EMEA News
Supplier: In 2025 15% of the Bunker Market Will be LNG
Anatoly Belov, Manging Director General of AS Bominflot Estonia, predicts that liquefied natural gas (LNG) bunkers will form 15 percent of the global market by 2025, according to a report by Russian market specialists IAA PortNews from the VII All Russian Forum "Current State and Prospects for Development of Russian Bunker Services Market" held in Saint Petersburg last week.
Belov said it would be 2018 before the global LNG market will enjoy sufficient liquidity, with development currently being held back by a lack of infrastructure and demand.
Another factor affecting the speed of uptake for LNG as a marine fuel was that it only made financial sense for newbuild vessels, and the conversion of existing vessels to use LNG bunkers was not profitable.
At the same event, Sergey Buyanov, Director General of Central Marine Research and Design Institute (CNIIMF CJSC), predicted that by 2020 there would be 1,800 LNG powered vessels in operation.
