Lloyd's Register notes year of methanol retrofit vessel orders in 2023

Lloyd's Register has analysed last year's vessel orders and fuel tech developments and seen methanol engine retrofits as a defining trend.

PHOTO: Wärtsilä methanol engine. Wärtsilä

143 new construction orders of methanol-capable vessels were placed in 2023, the classification society found.

The new orders will increase the global methanol-capable fleet to 227, LR said citing data from maritime consultancy firm Clarksons.

Green methanol, which can be produced either as biomethanol or e-methanol, can significantly reduce greenhouse gas (GHG) emissions compared to conventional marine fuels. It can also be stored in its liquid state at room temperature without additional facilities - unlike LNG.

LR expects the number of methanol-capable vessels to increase in the coming years, driven by growing methanol bunkering facilities and stricter shipping regulations that will come into force.

Vessels powered by fossil-based alternative fuels “will need to be replaced by synthetic or biomass-derived equivalents” to allow the global maritime industry to adapt to zero- or near-zero emissions, LR said.

These orders are a “positive indicator” that the global maritime fleet can technically meet the International Maritime Organization’s (IMO) 5-10% target for zero- or near-zero carbon fuel consumption by 2030, LR added.

By Aparupa Mazumder 

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