Why is LNG winning the alternative fuel race?
Listen to the latest edition of the Lloyd’s List weekly podcast — your free weekly briefing on the stories shaping shipping
Lloyd’s List senior reporter Declan Bush asks why LNG is so far out in front in the race to be shipping’s first choice alternative fuel
DECARBONISATION is perhaps the biggest issue shipping faces, and it’s unique in that it affects everyone, whatever your politics.
The question we, and much of the shipping industry asks, is not whether future fuels will become viable one day, but rather which of them will win the race.
Of course, we’re often told things like “we see a multi-fuel future” or “we are fuel agnostic”.
But besides looking for that crystal ball we so regrettably lack, it helps to look at what’s out there today. And judging on data released by Norwegian class society DNV, what’s out there is LNG.
Orders for vessels that were at least dual-fuel LNG doubled in 2024, with 264 orders placed. That’s 100 more than the next most popular alternative, methanol.
LNG ships represent nearly 10% of ships on order and 26% of gross tonnage on order, about double methanol’s share.
So why is LNG so far in front in the alternative fuel race?
Joining Declan on the podcast are:
- Jason Stefanatos, global decarbonisation director, DNV
- Peter Keller, chairman, Sea-LNG
