World News
LNG Leads the Way as Momentum Builds on Bumper Year for Alt Bunker Fuel Capable Vessel Orders
LNG looks to have shrugged off last year's hype surrounding the uptake of methanol bunkers and is solidifying its position as the future bunker fuel of choice, according to the latest data from class society DNV.
DNV's alternative fuels insight (AFI) platform recorded 97 alternative fuel orders in October, 66 of them for LNG-capable tonnage, 29 for methanol-powered tonnage, and 2 for LPG tonnage.
The orders mean 8% of new orders this year have been for LNG-powered tonnage and 6% for methanol, while 82% of the orderbook will use conventional oil bunkers.
In total there have been 464 orders placed this year for alternative bunker capable vessels.
"This is 46% higher than the same period in 2023, and already well beyond the total figure registered in the whole of 2023 (371)," noted DNV's Kristin Hammer.
Left unsaid is what level of bunker demand the orders represent.
Earlier this year Ship & Bunker calculated at the time it was equivalent to 33.8 million mt.
Separately, ship brokerage Clarksons recorded 1,750 orders for vessels over 1,000 gt in the first nine months of 2024.
According to Unctad, the global commercial fleet (over 1,000 gt) stood at 56,500 in January last year. In terms of geographical ownership, Asia is the largest shipowning area followed by Europe.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 598.50 | 2.50 | 690.50 | 3.50 |
| Rotterdam | 525.00 | 0.50 | 685.50 | 2.50 |
| Houston | 546.50 | 8.50 | 676.50 | 8.00 |
| Fujairah | 586.00 | 3.50 | 765.00 | 5.50 |
| Global 20 Ports Average | 598.00 | 2.00 | 758.50 | 1.50 |
| Global 4 Ports Average | 564.00 | 3.50 | 704.50 | 2.00 |
| Global Average Bunker Price | 645.00 | 2.00 | 814.00 | 2.50 |
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