Americas News
GE: The Age of Gas is Here
As major energy companies are moving further into the U.S. liquefied natural gas (LNG) bunkers market, some in the shipping industry say the fuel is bound to gain market share quickly, Bloomberg reports.
Anthony Chiarello, president and CEO of TOTE Inc., which has ordered two LNG-fuelled containerships for delivery in 2015 and 2016, said he gets six or more calls a week from other ship owners asking about the fuel.
"Within the next five to 10 years, LNG will become the main fuel source for all marine transportation," he said.
"It's going to catch on.
"When those ships are actually plying the seas and people are then able to calculate the emissions impact and the possible cost savings, they can do all that math and say, 'This is really a good decision.'"
With natural gas output in the U.S. hitting 2.198 trillion cubic feet in August, the most since 1973, Royal Dutch Shell Plc., General Electric Co. (GE), and the T. Boone Pickens company Clean Energy Fuels Corp, are waxing optimistic about their collaboration in building small-scale energy plants to provide fuel to industries including shipping.
"We truly believe the age of gas is here," said Mike Hosford, GE's general manager for unconventional resources.
"The industry needs bigger players to step in and start helping to build out the infrastructure."
The group formed by the three companies, Eagle LNG Partners, plans to build its first plant in Florida by 2016.
