World News
LNG Marine Fuel Institute Moves on From LNG
Industry body the LNG Marine Fuel Institute has changed its name to reflect its interest in a wider range of alternative fuels beyond LNG, the organisation said Monday.
The organisation from now on will be known as the Clean Marine Fuel Institute, it said in an emailed statement.
The institute now recommends a 'two-pronged approach' to decarbonising shipping, growing LNG bunker demand and supply capacity at the same time as developing zero-emission fuels.
"It's not a case of doing one or the other – we need both," Margot Matthews, CEO of the institute, said in the statement.
"To reach the goals of the IMO we need to be working together on zero emission fuels as the ultimate objective and using cleaner fuels such as LNG during the transition period."
The status of LNG as an alternative bunker fuel that can help meet the IMO's decarbonisation targets remains disputed, with supporters and opponents unable to agree on its effect on global warming.
In the longer term the use of synthetic LNG produced using renewable power could make it a potential zero-carbon fuel -- an attractive proposition for those currently using gas-powered tonnage -- but it is unclear whether the shipping industry will have moved on to other options like ammonia by the time synthetic natural gas becomes widely available.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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