SEA-LNG, an industry coalition, is emphasizing the rapid growth of LNG-fueled vessels within the global fleet and the ongoing investments from major shipping companies in this emerging sector. Established eight years ago, SEA-LNG advocates for LNG as a viable marine fuel option, highlighting significant advancements in addressing environmental concerns related to methane emissions.
According to DNV data, LNG-fueled vessels now comprise over 2% of the global shipping fleet, with projections indicating that this figure could double to 4% as new orders are delivered. When measured by deadweight tonnage (DWT), the LNG fleet is expected to account for 6% of the global total.
The number of LNG-fueled vessels has surged from just 21 in operation in 2010 to 590 today, including some of the largest containerships, which are twice the size of those operating a decade ago. With an additional 564 vessels on order, the total is projected to reach 1,154 by the end of 2028.
A particularly strong growth area is LNG carriers, with 772 currently in operation and 341 more on order as of the end of 2023. This surge is driven by robust global demand for LNG, particularly in light of increasing exports from the United States and significant production expansions in Qatar.
Currently, a third of the global vessel orderbook consists of LNG dual-fuel vessels, meaning over 2,000 of the world’s largest ships are now LNG-powered. When including both operational and ordered vessels, the total LNG fleet is set to reach 142.5 million DWT, representing 6% of the world’s total 2,224 million DWT.
In support of this transition, LNG bunkering is now available in 185 ports, with an additional 50 planned for next year. The number of bunkering vessels has also increased from one in 2010 to 60 today, with 13 more on order.
Peter Keller, Chairman of SEA-LNG, expressed satisfaction with the growing acceptance of LNG among shipowners. He reaffirmed the coalition’s stance that a diverse fuel mix is essential for the shipping industry to meet 2050 emissions targets, with LNG—especially when paired with liquefied biomethane and future hydrogen-based e-methane—serving as a crucial immediate solution for carbon reduction.
Despite concerns about methane emissions, SEA-LNG asserts that LNG significantly reduces SOx and particulate matter emissions, along with achieving up to a 95% reduction in NOx emissions and up to 23% in greenhouse gas emissions. They are confident that ongoing collaborative engineering efforts will virtually eliminate methane slip from all engine technologies within the next decade.
The coalition highlights that current infrastructure is well-positioned to facilitate a transition to liquefied biomethane and e-methane, ensuring that vessels ordered today will be future-proof for 2050 and beyond. This pathway, rooted in sustainable practices such as anaerobic digestion of waste materials, offers a long-term solution for capturing methane that would otherwise contribute to climate change.
SEA-LNG asserts that the increasing recognition of LNG’s potential, along with the expansion of its asset base, positions LNG as a significant player in the maritime decarbonization landscape.
