SEA\LNG expects to see increased investments in the value chain related to LNG as marine fuel following MEPC 70.
SEA\LNG says it expects to see increased investments in the value chain related to liquefied natural gas (LNG) as marine fuel following last week's decision at the International Maritime Organization's (IMO's) 70th Session of the Marine Environment Protection Committee (MEPC 70) for a 0.5 percent global sulfur cap on marine fuel to be implemented from 2020, rather than the proposed delayed date of 2025.
"In light of MEPC 70's approval of the global sulphur cap in 2020, there is now new impetus to resolve the structural and commercial obstacles hindering the widespread adoption of LNG as marine fuel," said Peter Keller, Chairman of SEA/LNG.
"We anticipate increased and significant investments across the shipping value chain as a result of this decision and the certainty it provides. LNG is an economic, clean and safe marine fuel with increasing global availability, offering ship owners a real opportunity to improve the environmental performance of the industry."
Last month, in the lead up to MEPC 70, SEA\LNG issued a statement to confirm the LNG sector's ability to meet the shipping industry's requirements upon the IMO's implementation of a 0.5 percent global sulfur cap on marine fuels.