April Sees Jump in Methanol-Fueled Tanker Orders

According to the latest figures from DNV’s AFI platform, 23 new orders for alternative fueled vessels were registered in April 2024.

A majority of these (12) were for methanol-fueled tankers, a segment where the uptake of alternative fuels has been low up until now.

Seven orders were place for LNG-fueled vessels in April, and four ammonia-fueled vessel orders were confirmed.  

Following a quiet month in March, these strong figures confirm the overall trend of a steady increase in new orders for alternative fuels, says DNV. 

There have been 93 new orders added to the AFI database in the first four months of 2024, representing a growth of 48% compared to the first four months of 2023.  

Jason Stefanatos, Global Decarbonization Director at DNV Maritime commented: “With the slow activity of March now behind us, these numbers for April confirm an increasing shift in the new order market towards alternative fueled vessels, with a notable surge in new orders from the tanker segment. Methanol continues to have the highest number of orders so far in 2024, with new orders totaling 47 - a 42% increase compared to the same period in 2023.

“It is also notable that four new orders have been placed for ammonia fueled vessels, on top of the five ordered in the first quarter of 2024. Although we still have a long way to go before a maritime ecosystem for ammonia is fully developed, this provides more evidence that investment in these vessels is on the rise.”