Asia/Pacific News
Huge Growth for LNG Bunkering, Says Vitol CEO
Liquified natural gas (LNG) will become the go-to fuel in the global bunker market over the next ten years, the chief executive of trading firm Vitol has said.
Russell Hardy voiced his assessment at Gastech 2023 which is taking place in Singapore this week.
"There's going to be a huge growth in LNG bunkering over the next few years, there's going to be a huge use in the use of LNG as a road transport," Hardy was quoted as saying by Reuters.
This is expected to bring different types of buyers into the market, he added.
Global bunker demand currently stands at around 225 million metric tonnes. While monthly bunker demand in Singapore hit a five-year high in May, LNG bunker sales in the southeast Asian shipping and bunkering hub remain niche and are yet to be included in Singapore's monthly sales figures.
