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CRYO Shipping performs the largest LNG bunkering in Asia

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LNG Industry,

The Norwegian company, CRYO Shipping, a global supplier of sustainable and environmentally friendly energy to both transport and industry, has commenced 2021 with a historically important milestone. On 24 January, the company bunkered LNG to the shuttle tanker, Altera Wave, in Malaysian waters in the Singapore Strait.

The LNG bunkering of the 103 500 DWT ship will thus be the largest LNG powered merchant ship to be supplied with LNG from a bunker vessel in Asia. The Norwegian registered shuttle tanker, Altera Wave, is part of a series of highly innovative new-buildings developed by the forward-looking shipping company, Altera Infrastructure, and according to the company are Altera Wave and her sister ships the world's most environmentally friendly shuttle tankers ever built – and uses LNG as primary propulsion fuel.

The bunker operation was carried out a ship-to-ship delivery where Altera Wave was supplied with LNG from CRYO Shipping's hired bunker vessel. CRYO Shipping is an important contributor and marker in the establishment of the Singapore Strait as an LNG bunker hub for shipping, and the company is a catalyst in promoting international shipping companies to change energy source from oil to natural gas (LNG). Lack of global access to LNG infrastructure has long been the argument for deep sea shipping to not chose to focus on the green transformation by using LNG as a fuel. The growth of LNG-powered vessels in recent years has primarily been seen in northern Europe, where there is a positive trend in developing LNG infrastructure to make environmentally friendly energy available to the maritime industry. There is now a change of pace where a few world-leading shipping companies take responsibility and leadership by investing in LNG-powered ships – and this will be the commencement of the fuel disruption in international shipping.

CRYO Shipping is an independent downstream company suppling both LNG and biogas directly to end users in shipping and heavy industry. The LNG bunkering operation of Altera Wave was carried out in good partnership with Petronas – the Malaysian state-owned oil and gas company. The good collaboration with Petronas gives CRYO Shipping a unique opportunity to offer an optimal LNG bunker service in South East Asia for its customers, and anchors CRYO Shipping's position as a global player in the international LNG bunker market.

CRYO Shipping is well established in the European bunker market, and supplies LNG and biogas by tank container and truck in most European ports. Among others, CRYO Shipping is the largest LNG supplier in both Copenhagen-Malmö and Klaipeda, where the company was the first player to start regular LNG bunkering. However, CRYO Shipping is still in a position challenging the larger, traditional and established multi-international companies, but the company’s philosophy and execution power has resulted in important market share and confidence from customers.

“Our background from shipping has been crucial in gaining market share,” explains Managing Director, Nicholai H. Olsen. “Our business philosophy is based on our experience and understanding of how dynamic and operationally demanding this industry is.

“Our customers have demand for a high degree of flexibility and customised supply solutions which are both competitive and reliable”, Olsen continued.

It is important for CRYO Shipping to offer LNG supply from bunker vessels combined with delivery from trucks, containers and terminals, and the timing to commence ship-to-ship LNG bunkering is optimal in terms of the increasing growth of LNG-powered ships that are expected to be in operation during this decade. CRYO Shipping will be chartering external bunker vessel capacity until the company takes delivery of its own LNG bunkers and feeder vessels in 2023, which will supply the market with competitive and sustainable energy.

CRYO Shipping have an investment programme of US$100 million in ‘green’ infrastructure including both investment in LNG bunker vessels and small-scale LNG terminals.

“The market outlook for the next 10 years is strong and exponential growth, and CRYO Shipping's investments are strategically important to ensure a good market position at the commencement to the disruptive energy market”, says Nicholai enthusiastically.

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