Slow start to the year for LNG-fuelled vessel orders – DNV

No new orders for LNG-fuelled vessels were placed in January, classification society DNV estimates.

PHOTO: A model of MOL's LNG fuelled car carrier. MOL

Orders of alternatively fuelled newbuild vessels had a slow start the year, DNV’s principal consultant Martin Christian Wold says. There was only interest for methanol, with two confirmed newbuild orders from global commodity trader Cargill, he adds.

There was a steady stream of LNG-fuelled vessel orders in the second half of last year, despite soaring gas prices. DNV recorded 11 orders in August, six in September, seven in October, 17 in November and 19 in December last year.

But as LNG prices have come down from recent peaks, LNG bunkering could become competitive again, Wold argues. He believes that some LNG newbuild orders could be confirmed this month.

The global LNG fuel-capable fleet is currently made up of 361 vessels, with another 182 vessels expected to join this year, according to DNV estimates.

By Nithin Chandran

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