Recent data from the global ship orderbook indicates that fossil fuels remain the predominant choice in the maritime industry, with approximately 14 out of every 15 ships under construction expected to utilize oil or LNG for propulsion. Conversely, only a minimal percentage of new builds are transitioning to 'green' fuels, among which methanol is the most prevalent alternative, followed by other solutions. According to Ship & Bunker, about 93%-97% of the fuels consumed by these new vessels will involve fossil fuels, primarily oil (83%-85%) and, to a lesser extent, LNG (10%-13%), while only 3%-7% will involve alternatives like methanol, ammonia, or hydrogen.

This trend reflects not only the technological preferences of shipowners but also the ongoing lack of mature alternative fuels available on a commercial scale, coupled with the limited development of global refueling networks. The overwhelming reliance on fossil fuels indicates the inertia within the industry concerning the adoption of sustainable energy solutions, which presents challenges in meeting climate goals. Despite growing awareness and attention towards renewable fuels, the shipping sector continues to lag in making significant strides towards decarbonization.

The implications of this continued dependence on fossil fuels are significant, as the maritime industry is a major contributor to global greenhouse gas emissions. Without substantial investments in alternative fuel technologies and infrastructure, the promise of a greener shipping future remains uncertain. Industry stakeholders and policymakers must prioritize the transition towards sustainable fuels to mitigate the environmental impact of maritime operations while also aligning with global climate targets.