World News
Europe Funds Spanish LNG Bunker Projects
Monday August 3, 2020
The European Commission (EC) has allocated €27 million in funding for two LNG bunker projects in Spain.
Part of the LNGhive2 initiative to develop the LNG marine fuel market in southern Europe, the funds come via the Connecting Europe Facility (CEF) and will be used to develop LNG bunkering assets in Barcelona and Algeciras.
Interest in developing LNG as a future marine fuel has grown in recent years as the industry looks to alternatives to traditional oil to help meet its emissions reduction goals.
Data from Society for Gas as a Marine Fuel indicates that globally there are now 185 LNG fuelled ships in operation and a further 212 on order.
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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