World News
LNG Bunkers are Rapidly Gaining Acceptance
Liquefied natural gas (LNG) is rapidly becoming accepted as a shipping fuel, Hamad Rashid al-Mohannadi, CEO of RasGas Co. Ltd. (RasGas), told an audience at the Gastech conference in Seoul, Qatari newspaper Gulf Times reports.
Al-Mohannadi noted that LNG-powered ships are entering the market in Australia, South Korea, and the European Union (EU) thanks partly to government support.
"Qatar recently launched a project to convert a Q-Max vessel to use LNG as an alternative to heavy fuel oil," he said.
"This allows us to further reduce emissions and provide greater flexibility of marine fuel supply."
Al-Mohannadi spoke about rising demand for natural gas in various Asian industries as part of a panel on "Developing the Next Wave of Gas Supply to Asia-Pacific Markets" and called for Asian customers to focus on natural gas projects with strong resources and experienced developers and operators.
"Qatar's stable political and economic environment provides context for the continued reliable supply of LNG from existing LNG production facilities with a compelling and proven track record that is undisputedly world class," he said.
"I believe the country is ideally positioned to lead the global shift toward the increased use of gas and to meet the expanding requirements for LNG in Asia."
RasGas said in January that it was considering converting 13 energy carriers to LNG bunkers in anticipation of new emissions rules.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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