World News
Hapag-Lloyd Signs Multi-Year LNG Bunker Contract With Shell
Container line Hapag-Lloyd has signed a multi-year contract to buy LNG as a bunker fuel from global energy producer Shell.
The deal covers the fuel needs of the container line's 12 new 23,500+ TEU boxships at Rotterdam from the second half of this year onwards, Hapag-Lloyd said in a statement on its website on Monday.
The ships will operate between Europe and the Asia-Pacific region.
"In addition to the LNG supply agreement, Shell and Hapag-Lloyd have entered into a strategic collaboration agreement intended to accelerate the further decarbonisation of alternative marine fuels," the shipping company said.
"Initial focus will be given to developing the potential of additional low carbon fuels solutions including liquefied biomethane and the hydrogen-based fuel liquefied e-methane."
LNG has emerged as the dominant alternative bunker fuel over the past five years, with a total of 222 LNG-fuelled ships ordered in 2022. But the use of LNG as a bunker fuel on dual-fuelled ships dipped significantly last year in response to surging gas prices in the wake of the war in Ukraine.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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