World News
Cyprus Latest to Declare LNG Bunkers the "Fuel of the Future"
Cryprus' Minister of Transport Marios Demetriades Friday was the latest to declare liquefied natural gas (LNG) marine's "fuel of the future".
The comments came at the "LNG Fuelling the Future of the Eastern Mediterranean" conference in Limassol, Cyprus.
"Up to recently, reference to LNG for shipping was only viewed as cargo on ships intended for shore use. Now we can confidently speak about LNG as the fuel of the future for ships as well," said Demetriades.
"LNG is a potential solution for meeting the environmental requirement as its cleaner burning meets all current and future emission standards."
While the widespread adoption of LNG bunkers still face challenges, including lack of investment, infrastructure, and regulation, Demetriades says that, as evidenced by the Poseidon Med II project, the European Union (EU) is actively working toward the promotion and adoption of LNG as the main fuel for the shipping industry.
As Ship & Bunker has previously reported, the €53.3 million ($59.4 million) Poseidon Med II is the next phase of the EU led LNG bunkering infrastructure development project.
Demetriades says feasibility studies on LNG as an alternative shipping fuel are valuable and encourage top marine, energy, and financial industry experts to come together for the development of an integrated LNG value chain and well-functioning and sustainable LNG market.
In July, Ship & Bunker reported that a 14-member cross-industry coalition, known SEA\LNG, had been formed with the intention of accelerating the adoption of LNG as marine fuel.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 648.00 | 2.00 | 808.00 | 10.00 |
| Rotterdam | 613.50 | 4.50 | 792.00 | 21.50 |
| Houston | 646.00 | 3.00 | 851.00 | 13.50 |
| Fujairah | 647.50 | 1.50 | 900.00 | 0.50 |
| Global 20 Ports Average | 672.50 | 0.50 | 896.50 | 0.50 |
| Global 4 Ports Average | 638.50 | 2.00 | 838.00 | 4.00 |
| Global Average Bunker Price | 727.00 | 2.00 | 943.00 | 2.00 |
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