51.3% of Current Shipping Orderbook Can Run on Alternative Fuels: DNV

The report also highlights a likely shortage of the zero-carbon fuels needed for shipping. Image Credit: DNV

Classification society DNV has published the latest version of its Maritime Forecast to 2050 report, revealing that 51.3% of the current shipping orderbook is capable of running on alternative fuels and battery power.

40.3% of the orderbook by gross tonnage can use LNG, 8.01% methanol, 2.24% LPG and 0.8% battery power, the company said in the report, published on Thursday.

By contrast, just 6.52% of the current global fleet in operation can run on these fuels and energy technologies.

"Shipping's decarbonization is underway slowly like a supertanker coming about," Knut Ørbeck-Nilssen, CEO of DNV's maritime business, said in the report.

"The clock is ticking louder on efforts to identify, define, and resolve barriers to successful and safe decarbonization.

"Complex and costly decisions form the backdrop for ship designs, propulsion systems, and fuel sourcing.

"The best strategy will hinge on many parameters, such as vessel size and trading pattern.

"Yet pragmatism and a defined pathway for the vessel's life will be key to avoid unattractive or stranded assets.

"To support investment decisions, Maritime Forecast to 2050, produced from broad industry sources and DNV modelling, focuses both on challenges and possible actions."

The report also highlights a likely shortage of the zero-carbon fuels needed for shipping. To meet the IMO's goals for 2030, the shipping industry will need 30-40%of the estimated global supply of carbon-neutral fuels by that year, according to the research.

To read the report in full, click here.