Bunkering fuel is the fuel oil used by shipping companies for ship operations. The bunkering fuels that have been commonly used comprise heavy fuel grades such as IFO 380 and IFO 180. However, this trend is changing. With increasing sulfur emission legislations implemented by the International Maritime Organization (IMO), an increasing number of vessel owners are considering using liquefied natural gas (LNG) as a bunker fuel. Ship operators, especially in Europe and North America, are switching from heavy fuel oil to LNG fuel. Offshore support vessels, ferries, and passenger vessels are increasingly preferring the use of LNG as a bunker fuel on account of strict sulfur emission standards enforced in ECAs.
The research provides an in-depth analysis of players in the LNG bunker industry engaged at various levels in the value chain. It covers end user and geographical segments of the LNG marine fuel market. It also provides a detailed analysis, historical data, and a forecast for the featured segments. This study is designed to estimate, analyze, and forecast the LNG bunkering market. The market has been estimated on the basis of both revenue and volume. Increasing seaborne trade is the major factor supporting the growth of the LNG bunker fuel industry. Shipping companies are switching to cleaner fuel grades at numerous regions, leading to a change in bunker fuel consumption patterns. As a result, the preference toward LNG bunker.
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LNG Bunkering Market: Trends and Opportunities
In regions such as Europe and North America, use of LNG is more economical than marine gas and thus, the demand for LNG is significantly rising. Several new LNG terminals and plants are being constructed, resulting in a positive outlook for the LNG bunkering market. Some specific areas such as the North Sea and the Gulf of Mexico have an established offshore oil and gas industry. Thus, the bunkering demand of offshore vessels operating in these areas is significantly high.
The global LNG bunkering market faces a few challenges such as the large bunker storage requirements in LNG fueled vessels resulting in a loss of cargo space. Fuel supplying companies have to spend a significant amount of capital on training crew members as LNG bunkering is still in the initial stages of development. In addition to this, LNG ships are only economical if ships spent maximum amount of time in ECAs. However, with increasing concerns regarding sulfur emissions and a possible declaration of new ECAs, the demand for LNG bunkering will increase in the future.
LNG Bunkering Market: Region-wise Outlook
The global LNG bunkering market has been broadly segmented on the basis of geography into four regions: North America, Europe, Asia Pacific, and Rest of the World (RoW). RoW encompasses South and Central America, the Middle East, and Africa. Currently, LNG bunkering infrastructure is available at only selected ports across the world. Countries in North Europe are the pioneers of LNG bunkering operations.
Key Players Mentioned in the Report
The report discusses key players in the market and the strategies adopted by them. The business and financial overview of players and their recent developments are also given. Korea Gas Corporation, Bomin Linde LNG GmbH & Co. KG, Skangass AS, Gasnor AS, Harvey Gulf International Marine LLC, and GDF SUEZ S.A., are vendors in the market that have been included in the report.
