31 Dec Adoption of LNG as Marine Fuel Significantly Accelerated in 2017
Titan LNG says that the stage has been set for a push in the adoption of LNG as a marine fuel beyond the tipping point.
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.
In 2017 around 11% of all new build contracts were LNG powered ships, a trend that we expect to continue during 2018.
Titan LNG is very pleased with these developments and we are proud to be at the forefront of this market. LNG Truck-to-Ship bunkering, and from next year on with our LNG bunkering pontoon, the FlexFueler 001 makes LNG readily available, therewith paving the way for more orders of LNG powered vessel.
Ship owners are facing a choice with 2020 approaching: run on MGO, HFO with scrubbers, or go for LNG. Titan LNG believes that scrubbers can only be a temporary solution and that LNG fuelled 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,” said a statement from the company.