SIMIC

Forthcoming emission regulations have also contributed to owners deciding to order new ships.

Another factor is that major yards such are beginning to handle Qatar Gas' mega-order for liquefied gas vessels to replace its existing fleet.

The end result is that newbuilding slots across major yards have filled up incredibly quickly.

Owners are expected to struggle to find slots for large ships to be delivered by 2024.

The competition for yard space has driven up newbuilding prices, with vessels 30 per cent more expensive than they were 12 to 18 months ago.

As a result, owners are facing an economic challenge, with a question surrounding why order a vessel that will be expensive and not built for several years.

Meanwhile, alternative fuels to meet tightening International Maritime Organisation (IMO) decarbonisation goals, with Liquefied Natural Gas (LNG) offering a solution that is here with a fast-developing infrastructure of bunker supplies.

There's also interest in the use of methanol, ammonia and biofuels, and concerns and questions around these fuels.

That's why 2022 and 2023 promise to be interesting with fuel options chosen by owners for their newbuildings.