LNG Bunkering Market (By Vessel Segment - Tankers, Container Ships, Bulk & General Cargo Vessels, and Ferries & Offshore Support Vessels) Global Industry Analysis - 2025

With an imminent enforcement of strict sulfur emission regulations globally, shipping companies and vessel operators are already exploring new avenues to comply with environmental emission norms to be imposed in the future. The sulfur limit in fuel in the Emission Control Areas (ECAs) would be reduced from 2015. Additional regulations on global sulfur emission limits are further anticipated to be enforced in 2020. Increasing number of vessel owners are planning to switch to Liquefied Natural Gas (LNG) as a bunker fuel due to rising sulfur emission legislations implemented through the International Maritime Organization (IMO) Annexure VI. LNG bunker fuel is a potential solution to comply with the new sulfur regulations that are to be imposed in North America and Northern Europe in 2015. Currently, there are only 45 vessels globally utilizing LNG as a bunker fuel and a majority of these vessels trade in the inland waterways of Northern Europe. The port authorities in Northern Europe have invested substantial amounts to promote LNG bunker fuel. Norway has invested significantly for the development of LNG bunkering terminals around its major commodity trading centers. Several small-scale LNG production units in Norway facilitate the distribution of LNG fuel to bunkering stations.

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Currently, Europe is the most prominent market for the LNG bunkering industry. The inland ferries and offshore support vessels deployed in Northern Europe are the initial adopters of LNG bunker fuel in the region. Several pre-investment feasibility studies have been conducted at major ports to expand the LNG bunkering network in Europe. North America is also constructing LNG bunkering terminals to comply with the sulfur emission standards, which are to be imposed in 2015. The availability of natural gas at economical prices compared to heavy fuel oil is a major factor attracting gas shipping companies to invest in LNG fueled vessels. The shale gas boom in North America is a crucial aspect that would encourage gas distribution companies to invest in LNG bunker services. In Asia Pacific, South Korea and China have started taking initiatives to promote the use of LNG in marine vessels.

Currently, ferries and offshore support vessels account for a major share of the overall LNG bunker consumption. The existing LNG bunkering facilities at European ports have been specifically designed to cater to the fuel needs of ferries and offshore support vessels. Passenger ships and ferries of Europe majorly operate in inland waterways and coastal areas and thus shipping companies in this vessel category have started adopting LNG marine fuel to comply with the sulfur regulations. The ferries and offshore support vessels would continue to remain the dominant consumers of LNG bunker till 2020. In Asia Pacific, the deepsea ships, especially tankers and container ships, are anticipated to adopt LNG primarily after the enforcement of strict sulfur regulations. In North America, tankers and container ships are also likely to be the major consumers of LNG bunker fuel at the end of the forecast period. In the Rest of the World (RoW) region, tanker vessels would be the dominant end-user category for LNG bunker fuel in the future years.

Companies such as Bomin Linde LNG GmbH & Co. KG and Gasnor AS offer LNG bunkering services at selected ports of the world. However, adoption of LNG as a bunker fuel is still restricted to passenger ships and offshore support vessels. It is noticed that the mainstream shipping industry is not yet ready to adopt LNG as a bunker fuel. A strong policy based support framework and enforcement of strict emission compliance regulations will play an instrumental role in the development of the LNG bunkering industry. Another major impediment to adoption of LNG marine fuel is the highly underdeveloped infrastructure for LNG bunkering in major ports across the world. Once rapid development of LNG refueling infrastructure in the world’s major ports are observed, a rapid adoption of this fuel by the mainstream marine sector will also be observed

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