Strict
implementation of emission norms is a key factor that drives the
global market for LNG bunkering. Most vessel operators and shipping
companies have begun exploring alternatives that would enable them to
follow the emission norms that are being implemented these days. It
is anticipated that 2015 onwards, the limit set on the sulfur content
in fuels being used in emission control areas (ECAs) will be brought
down.
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However,
more stringent regulations on sulfur emissions will be implemented by
2020. Several vessel owners all over the world are switching to LNG
as a bunker fuel mainly because of the rules on reducing sulfur
emissions that are being implemented by the IMO (International
Maritime Organization) Annexure VI.
At
present, only 45 vessels all over the world are making use of LNG as
a bunker fuel and most of these bunkers are mainly operational in the
inland waterways of Northern Europe. In terms of consumption, the
global LNG bunkering market in 2013 stood at 70 kilo tons and is
anticipated to expand at a 63.6% CAGR between 2014 and 2025, thereby
reaching a total volume of 22,540 kilo tons by the end of the
forecast period.
Insufficient
Infrastructure to Hamper Market Growth
The
global LNG bunkering market is segmented on the basis of end use and
geography. On the basis of end use, this market is segmented into
ferries and OSV (offshore support vessels), bulk and general cargo
fleet, container fleet, and tanker fleet. The segment of ferries and
OSV holds the highest share by consumption in the global LNG
bunkering market. The design of the LNG bunkering facilities in most
European ports is based on the fuel needs of the offshore support
vessels and ferries.
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It
is expected that tankers and container vessels will soon be adopting
LNG as a bunker fuel. With ferries and passenger ships in Europe
mainly operating in coastal areas and inland waterways, most shipping
companies in this area are gradually taking to LNG as a bunker fuel.
Insufficient LNG fuelling infrastructure in prime bunkering
destinations and steep investment costs continue to hamper the growth
of the global LNG bunkering market.
North
America: Regional Leader in the Global LNG Bunkering Market
Geographically,
the global LNG bunkering market is segmented into Asia Pacific,
Europe, North America, and Rest of the World. North European port
authorities have invested huge sums in order to promote the use of
LNG as a bunker fuel. Norway, too, is engaged in developing LNG
bunkering terminals close to some of its commodity trading centers.
At
present, Europe holds the highest share in the global LNG bunkering
market. The offshore support vessels and inland ferries operating in
this region were some of the very first adopters of LNG as bunkering
fuel. As a measure of compliance to sulfur emission standards, North
America has begun developing various LNG bunkering terminals.
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Most
shipping companies in ECAs make use of LNG as a bunker fuel, since it
is way more affordable than other ECA-compliant fuels that are
available in Europe and North America.
The
key companies in the global LNG bunkering market are Harvey Gulf
International Marine LLC, Korea Gas Corporation, Gasnor AS, Skangass
AS, GDF SUEZ SA, and Royal Dutch Shell plc.
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