COGNICURRENT

International shipping fuel prices have surged due to the escalating geopolitical tensions in the Middle East, impacting the global energy market.

The shipping industry is largely reliant on fossil fuels, with a significant majority of new ships being constructed to run on oil or LNG rather than green alternatives.

The global ship orderbook reveals that fossil fuels continue to dominate shipping, with around 93%-97% of new vessels still set to rely on oil or LNG.

Lloyd’s Register has issued a warning about the deterioration in the quality of marine fuels, with a significant increase in non-compliant fuel incidents reported in major bunkering ports.

Alternative fuels like LNG, methanol, ammonia, and wind propulsion remain significant in the energy transition, with varying impacts on shipowners due to regulatory uncertainty, according to Jason Stefanatos of DNV Maritime.

The director of Global Decarbonization at DNV Maritime discusses the ongoing role of alternative fuels like LNG and methanol in the energy transition with implications tied to upcoming decisions from the IMO.

Iran's Revolutionary Guards announced the seizure of two tankers in the Persian Gulf that were carrying over a million liters of smuggled fuel, with 15 foreign crew members referred to justice.

Recent data reveals a significant decline in orders for ships using alternative fuels, with the majority of the global fleet still reliant on conventional fuels.

Recent data indicates a decline in orders for ships using alternative fuels, highlighting a growing fatigue in the green orderbook.