The shipping industry is turning its attention to
green and blue alternatives in order to meet the International Maritime Organization’s
(IMO) targets for the use of zero or near-zero fuels by 2030, according
to BIMCO.
While sustainable biofuels can fulfill the IMO targets, competition from
various sectors has led to a shift in focus.
According to BIMCO, only 1% of bulk, container, and tankers are
currently equipped to use alternative fuels, accounting for 2% of the fleet’s
deadweight capacity. However, efforts are being made to increase this
percentage. Another 1% of ships and 4% of deadweight capacity are being
prepared for alternative fuels, allowing for easier retrofitting.
The IMO aims for near-zero greenhouse gas emission fuels to make up at
least 5% of the energy used by the shipping industry in 2030, with a goal of
reaching 10%. With 29% of ships and 42% of deadweight capacity in shipping’s
orderbook expected to be delivered prepared or readied for alternative fuels,
significant progress is being made, according to BIMCO. By 2028, when all the
ships in the orderbook have been delivered, 4% of the fleet’s deadweight
capacity will be ready to burn alternative fuels, and an additional 4% will be
prepared for retrofit.
As older ships using bunker fuel are recycled at a rate of 1-2% per
year, the share of the fleet’s deadweight capacity prepared or readied for
alternative fuels is expected to increase by the 2030 deadline. The container sector is projected to have
the highest share of alternative fuel use, with at least 23% of the container
fleet’s deadweight capacity being readied or prepared for alternative fuels
once the orderbook is delivered. The tanker fleet is expected to reach at
least 7%, while the bulker fleet will reach at least 4%.
While liquefied natural gas (LNG) has been the most
popular alternative fuel in shipping so far, methanol and ammonia are gaining
popularity. The availability of
sufficient green and blue fuels for shipping in 2030 has been a question, but
with the call for a tripling of renewable energy capacity by 2030, it is
becoming more likely that the industry will be able to meet the targets set by
the IMO, even without relying heavily on biofuels.