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Shipbuilders see methanol-fueled vessels go mainstream

Collected: 2024.01.24

Distributed: 2024.01.25

Source: Go Direct

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The world’s first methanol-fueled container ship, Laura Maersk [Courtesy of HD Hyundai]

The world’s shipbuilding industry saw methane-fuelled ships go mainstream in 2023 after a slew of international environmental protections made the fuel, which produces fewer carbon emissions, more attractive compared to liquefied natural gas (LNG).

Methanol proved the most used alternative fuel that year with 138 ships ordered, a sharp increase compared to the 35 ordered to run on this fuel in 2022.

The latest statistics from DNV’s Alternative Fuels Insight (AFI) platform found that methanol-powered ships accounted for 138 of the 298 ships with alternative fuel propulsion ordered in 2023, compared with 130 LNG ships.

The increase was led by a significant volume of container ships ordered, and the DNV found that 106 container ships were ordered, followed by 13 bulk carriers and ten car carriers.

Methanol has emerged as a popular alternative fuel of choice to LNG fuel because it emits less carbon dioxide and has greater flexibility in storage. While LNG-fueled ships need fuel tanks at ultra-low temperatures to keep the fuel fluid, methanol-powered ships can store their fluid fuel at room temperature without needing storage requirements.

South Korean shipbuilders are also making inroads into the market thanks to their advanced methanol engine technology. HD Korea Shipbuilding & Offshore Engineering Co. and Samsung Heavy Industries Co. held 60 percent of the market share by winning 42 out of 70 new building orders for methanol-powered container ships in 2023.

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