The global LNG as a bunker fuel market is anticipated to grow at a significant CAGR during the forecast period (2017 to 2022). High demand for environment efficient and inexpensive fuel for marines is likely to expand the scope for new developments. Liquefied Natural Gas (LNG) is an environment-friendly and cost-effective fuel. Thus, it can be a potential fuel for marines in comparison to expensive traditional fuel oils.
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LNG contains lower carbon content as compared to conventional ship fuels. Use of LNG as a fuel is likely to reduce carbon dioxide emissions by 20% to 25 %. It is also less costly than Marine Gas Oil (MGO). Considering these benefits, most container liner companies are working towards LNG fueled ships to reduce harmful ship emissions. Growing number of LNG powered ships is likely to increase the demand for bunker fuel. To cater to the demand, most involved companies are planning their business strategies wisely.
For instance, a multinational oil and gas company Shell, has signed an agreement with Carnival Corporation. According to the agreement, the former will provide LNG as a bunker fuel to the latter’s LNG fueled cruise ships. These ships are said to be the first of their kind in North America. The fuel supplier will facilitate these ships with fuel from its LNG bunker barge in the U.S. The fuel supplier is likely to implement the same strategy in Europe via chartered LNG bunkering vessel.
One of the major disadvantages of using LNG as a bunker fuel is space. Being a gas, LNG weighs more and requires more volume for its storage. That means, longer the journey for ships, larger will be the storage tank to provide sufficient fuel. So far, cargo space inside the ships is being used to build fuel tanks containing gas. Reduced cargo space is likely to impact ship operators in terms of revenue. To solve this problem, engineers and architects are working together to design advanced fuel tanks for LNG storage in ships. However, construction of such tanks inside the ships will require extra piping, insulation, and steel work, which may further increase the cost. This can influence the global market growth over the forecast period.
The LNG as a bunker fuel market can be segmented on the basis of product type, application, and region. Based on product type, the market can be bifurcated into inland waterway and oceans & lakes. Due to the effective properties possessed by LNG, it has managed to attract multiple end-users such as containerships, tankers, ferries, general cargo vessels, and other types of vessels.
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Geographically, the LNG as a bunker fuel market can be divided into Asia Pacific, Europe, and America. In the global arena, North America is extensively using LNG as a bunker fuel owing to a continuous drop in the prices of natural gas in the region. In addition, several countries from Asia Pacific like China and South Korea are also adopting LNG to fuel their marines. Increasing adoption of natural gas as a fuel is likely to propel the market in coming years. Moreover, a large number of LNG bunkering stations in Europe are expected to contribute well to the market during the forecast period.
Some of the prominent players operating in the LNG as a Bunker Fuel Market include Skangass AS, Korea Gas Corporation, Harvey Gulf International Marine LLC., GDF SUEZ S.A, and Gasnor AS.
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