Ferry Company Balearia Cut 2022 LNG Bunker Purchases by 95%

by Ship & Bunker News Team
Monday February 27, 2023

Spanish ferry company Balearia significantly curtailed its LNG bunker purchases last year in response to surging natural gas prices.

The company consumed 36,937 MWh of LNG bunker last year, it said in its latest sustainability report, down by 94.7% from the 698,532 MWh used in 2021.

The firm's use of marine diesel oil jumped by 29.4% to 103,266 m3, while its use of fuel oil surged by 88.4% to 136,733 mt.

"Due to the rising cost of natural gas, [Balearia] limited its use to port manoeuvres and stays," the company said in the report.

Shipping companies around the world with dual-fuelled tonnage capable of running on LNG largely shifted back to using conventional bunkers where possible last year after the war in Ukraine triggered a record surge in gas prices. LNG bunker sales at Rotterdam dropped by 45.7% on the year, while sales in Singapore slumped by 68%.

LNG bunkers in fuel oil terms delivered at Rotterdam peaked at $3,660/mt on August 30 of last year, according to Ship & Bunker data, up by 233.6% from the pre-war level seen on February 23.

Partly as a result of its shift away from LNG, Balearia's emissions climbed by 25.3% to 717,239 mt of CO2 equivalent in 2022, while the number of miles sailed by its vessels rose by 14% on the year. But the firm's energy efficiency improved, with consumption per mile down by 4% on the year at 1.71 MWh/nm.

Ship & Bunker News Team
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