Heavy fuel oil (HFO) is projected to be the cheapest marine fuel globally in 2050. The price for HFO should be between seven and 13 U.S. dollars per gigajoule in 2050. Marine gas oil combined with hydrogen (e-MGO) will be the most expensive fuel for ships in 2050 with a price of between 28 and 52.5 U.S. dollars per gigajoule.
Shift towards sustainable shipping
The shipping industry was responsible for about 11 percent of all transportation-related carbon dioxide (CO2) emissions in 2020, emitting about 667 million metric tons of CO2 that year. There has thus been a considerable pressure coming from international organizations, governments, NGOs, and shippers themselves to reduce the environmental impact of maritime shipping. Since most of the pollution is produced by burning fossil fuels such as heavy fuel oil (HFO) and very-low sulfur fuel oil (VLSFO), one of the most efficient ways to reduce emissions would be to switch to cleaner marine fuels such as ammonia and hydrogen.
Projected low and high prices for marine fuels in 2050
(in U.S. dollars per gigajoule)
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Statista. (February 18, 2023). Projected low and high prices for marine fuels in 2050 (in U.S. dollars per gigajoule) [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/1367303/forecasted-low-and-high-prices-for-marine-fuels/
Statista. "Projected low and high prices for marine fuels in 2050 (in U.S. dollars per gigajoule)." Chart. February 18, 2023. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/1367303/forecasted-low-and-high-prices-for-marine-fuels/
Statista. (2023). Projected low and high prices for marine fuels in 2050 (in U.S. dollars per gigajoule). Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/1367303/forecasted-low-and-high-prices-for-marine-fuels/
Statista. "Projected Low and High Prices for Marine Fuels in 2050 (in U.S. Dollars per Gigajoule)." Statista, Statista Inc., 18 Feb 2023, https://www.statista.com/statistics/1367303/forecasted-low-and-high-prices-for-marine-fuels/
Statista, Projected low and high prices for marine fuels in 2050 (in U.S. dollars per gigajoule) Statista, https://www.statista.com/statistics/1367303/forecasted-low-and-high-prices-for-marine-fuels/ (last visited December 23, 2024)
Projected low and high prices for marine fuels in 2050 (in U.S. dollars per gigajoule) [Graph], Statista, February 18, 2023. [Online]. Available: https://www.statista.com/statistics/1367303/forecasted-low-and-high-prices-for-marine-fuels/
