World News
World's Largest Shipping Firm Joins Sea-LNG
Container line MSC, the world's largest shipping firm, has joined LNG bunker industry body Sea-LNG.
The firm intends to use its membership to collaborate on the long-term prospects of bio- and synthetic LNG, Sea-LNG said in a statement on its website on Thursday.
MSC's first five LNG-fuelled newbuild ships commenced operations in 2022.
"As one of the world's leading shipping companies, MSC's decision to work with our coalition of companies across the LNG value chain demonstrates its confidence in the LNG pathway as a viable solution for flexibly advancing shipping along its decarbonisation journey," Peter Keller, chairman of Sea-LNG, said in the statement.
"LNG is available at scale for deep sea shipping today. Existing LNG infrastructure can accommodate bio-LNG and renewable synthetic LNG as they become increasingly accessible, lowering investment barriers.
"Waiting is not an option; the LNG pathway offers immediate decarbonisation benefits and a route to net-zero shipping."
LNG for now remains the dominant alternative bunker fuel, with several hundred ships now using it as fuel. The main challenge facing the LNG bunker industry now is the scaling-up of greener bio- and synthetic LNG production to meet the needs of shipowners seeking to cut the GHG emissions of their gas-powered tonnage.
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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