LNG Bunkering Market Key Players Polskie LNG, Eagle LNG, ENN Energy, EVOL LNG, Fjord Line, Crowley Maritime, Prima LNG
As per a recent news snippet, the Caribbean is one of the most lucrative regions for LNG bunkering market, as the shipping sector seeks compliance with the latest global emission limit for marine fuels that is slated to be effective in the year 2020. According to the CEO of Ventrin Petroleum Company Ltd., the renowned Trinidad and Tobago-based oil & gas firm, Trinidad will be a major producer of LNG in the next few years. In addition, the usage of LNG in the Caribbean is likely to reduce the cost of utility generation by 15% to 31%, which will lead to more investments in LNG infrastructure, thereby propelling the regional LNG bunkering market.
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Shale gas exploration activities are currently on a rise across the globe, especially in the United States. In 2016, shale gas production in the U.S. reached to 15,213 bcf from a volume of 13,447 bcf in 2015. Rising demand for eco-friendly and cost-efficient marine fuels will lead to an increase in the product demand thereby complementing the expansion of LNG bunkering market. Pertaining to the current scale of shale gas exploration activities and the regulations deployed by the U.S. Coast Guard related to ship building with gas-fueled engines, U.S. LNG bunkering industry size was worth over USD 100 million in 2016.
The U.S. EPA, in 2015, had implemented the TIER III norms under the MARPOL annexure VI to reduce nitrogen and sulfur oxide emissions from ships across the ECAs (Emission Control Areas), which will lead U.S. LNG bunkering market to surpass a volume of 3,000 kilo tons by 2024.
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Truck-to-ship, portable tanks, ship-to-ship, and port-to-ship are the major products of LNG bunkering industry. Ship-to-ship LNG bunkering market is anticipated to observe a CAGR of more than 60% over 2017-2024 pertaining to its quick transfer operation and high capacity of 700 - 7500 tons Furthermore, it provides the feasibility of allowing simultaneous bunkering operation and cargo movement.
The Ministry of Port Authority of Singapore has recently declared an investment of USD 1.45 million for six ships vessels under pilot program. Thus, rising number of investments toward infrastructure development coupled with strict government regulations will positively influence Singapore LNG bunkering market.LNG bunker products are extensively used in offshore support vessels. In 2016, OSVs held more than 25% of LNG bunkering industry share and are slated to grow over the next seven years. Rising number of exploration and production of hydrocarbons and strict norms pertaining to carbon emissions will contribute toward the growth of LNG bunkering market.
Shell Corporation, in 2012, had announced an investment of USD 12.6 billion in an FLNG project in Australia, which is anticipated to begin in 2018. Rising investments in FLNG projects, thus, will positively impact LNG bunkering industry over 2017-2024.
Partial Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definition & forecast parameters
1.2. Data sources
Chapter 2. Executive Summary
2.1. LNG bunkering industry 3600 synopsis, 2014 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. End-use trends
2.1.4. Regional trends
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