Q2 sets records for LNG-fuelled newbuild orders

With nearly a month to go of the quarter, Q2 2022 has already broken records for the number of LNG-fuelled ships ordered.

Latest data from class society DNV’s Alternative Fuels Insight (AIF) platform shows containerships continue to lead the charge for LNG fuel. 30 orders for LNG fuelled vessels were placed in May alone taking the total for 2022 to 151 with car carriers also proving a strong backer of LNG fuel.

Commenting on the figures, Martin Wold, principal consultant in DNV’s maritime advisory business, said: “With the pace of orders continuing, Q2 2022 is already the strongest quarter on record, despite only being two months in. Current LNG bunkering activities remain very low, however. Though there is also some hope on the horizon that activity in the LNG bunker market could return as oil prices continue to stay high, at least temporarily.”

In terms of the extant fleet, there are currently 805 confirmed LNG fuelled ships operating, and 229 additional LNG ready ships

Looking at the global orderbook, Clarkson Research Services data shows that 39.6% of ships on order in gt terms are alternative fuel capable, with LNG by some distance in the lead.

For the first time, the majority of orders in 2022 through to mid-May – 63% in gt terms – have been for alternative fuel capable units, up from around 30% in the previous two years, according to data compiled by Clarksons.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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