Reported about 1 year ago
As of April 2024, Chinese shipyards have dominated the global market for new alternative fuel ships. According to Clarkson Research, Chinese shipyards secured a total of 34 orders for 2.48 million CGT (Compensated Gross Tonnage) in April, accounting for an impressive 83% global market share by CGT, surpassing shipyards of other nations. The rising trend of alternative fuel ships in new orders is attributed to the global push for carbon reduction, with the percentage increasing from 8.2% in 2016 to a record high of 54% in 2022 before dropping to 40.9% in 2023 and rebounding to 47.9% in the first four months of 2024. The alternative fuels used in these ships include LNG, LPG, methanol, and hydrogen. Among the orders, Chinese shipyards received included 24 LNG dual-fuel ships at 2.335 million CGT, 2 methanol dual-fuel ships at 17,000 CGT, 2 ammonia dual-fuel ships at 52,000 CGT, and 6 battery-hybrid propulsion ships at 75,000 CGT.
Source: YAHOO