Maersk, a global leader in container shipping, has announced plans to place significant newbuilding orders and time-charter contracts aimed at expanding its dual-fuel fleet to a total capacity of 800,000 TEU (twenty-foot equivalent units) between 2026 and 2030. This strategic move is part of the company’s ongoing fleet renewal, with a target of adding 160,000 TEU annually.
The new orders will cover 50 to 60 dual-fuel vessels of varying sizes, providing operational flexibility across its global network. Of this capacity, approximately 300,000 TEU will be owned by Maersk, while the remaining 500,000 TEU will come from time-charter agreements. Vincent Clerc, Maersk’s CEO, noted that the orders have been batched due to congested shipyard delivery schedules, with deliveries spread out over the coming years.
In a notable shift, Maersk is embracing bio-LNG (liquefied bio-methane) alongside its methanol dual-fuel vessels, signaling a hedge against uncertainties around the availability and pricing of green fuels. The company aims to ensure its gas-powered ships operate on bio-LNG to cut greenhouse gas emissions within this decade.
This development comes as Maersk continues to lead the way in sustainable shipping. Already, the company has ordered 25 methanol-fueled dual-fuel vessels, with five in service and 20 more on order. These vessels will comprise 25% of Maersk’s fleet once delivered.
Maersk has been cautious about LNG as a marine fuel due to methane emissions, and its decision to order dual-fuel vessels, including bio-LNG, is seen as a risk mitigation strategy. According to Clerc, this approach allows Maersk to balance its bets on future fuel options while maintaining flexibility in an uncertain regulatory landscape.
In keeping with its sustainability goals, Maersk emphasized that the new vessels will replace older, end-of-life ships, maintaining the fleet size at around 4.3 million TEU. “By diversifying our fleet and fuel options, we gain the flexibility and experience to operate in a future with multiple fuel paths,” said Ahmed Hassan, Head of Asset Strategy & Strategic Partnerships at Maersk.
The company has increased its capital expenditure forecast to between $10 billion and $11 billion for 2024-2025, up from a previous estimate of $9 billion to $10 billion, reflecting ongoing investments in fleet renewal. At the end of the second quarter of 2024, Maersk operated 707 container vessels, including 304 owned and 403 chartered ships, totaling 4.3 million TEU.