The shipping industry is witnessing a significant shift towards liquefied natural gas (LNG) as a fuel source, with over 2% of the global shipping fleet now powered by LNG. This percentage is projected to increase to 4% based on the number of ships or 6% based on deadweight capacity, considering current order books. The growth of LNG-powered ships has been remarkable, with the number of ships increasing from 21 in 2010 to 590 in operation worldwide. An additional 564 ships are on order, expected to bring the total to 1,154 by the end of 2028.
According to SEA-LNG Chairman Peter Keller, LNG is now the most practical and realistic choice for alternative fuels in the maritime industry. The use of LNG offers significant environmental benefits, including virtually no SOx and particulate emissions, up to a 95% reduction in NOx emissions, and up to a 23% reduction in greenhouse gas emissions. The industry is also making progress in minimizing methane slip in engines through technological advancements.
The LNG bunkering infrastructure has been substantially expanded, with LNG bunkers available in 185 ports and more expected to be added. The fleet of bunker vessels has grown from one in 2010 to 60 in operation today, with 13 more on order. Recent data shows that LNG has been the primary fuel choice for new alternative fuel vessel orders, indicating a strong momentum in the market for LNG-powered vessels. As the maritime industry seeks to reduce its environmental impact, LNG emerges as a key player in long-term decarbonization efforts, supported by the growing number of LNG-powered vessels and infrastructure.
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