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Greek owners adopt wait and see approach on alternative fuels

Photo: Pilbara Ports Authority port-hedland-welcomes-first-lng-fuelled-vessel.jpg
Only a minority of Greek shipowners’ are opting alternative and dual fuel engines on their newbuilding orders.

On deeper analysis of 234 Greek newbuilding orders this year it can be seen whether or not Greek owners are turning towards a greener shipping industry or whether they are still waiting to see what green fuel and technology will prevail in order to procceed with orders of greener vessels.

 In the bulker orderbook all the Greek orders are for  vessels using conventional fuels. Only eight in the tanker orderbook are vessels that can use dual fuel (mainly LNG) while there are 14 orders that are alternative fuel ready meaning they can easily be retrofitted in order to use another fuel and 40 orders are vessels that use conventional fuels.

When it comes to container shipsthe majority of Greek orders are for vessels that use conventional fuels (53), 14 orders are for vessels that can be easily retrofitted to use alternative fuels and only two orders are for vessels capable of using other than conventional fuel.

In notable contrast, Greek gas carrier orders are mainly alternative fueled vessels. Over 60% of them,  34 vessels can use alternative fuels, 11 orders are vessels that can be retrofitted in order to use alternative fuels and only 10 orders are vessels that use conventional fuel.

The proportion of Greek owned newbuildings ordered with alternative fuel capabilities is well below the global average.  Clarksons Research said alternative fuel featured in a record 37% of newbuildings orders by number, and 60% by tonnage, of vessels contracted up to early September this year.