Biodiesel has emerged as the top contender in the 2024 edition of the Sustainable Maritime Fuel (SMF) Fest Confidence Index, replacing last year’s winner, liquefied natural gas (LNG)-biomethane, which dropped to third place. LNG e-methane retained its position at number two.
The SMF Confidence Index was first introduced at the inaugural Sustainable Marine Fuel Fest in Valencia in November 2023. It aims to gauge the confidence of shipping and marine fuel industry stakeholders regarding the progress made in the maritime energy transition.
The index evaluates changes in industry confidence based on four key areas—technology, infrastructure, commercial viability, and environmental impact. It also examines five deep-sea vessel segments, including containerships, dry cargo, gas carriers, passenger ships, and tankers, assessing the use of 12 marine fuel types, such as grey, blue, and green variants.
The 2024 results indicate a shift in attitudes toward decarbonization as stakeholders become more informed about the challenges and environmental impact of alternative fuels. However, confidence levels have declined for most fuel options compared to the previous year.
Confidence in green methanol fell from 53.5% in 2023 to 40.6%, while green hydrogen dropped from 42.7% to 29.2%. Blue hydrogen experienced an even steeper decline, plunging from 34.5% to 18.8%, and grey hydrogen dropped from 33.2% to 13.9%.
Among green fuel options, green ammonia showed improvement, climbing above green hydrogen in the rankings. Confidence in blue fuel variants, however, saw little change compared to last year.
Despite declining confidence in some fuels, grey methanol maintained its position, while ammonia moved two spots higher from the bottom of the index.
The report highlights that decision-making regarding future fuel strategies remains cautious. Yet, some industry leaders, such as the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping (MMMCZCS), remain optimistic about the development of alternative fuels.
According to MMMCZCS’s Fuel Pathway Maturity MAP, the technological readiness of low-emission fuels—such as green ammonia, bio-methane, e-methanol, and renewable diesel—is progressing steadily. The report pointed to “substantial growth” in projects focused on ammonia, methanol, bio-oils, bio-methane, and renewable diesel.
While the sector is advancing, the report stresses that achieving the International Maritime Organization’s (IMO) decarbonization targets by 2050 will require standardized fuel certifications, strict emission controls, and global regulatory agreements.
The findings highlight that despite challenges, efforts to transition to greener fuels are gaining momentum. Stakeholders agree that a collaborative approach and firm regulatory support are essential for ensuring the maritime industry’s shift to sustainable energy sources in the coming decades.
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