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In 2050 oil to remain main fuel for trading vessels with LNG second choice

The Maritime Forecast to 2050 launched by DNV GL studies the effect of the changing global energy system on the shipping industry through 2050 and with regard to the shipping fuel, the report says that in 2050, oil will remain as the main fuel for trading vessels and the natural gas will be the second-most widely used fuel.

 “Big and rapid changes are happening in the way the world uses and produces energy,” says Remi Eriksen, Group President and CEO of DNV GL. “Our Energy Transition Outlook (ETO) shows that by mid-century, the energy supply mix is likely to split equally between fossil and renewables. Advances in energy efficiency will also see the world’s demand for energy flattening after 2030. These trends will impact all players in the maritime sector.”

 The Maritime Forecast projects that shipping will continue to enjoy robust growth heading to 2030; from 2030 to 2050 the growth will be less rapid though there will be growth primarily in non-energy commodities such as the container trade and non-coal bulk. Apart from changes in energy production and export patters, shipping’s fuel mix will become much more diverse; however,  oil will be the main fuel for trading vessels but natural gas will step up to become the second-most widely used fuel and new carbon alternatives will proliferate.

  “In the Maritime Forecast we can see the trends of today become the paradigms of tomorrow,” says Knut Ørbeck-Nilssen, CEO of DNV GL – Maritime. “Shipping will continue its drive for greater efficiency by reducing costs, improving utilization, lowering fuel consumption, increasing vessel size, and deploying new technologies. The current wave of digitalization transforming the industry will also have a profound impact – advancing design and operation and creating new business models.”

DNV GL has published a suite of reports on the Energy Transition Outlook website, which are available to download free of charge. The main ETO report covers the transition of the entire energy mix to 2050. In addition to the Maritime Forecast, two other sector-specific supplements, based on DNV GL’s deep expertise in the oil and gas, and power & renewables industries, accompany the main outlook.

 


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