In-Depth Insights And Revenue Details With Share OF LNG As A Bunker Fuel Market

Global LNG as a bunker fuel market was valued around US$ 550 million in 2017, and is expected to register a CAGR of over 8.5%. The global LNG as a bunker fuel market is segmented on the basis of type, application, and region.

Current low LNG prices in Europe and the US suggest that a price – based on energy content – comparable to heavy fuel oil (HFO) seems possible, even when taking into account the small scale distribution of LNG as a bunker fuel.

Australia, East Africa, Middle East, and Russia have relatively large reserves of LNG. LNG has become an attractive and viable marine fuel as a result of several factors such as supply security and availability, coupled with low gas prices. Moreover, LNG has become an attractive alternative to marine fuel oils regardless of regulatory changes, particularly in North America which is expected to drive the market growth over the forecast period.

Once installed, an LNG-burning system is complex, requiring additional measures to ensure safe operation, maintenance and refueling. Lack of a consistent regulatory framework for safety and security protocols poses an additional problem which in turn limits the market growth over the forecast period.

On the basis of navigation area, the LNG as a bunker fuel market includes inland waterways and ocean & sea. Ocean & sea segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period.

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The latest IMO mandates sulphur emissions to be lowered to 0.5%, which has given rise to several alternatives for ship owners, one being switching to LNG fuel. LNG fueled ships emit zero sulphur oxide emissions along with decline in carbon dioxide gas release by 25%, and these are primary factors promoting use of LNG as a fuel in marine transport.

Revenue growth of the US LNG bunkering market is driven by high volume shale gas and natural gas production in the US. Increasing set-ups of regasification and liquefaction plants and rising exports is driving demand for LNG as a marine fuel in the US.

China’s leading provider of LNG carriers – Mitsui O.S.K. Lines, Ltd. has built 6 LNG carrier vessels for SINOPEC – a Chinese oil & gas company and a joint venture project between SINOPEC and China COSCO Shipping Corporation Ltd.

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