Until September, the market was moving at roughly the same levels as 2024, however, immediately after the Organization’s meeting last month, a noticeable downturn occurred, increasing uncertainty regarding the green transition in an environment already pressured by geopolitical tensions and changing investment expectations.
Specifically, the latest data reflect a significant reduction in the orderbook of such ships compared to the previous year.
According to Clarksons Research, 45% of orders in terms of gross register tonnage in 2024 concerned dual-fuel ships capable of using alternative fuels (alternative fuel-capable).
The corresponding percentage for the ten-month period of 2025 fell to 43%, whereas just one month prior, always based on Clarksons data, alternative fuel-capable ships accounted for 47% of the total tonnage.
In the 10-month period, the data reflect a decline in the total volume of new shipbuilding as well. However, the penetration of “clean technology” differs by segment.
As Clarksons Research reports, containerships and gas carriers continue to place orders for alternative fuel units, while the market for bulk carriers and tankers remains more cautious.
Indicatively, in crude tankers, 15.5% of the orderbook (186 ships) has alternative-fuel capability, compared to just 2.9% of the existing fleet, while in product tankers, 9.9% of the orderbook (or 13.2% in dwt) is “capable”, compared to 1.7% of the current fleet.
At the same time, 534 container ships are on order, which will have alternative fuel capability upon delivery.
These represent 53% of the containerships that have been ordered (1,106) and 77% in terms of carrying capacity TEUs.
Even worse is the picture for ships with direct dual-fuel combustion capability (dual-fuel and ready), as the Norwegian classifier DNV records 222 orders until October 2025, a number reduced by 48% compared to the same period in 2024.
In detail, the data show an order book in the 10-month period consisting of 147 ships with LNG burning capability (67% of the total), 47 with methanol fuel, 19 with LPG, 5 with ammonia and 4 with hydrogen (hydrogen capable ships).
65% of new orders concern containerships, confirming that the major “players” active in the so-called liner services remain the pioneers of the energy transition.
LNG maintains a dominant position on the order map.
DNV calculates that there are 1,447 LNG-fuelled ships, of which 628 are under construction.
In October alone, 26 LNG-powered containerships were added, while four more methanol-fuelled ships (mainly tankers) strengthened the orderbook.
At the same time, six new bunker vessels (LNG or methanol-ready) show that the market continues to expand.
As the Norwegian classification society notes, “investments in bunkering infrastructure are critical for the viability of the alternative-fuelled fleet”.
“It is encouraging that, despite ongoing regulatory uncertainty, the transition to cleaner fuels remains firmly on the agenda.”
With this statement, Jason Stefanatos, Global Decarbonization Director of DNV Maritime, commented on the latest data from DNV’s Alternative Fuels Insight (AFI) platform, which show that -despite the general downturn- the alternative-fuelled vessel market remains active.
According to the data, new ships were added to the database in October, mainly container ships (LNG-powered containerships), while four new ships in the orderbook are expected to run on methanol.
According to analysts, despite the discussion at an international level, small and medium-sized shipowners see alternative technologies as a “luxury” and the reasons are specific: absence of a global carbon pricing that would financially support new fuels, uncertainty about the availability and price of LNG, methanol or ammonia in various ports.
At the same time, as highlighted, the murky landscape around the IMO Net-Zero Framework is pushing many shipowners to adopt a wait-and-see attitude.
Now, the International Maritime Organization (IMO) is expected to reconvene from 20-24 April 2026 for technical discussions and then from 27 April to 1 May for the 84th session of the Marine Environment Protection Committee (MEPC 84).
