World News
High Prices are Delaying LNG Bunkering Projects: Kanfer Shipping
This year's surge in natural gas prices to record highs is prompting some companies to postpone LNG bunkering projects, according to Kanfer Shipping.
The company noted the development in a LinkedIn post on Monday. The firm ordered two 6,000 m3 LNG bunker delivery vessels in May, and has the option for two more.
"The soaring LNG prices are making some players concerned which hamper the development of LNG, but more importantly the environment," the company said in the statement.
"Historically current LNG prices in comparison to other fossil fuels are abnormally high.
"Hence some LNG bunkering and distribution projects are unfortunately being delayed.
"We are, however, not concerned about finding a home for these ships, and we also believe that the LNG prices will eventually fall."
LNG bunkers priced in fuel oil terms stood at $402/mt at Rotterdam on Monday, according to Ship & Bunker pricing, up by 327% since the start of 2021. VLSFO prices at the Dutch bunkering hub gained 53% over the same period.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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