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The first dual-fuel methanol very large crude carrier (VLCC), named The New Explorer, was delivered in Dalian, China, by Dalian Shipbuilding Industry Company for China Merchants Energy Shipping. The global methanol-fuelled fleet currently consists of 97 vessels, with an additional 366 vessels projected to enter service by 2030, according to DNV data.

The majority of new orders are for container ships, followed by bulk carriers and tankers. The increase in methanol-capable ships is expected to drive demand for lower-carbon alternatives, including green methanol and e-methanol.