A record number of newbuildings were ordered with methanol dual-fuelled propulsion in February, classification society DNV said.
According to monthly figures from DNV’s Alternative Fuels Insight (AFI) platform, 22 methanol-fuelled vessels were contracted.
This was more than double the 10 newbuildings ordered with LNG dual-fuelled systems last month, all for vessels in the container ship segment.
DNV said for 2023 to date the total order figure for alternative fuel vessels stands at 34.
AFI details that there are currently 106 methanol-fuelled ships comprising 81 newbuildings and 25 existing vessels.
The bulk of these newbuildings — 68 vessels — are container ships with methanol also being selected for tankers, bulkers, offshore vessels and cruise ships.
AFI lists LNG-fuelled tonnage at 886 vessels, made up of 518 newbuildings and 368 existing ships.
DNV Maritime Advisory principal consultant Martin Wold said: “Interest for methanol has been growing very quickly, and now this is materialising into firm orders.
“Being a well-established alternative for some time, we see that LNG is still gaining ground,” he added.
“We expect continued growth for both fuel options as they have their distinct pros and cons depending on the segment.
“LNG offers immediate reduction of GHG [greenhouse gas], even when fossil LNG is used, at the expense of a higher capital investment,” Wold said.
“Building a methanol-fuelled vessel is less expensive, but green methanol will be needed sooner than green LNG and there is currently high uncertainty on future availability and prices.”
