The past year the stage has been set for a push in the adoption of LNG as a marine fuel beyond the tipping point, as in 2017 around 11% of all new build contracts were LNG-fueled ships, said The Netherlands-based Titan LNG.
The order book for LNG-powered ships grew substantially, the LNG bunkering infrastructure is maturing and the pricing of LNG has become structurally competitive versus MGO. The company expects this trend to continue during 2018.
As the stringent environmental regulations are approaching in 2020, shipowners must make their choice: run on MGO, HFO with scrubbers, or go for LNG.
“Titan LNG believes that scrubbers can only be a temporary solution and that LNG fueled ships, combined with power-to-gas or biogas offer a credible and cost competitive path to decarbonisation and improved air quality. We are confident that overcoming the barriers to scaling up LNG as a transportation fuel is worth it and we stand by our mission to help eradicate oil burn.”
