LNG as a transportation fuel goes global [Gas in Transition]

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Summary

This may not be the ultimate answer, but the growth of the fleet suggests that shipowners are seeing LNG as an immediately available means of reducing carbon and other emissions. [Gas in Transition, Volume 1, Issue 7]

through: Ross mccracken

A year ago, there were just under 170 LNG-powered ships in service worldwide, with the new build order book showing growth to just over 400 by 2027 (Figure 1), with no count LNG carriers. Data from classification society DNV GL now puts the number of LNG vessels at 221, with the order book showing an expansion to 610 by 2028, a significant jump from last year. The majority (80%) of new orders and vessels in operation chose dual fuel engines. However, the number of ships by no means reveals a complete picture. The large LNG-fueled ships are now much more numerous – container ships, tankers and bulk carriers for example – and it is in these segments that the growth of the order book is the most important. The tonnage more accurately reflects the demand for LNG. As the number of ships jumps 276% through 2028, gross tonnage is expected to increase by almost 800%. Growth of segments Certain segments of maritime transport (Figure 2) have changed little over the past year, notably cruise ships, whose outlook has been particularly affected by the coronavirus pandemic. Orders for passenger and passenger ferries also showed little growth, which constitutes a significant part of the existing LNG fleet. This…


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