World News
South Korea's Kogas Sets up LNG Bunkering JV
Tuesday July 14, 2020
South Korea's state-run energy outfit Kogas has linked up with other South Korean firms to form an liquified natural gas (LNG) bunkering venture.
Kogas' plans have 1.36 million metric tonnes (mt) of gas bunkers sold to ships by 2030 in an effort to reduce harmful emissions from ships.
According to local media Aju Daily, the five jv partners comprise the Busan Port Authority, Posco International, S-Oil, Daewoo Logistics and Hyundai Glovis.
LNG is seen by many as a viable substitute marine fuel to oil-derived bunkers.
The two main constraints on its development are lack of refuelling infrastructure and the energy form's own carbon footprint through 'methane slip'.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 559.50 | 6.00 | 655.00 | 6.50 |
| Rotterdam | 512.00 | 2.00 | 663.00 | 2.00 |
| Houston | 543.50 | 4.50 | 661.00 | 5.50 |
| Fujairah | 557.50 | 2.00 | 746.00 | 0.00 |
| Global 20 Ports Average | 582.50 | 0.00 | 753.00 | 0.00 |
| Global 4 Ports Average | 543.00 | 1.50 | 681.50 | 2.00 |
| Global Average Bunker Price | 630.50 | 0.50 | 793.00 | 10.50 |
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