LNG-fueled vessels now make up 6% of the global fleet

The SEA-LNG industry coalition reports that LNG-fueled vessels now make up over 2% of the global shipping fleet, with this figure rising to 4% by vessel numbers or 6% by deadweight tonnage (DWT) when considering current orders. Fleet owners are increasingly investing in LNG-fueled ships, with nearly daily announcements of new investments.

The number of LNG-powered vessels has grown from 21 in 2010 to 590 today, including some of the world’s largest container ships. With 564 more on order, the total number is expected to reach 1,154 by 2028. This is in addition to 772 LNG carriers, with 341 more on order. In total, over 2,000 of the world’s largest vessels will be LNG-powered. LNG dual-fuel vessels also account for one-third of the new build order book, representing 6% of the world’s total deadweight tonnage.

Peter Keller, Chairman of SEA-LNG, emphasized the importance of LNG in shipping’s decarbonization journey, stating that LNG is currently the most viable alternative fuel, offering immediate carbon reductions. The LNG pathway, including biomethane and hydrogen-based e-methane, provides a realistic option for meeting the 2050 emissions targets. LNG has virtually zero SOx and particulate matter emissions, reduces NOx emissions by up to 95%, and lowers GHG emissions by up to 23%.

Collaborative efforts are ongoing to eliminate methane slip in engine technologies, with significant progress made in reducing slip in 4-stroke engines. Additionally, LNG bunkering infrastructure is expanding, with 185 ports offering LNG refuelling and 50 more expected next year. This infrastructure is ready for future fuels like bio-LNG and e-methane, providing long-term sustainability for LNG-powered ships.

LNG’s growth and environmental benefits position it as a key player in the maritime industry’s decarbonization efforts.