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Retrofitting for low emissions is more prevalent in regions with high carbon taxes like the North Sea.
The offshore support vessel market is slowly integrating alternative fuels, with newbuilds often featuring standard diesel propulsion
OSV deliveries by fuel-type
Global shipyard capacity is expected to remain stable with a focus on building and retrofitting ships to use alternative fuels.
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Biofuels, e-fuels and blue fuels are among the identified pathways for decarbonization, with different stages of technological readiness and commercial viability.
Onboard carbon capture, fuel cells and hybrid propulsion systems are being considered for their potential to contribute to long-term emission reductions.
Advanced nuclear reactors present a modular and flexible alternative energy source for maritime applications, though regulatory challenges persist.
Portion Fleet > 15 years old
Fuel Mix (HFO equivalent)
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Geopolitical instability has led to supply chain disruptions and affected maritime energy transition plans.
The adoption of energy efficiency technologies in new builds is increasing, although it’s not sufficient alone to achieve net-zero emissions.
Biofuels, e-fuels and blue fuels are among the identified pathways for decarbonization, with different stages of technological readiness and commercial viability.
The maritime industry faces challenges in balancing increasing energy demands with regulatory pressures for decarbonization and achieving net-zero emissions by 2050.
This year's Outlook explores the carbon-neutral fuel pathways and the transformational technologies that will support the maritime industry’s challenging journey to 2050, including an updated fuel mix forecast, potential net-zero scenarios and detailed analysis of the capacity of the maritime ecosystem to support decarbonization.
Fuel Mix, Fleet Dynamics and Geopolitical Impacts
Retrofitting and Transformational Technologies
Offshore Sector Insights
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A significant portion of the global fleet is aging, necessitating fleet renewal to meet upcoming regulatory targets. Dual-fuel ships currently represent a substantial portion of new vessel orders.
The fuel mix in the maritime industry is shifting with a focus on alternative fuels such as LNG, methanol and ammonia.