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Lloyd's Register Releases Standards for Vessel LNG Readiness
Lloyd's Register (LR) has released a set of standards for liquefied natural gas (LNG) capable ships describing different levels of readiness to use gas as a marine fuel.
The six classifications were developed in response to the demand in the industry for clarity over gas readiness, said LR, especially as many deep sea players aren't ready to commit completely to using solely LNG in new ships, but want the option in the future to switch if necessary.
"We identified a blocker to progress in this area and listening to, and working with, shipyards and owners we have developed this notation, with clearly identifiable levels, to enable technical and contractual decisions as to what different levels of gas readiness mean," said Global Strategic Marketing Manager Luis Benito.
The standards, which will denote having received approval in principles, gas storage tanks and others, will be a part of LR's overall rules for gas-fueled ships.
"This means that shipyards can be clear about what they are offering and buyers know what they are getting – and at what price," he said.
"This is a vital tool for agreement at a contract stage for levels of readiness that also allows contracts to be flexible if the owner wants to make changes at agreed opportunities even during construction."
An LR survey released earlier this year also found that 24 percent of bunkers will be LNG by 2025.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 548.00 | 0.50 | 677.50 | 2.00 |
| Rotterdam | 513.00 | 0.50 | 649.00 | 3.00 |
| Houston | 544.50 | 2.50 | 675.00 | 4.00 |
| Fujairah | 541.50 | 2.50 | 744.00 | 3.50 |
| Global 20 Ports Average | 572.00 | 2.50 | 758.00 | 2.50 |
| Global 4 Ports Average | 536.50 | 1.50 | 686.50 | 3.00 |
| Global Average Bunker Price | 624.00 | 2.50 | 801.00 | 3.50 |
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