildings were contracted with alternative fuelling in the first three months of 2024, up 54% on the 44 ordered in the opening quarter last year, according to DNV.
The classification society’s global decarbonisation director, Jason Stefanatos, said: “As seen by the exponential year-on-year growth for new orders in the first quarter of the year, the alternative-fuelled fleet is expanding at a rapid pace.
“The LNG fleet in operation has more than doubled since 2021, while the fast-growing methanol orderbook indicates similar growth in this segment over the next five years.
“The ammonia fleet started to develop at the beginning of the year, adding two new orders in March, on top of three in January and February.
“We are now seeing signs that investment in these vessels is also on the rise, and market conditions indicate that this could continue over the coming months and years.”
DNV figures show a fleet of 1,034 LNG-fuelled vessels: 514 on order and 520 in operation.
It lists a fleet of 269 methanol-fuelled vessels — 236 newbuildings and 33 trading ships — and 16 on-order ammonia-fuelled vessels.
In its monthly round-up of fuelling figures, DNV recorded a quiet month for March, logging just five new orders for alternative-fuelled vessels — two each for methanol and ammonia and one for LNG.
“Although new order activity in March has fallen short of the high volume registered in January and February, the overall picture remains positive,” Stefanatos said.
