The global fleet of clean fuel-powered ships has experienced significant growth in recent years, according to Intermodal. Currently, 2,119 dual-fuel vessels with a combined capacity of 123 million gross tons are in operation worldwide, representing 7.4% of the global fleet. This marks a substantial increase from 3.2% in 2018.
LNG remains the dominant alternative fuel, powering 84% of the dual-fuel fleet, comprising 1,248 vessels with a total capacity of 102.93 million gross tons. The momentum continues in the orderbook, with dual-fuel vessels now accounting for 52% of new ship orders, up from 16% in 2018.
The current orderbook includes 1,821 dual-fuel vessels with a combined capacity of 143 million gross tons, including 1,042 LNG dual-fuel vessels.
This surge in eco-friendly vessels is attributed to tightening regulations and the increasing availability of financing options, particularly through the Poseidon Principles framework. Launched five years ago, the Poseidon Principles encourage financial institutions to assess and disclose the climate impact of their shipping portfolios, thereby promoting the financing of sustainable vessels. The fifth Annual Disclosure Report revealed that 35 banks from 14 countries, representing nearly 80% of the global ship finance portfolio, have signed on to the Poseidon Principles.
Nikos Tagoulis, Senior Analyst at Intermodal, commented, "The implementation of the Poseidon Principles is progressing within the global ship financing portfolio, demonstrating a commitment to sustainable ship financing."