The analysis is showing a steady increase in orders for merchant vessels using alternative fuel.

Methanol surpassed liquefied natural gas (LNG) as the preferred alternative fuel choice for newbuild vessels in 2023, marking a significant milestone in the shipping industry’s efforts to decarbonize.

According to the latest data from DNV’s Alternative Fuels Insight (AFI) platform, a total of 298 ships with alternative fuel propulsion were ordered in 2023 out of 1,281 total orders, marking an 8% increase compared to the previous year.

The rise of methanol as a mainstream fuel option was evident with a substantial increase in orders, narrowly edging out LNG with 138 orders compared to 130.

Ammonia also made significant progress in 2023, with 11 vessel orders during the year and more expected in the future.

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