Growing environmental concerns and tough regulations are pushing the demand for LNG as a bunker fuel. Liquefied natural gas (LNG) is an environment-friendly and cost-effective fuel as compared to other fossil fuels such as oil and coal. It has less carbon content, which is likely to reduce the harmful sulfur oxide emissions from ships. Thus, it appears to be an effective alternative fuel for shipping transport in the future.
In-Depth research report on LNG as a Bunker Fuel Market :
Supply Agreements to promote LNG as a Bunker Fuel
Based on end-users, LNG as a bunker fuel can be segmented as in tankers, containerships, ferries, general cargo vessels, and other types of vessels. LNG as a gas has a large volume and requires more storage space than any other traditional fuel. So far, big size tanks are built in cargo ships to store gas as fuel. Demand for such tanks in other types of vessels is likely to increase in coming years. To cater to the demand, most manufacturing companies are working towards building better storage systems.
For instance, Shell Trading (US) has recently signed an agreement with Q-LNG Transport for an LNG bunker barge. This bunker barge can carry 4000 cubic meters of LNG fuel. It will support growing demand for LNG as a bunker fuel to marine customers. The bunker barge will be built and owned by Q-LNG Transport. The trading company has already signed deals with Carnival Cruises, Siem, and Sovcomflot to provide fuel for their vessels or ships.
Strict regulations to reduce sulfur oxide emissions from ships is likely to drive the global LNG as a bunker fuel market at a phenomenal CAGR during the forecast period (2017-2022), finds Grand View Research Inc.Influential properties possessed by LNG such as eco-friendly, reliability, and safety can contribute well to increase its demand in the market. Growing adoption of LNG as a bunker fuel by major container liner companies is likely to propel the market in coming years.
Some of the prominent players operating in the market include Harvey Gulf International Marine LLC.; GDF SUEZ S.A; Skangass AS; Korea Gas Corporation; and Gasnor AS.
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