Dual Fueled Engine Analysis
July 19, 2024
It seems that the complex world of dual fuel technology is starting to sort itself out with certain clear preferences among ship segments and owners’ choice for a particular fuel-type technology. The table on the right-hand side compares Carbon Intensity as well as Energy Density Factor (MJ/kg) published by IMO and helps us to determine which fuels would meet the IMO 2050 objective of zero carbon emissions (only green methanol and green ammonia would qualify). However, the problem with both methanol and ammonia is their Energy Density, in another word, equivalent bunker volume to generate the same engine power. This factor would require a bunker tank retrofit for the existing tonnages (twice larger) or more frequent bunkering during long-haul voyages – usually not allowed by charterers, especially for oil tankers.
When we closely look at the orderbook for the last 3 years, MR2 owners have had the highest appetite for methanol or ammonia dual fuel engines compared to owners of larger segments (almost 9% of all MR2 orders so far this year are methanol fueled) – a pattern that could be largely explained by the Energy Density factor. Unlike larger tankers, MR2s usually sail shorter intra-regional routes; MR2 chemical tankers also operate similarly to boxships with fixed schedules, allowing them to secure bunker supply at the next load/discharge port.
Figure 1: Vessel Count Figure 2: Carbon Intensity Factor
Source: McQuilling Services, HIS, IMO
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