SEA-LNG: LNG-fueled vessel orders grew 30% in 2021

SEA-LNG: LNG-fueled vessels to account for 30% of orders in 2021

The multi-sector industry coalition SEA-LNG recognizes significant growth in LNG-fueled vessels orders in 2021 and expects this trend to continue.

Courtesy of SEA-LNG
SEA-LNG: LNG-fueled vessel orders grew 30% in 2021
Courtesy of SEA-LNG

LNG-fueled vessel orders are approaching 30 per cent of gross tonnage on order, SEA-LNG reports citing Clarksons. When these vessels are delivered, this will subsequently amount to a substantial part of shipping’s overall capacity.

LNG-powered ships are one of the only options today that meet the reduced emissions requirements. So, major sectors of the maritime industry are using those in efforts to reduce both local and global emissions.

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For example, over 90 per cent of the upcoming pure car and truck carriers (PCTC) will be LNG dual fuel. Likewise, containership owners and operators are moving to LNG-fueled tonnage, with orders for LNG-fuelled liners increasing five-fold since January 2020. Tankers and bulkers are also following suit, with increases of seven-fold and two-fold respectively over the 18-month period.

Vessel owners and operators continue that LNG reduces SOx and particulates to negligible levels, NOx by up to 85 per cent, and GHG emissions by up to 23 per cent. It can also achieve the IMO’s 2030 target of reducing CO2 emissions by 40 per cent compared to 2008 by the use of bio-LNG products as a drop-in fuel.

Later, thetransition to bio-LNG, and eventually synthetic LNG, will enable the industry to meet the IMO 2050 targets.

SEA-LNG stresses that this process utilises established LNG infrastructure without investing in new and costly infrastructure.

Peter Keller, chairman of SEA-LNG, says that the rise of LNG newbuilds demonstrates confidence in this pathway through its bio and synthetic cousins.