LNG a leading fuel in fight against emissions

The 2019-2025 study into the LNG bunkering market said that government regulations on emissions combined with an industry move towards clean energy will drive the global LNG bunkering market growth.

The “LNG Bunkering Market size for 2016 was valued over USD 800 Million and the capacity is set to exceed 18,500 kilotons by 2024,” said the industry analysis report by Trusted Business Insights.

Technology creating demand

Technological advancement in vessel designs to reduce maintenance, enhance fuel efficiency and improve performance, reliability and safety will contribute to further demand, stated the report.

The ship-to-ship LNG bunkering market is predicted to experience growth of over 60% by 2024 due to its high capacity and quick transfer operations.

Availability of pipeline on ports along with better equipment to increase the bunkering rate will positively impact port-to-ship market size, while low cost and quick transfer operation will encourage the adoption of truck to ship operations.

LNG conference

The number of LNG-fuelled ships is modest, but the growth rate is extraordinary, said Gianpaolo Benedetti, senior technical advisor for the Society for Gas as Marine Fuel.

He was speaking at the ‘LNG for 2020: Fuelling Tomorrow’s Shipping’ conference held at State University of New York Maritime College in the US.

Currently, about 177 deep draft commercial vessels use LNG as a fuel, with more than 200 on order, Benedetti, said. 60,000 big commercial ship fleet worldwide use LNG as a fuel. Demand is partly due to LNG bunker fuel becoming more readily available