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The LNG Pathway: 87 LNG Carriers Ordered in the First Six Months of 2025

Tuesday, 22 July 2025 | 00:00

Industry coalition, SEA-LNG has published a new report titled ‘The LNG Pathway: Mid-Year Market Review' – evaluating the state of play for LNG, liquefied biomethane (LBM), and e-methane – as well as presenting initial analysis of why LNG dual-fuel engines offer the best returns under the IMO Net-Zero Framework.

Following the trajectory of 2024, demand for LNG-fuelled vessels has continued in 2025. In the first six months of 2025, 87 new LNG dual-fuel vessels were ordered, up from 53 in the corresponding period in 2024. There are now a total of 1,369 LNG dual-fuel vessels in operation and on order, according to data from SEA-LNG member DNV.

Most of the 2025 orders have been for large container ships, with the gross tonnage of these vessels amounting to 14.2 million GT versus 4.1 million GT in 2024. There were notable orders in the first six months of 2025 from SEA-LNG member MSC, as well as ONE, Capital Maritime, CMA CGM, Evergreen Marine and TMS Group.

A chart showing the LNG pathway
Credit: SEA-LNG

LNG bunkering volumes continue to expand as well. In Q1 2025, volumes in Rotterdam increased by 7% compared with the same period in 2024, and Singapore reported 18% growth over the first five months of 2025 versus 2024. LNG bunkering is developing rapidly in the Western Mediterranean and China too, with volumes increasing by over 60% in Shanghai in the first five months of 2025 versus that period in 2024.

Steve Esau, chief operating officer, SEA-LNG, commented: “As LNG infrastructure continues to expand at pace, LBM, or bio-LNG, is also becoming a reality, with biomethane bunkering growing rapidly in Europe, driven mainly by regulations such as FuelEU Maritime. LBM is a central next step along the LNG pathway towards decarbonisation. It's chemically identical to LNG, and fully compatible as a drop-in fuel for existing LNG engines with no blending issues, unlike biodiesel and fuel oils.

“The use of LBM is widespread, with bunkers being delivered to the cruise sector, container lines, ferries, OSVs, car carriers, tankers, bulkers and small-scale LNG carriers over the past 12 months. Bunkering operations have already taken place in key ports across Belgium, France, Finland, the Netherlands, Norway, Spain, Sweden and the UK, involving at least seven major bunker suppliers.”

The Mid-Year Market Review also includes SEA-LNG's initial analysis of the commercial implications of the IMO Net-Zero Framework using Z-Joule's POOL.FM evaluation model. The analysis used GHG intensity and fuel price assumptions from DNV, published by the IMO, and market intelligence on CapEx.

A chart showing the development of the LNG-fuelled fleet including LNG car carriers
Credit: SEA-LNG

The analysis shows that both high-pressure and low-pressure LNG dual-fuel engines offer a relative payback period of about 4.5 to 5 years compared with VLSFO for a 14,000 TEU container vessel operating a trans-Pacific route, from Japan to the US West Coast. Ammonia- and methanol-fuelled vessels do not payback over the 15-year investment horizon.
The LNG pathway's lower costs of compliance are driven by the fact that it offers immediate GHG reductions while ammonia and methanol dual fuel vessels must either buy large quantities of expensive green versions of those fuels to comply, from day one, or use VLSFO and pay for remedial units.

Peter Keller, chairman, SEA-LNG, concluded: “The costs of compliance analysis shows that the LNG pathway offers the best returns under the MEPC 83 IMO Net-Zero Framework. But more than that, this route offers shipowners and operators access to widespread global infrastructure, fuel optionality, local emissions reductions and a proven safety record for seafarers and port workers. These are the practical points our industry must consider and prioritise to realistically achieve its climate targets.”
Source: SEA-LNG

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