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SEA\LNG calls for collaborative approach to promoting LNG as a marine fuel

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LNG Industry,

SEA\LNG has released a statement claiming that a collaborative approach to understanding the opportunities and then tackling the associated commercial barriers to LNG is crucial to encourage its usage an alternative to traditional bunker fuels.

SEA\LNG is a multi-sector industry coalition, which aims to accelerate the widespread adoption of LNG as a marine fuel.

The coalition has called for a candid appraisal of barriers to the use of LNG as a marine fuel. This comes ahead of the stricter emission regulations that will come into effect in 2020, which will see the global sulfur cap set to 0.5%. Shipowners, fuel suppliers, and other associated supply chain stakeholders will need to make major investments in order to comply with these regulations. SEA\LNG claims that, by addressing the core issue – the fuel itself – LNG provides a viable long-term solution. However, the coalition also claims that barriers need to be better understood and overcome if LNG is to reach its full potential.

In the statement, the coalition lists a number of barriers, including the following: LNG infrastructure and market maturity; the lack of understanding of the benefits of LNG among end users, investors, governments and civil society; CAPEX premiums for vessels and bunkering infrastructure; and fragmented and evolving regulations.

The coalition claims that communication, demonstration and collaboration are necessary to overcome these barriers and establish and effective global LNG value chain by 2020.

Peter Keller, SEA\LNG Chairman and Executive Vice President, Tote said: “We all need to do more to help break down the commercial barriers to LNG, particularly in the deep-sea shipping segment. From LNG suppliers, bunkering companies, shipping lines, and shipyards, to OEMs (original equipment manufacturers), classification societies, and port authorities, organisations from across the marine value chain must work together to collectively drive the change needed for the Industry to meet the environmental thresholds.

“The reality in the world today is that environmental stewardship is now an essential element of the maritime industry. How we collectively deal with this reality will set the stage for the industry for decades to come.

“A collaborative approach is the only way to overcome current challenges. Creating the infrastructure to enable quick, safe, and cost-effective LNG bunkering in key global ports; making LNG-fuelled vessels cost efficient; and, establishing consistency of international and national regulations are all essential if LNG is going to fulfil its potential as a solution for the shipping industry.”

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