World News
10 More LNG-Fuelled VLCCs On the Way
South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) has won an order to build 10 VLCCs capable of running on natural gas, according to local media.
The shipbuilder has signed a letter of intent with an unnamed European company, and the order is due to be finalised in the first quarter of 2021, according to Korean media.
The order would be the largest in the world to date for gas-powered tonnage in the tanker segment, and a significant milestone for the LNG bunkering industry.
Along with Hapag-Lloyd's expected upcoming order of new gas-powered 23,000 TEU container ships, this would cement LNG's position as one of the default propulsion options for shipowners undergoing large new vessel orders in the decarbonisation era, rather than a niche alternative option.
Last week DSME said UAE oil producer ADNOC was considering LNG bunkers for three new VLCCs being delivered in 2023.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 645.50 | 3.50 | 771.50 | 1.50 |
| Rotterdam | 600.50 | 2.00 | 759.50 | 2.50 |
| Houston | 619.50 | 11.00 | 787.50 | 9.00 |
| Fujairah | 642.50 | 6.00 | 895.00 | 5.00 |
| Global 20 Ports Average | 662.00 | 4.00 | 851.00 | 5.00 |
| Global 4 Ports Average | 627.00 | 5.50 | 803.50 | 3.50 |
| Global Average Bunker Price | 714.50 | 1.00 | 890.50 | 2.50 |
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