Clarksons Research unveiled its latest Green Technology Tracker, a comprehensive report that outlines the advancements in adoption of alternative fuels and investments in energy-efficient technologies within the worldwide shipping fleet. Steve Gordon, Global Head of Clarksons Research, remarked on the significance of 2023 in the shipping industry’s journey towards decarbonization, noting the implementation of new regulations and the commitment to net-zero emissions by the IMO.
He says that “while we remain only at the start of a vital and unprecedented fleet renewal investment program, a start has been made with 49% of current orderbook tonnage now alternative fueled.” Gordon also provided information about the breakup of these orders, noting that throughout 2023, there were 539 newbuild orders for vessels capable of utilizing alternative fuels, representing 45% of all orders placed by tonnage. LNG dual fuel remains the most prevalent, with 220 orders, followed by a notable increase in methanol dual fuel vessels, reaching 125 orders. Additionally, there were 55 new orders for vessels powered by LPG and 4 utilizing Ammonia.
The adoption of alternative fuels varies across shipping segments, with containerships leading at 83% of newbuild capacity ordered in 2023, followed by car carriers at 79%. However, there have been reports of much lower shares in bulk carrier and tanker take up. Currently, 6% of the global fleet capacity is capable of utilizing alternative fuels, a significant increase from 2.3% in 2017. This figure is projected to rise to 23% by 2030.
Moreover, the report highlights the growing presence of ‘eco’ vessels, and the expansion of Energy Saving Technologies (ESTs). Additionally, the tracker includes vessels testing onboard carbon capture technology, which is crucial for those vessels underperforming in terms of Carbon Intensity Indicator (CII) ratings. In light of this, the tracker calls for continued investments in Green Technology to improve the global carbon footprint and upliftment of existing vessels.
