80% believe there is a business case for LNG bunkers

Information portal Oil & Gas IQ said in a press release today that its special industry report, LNG Bunkering: Worldwide Trends 2013 and Beyond, has found that 80 percent of those it surveyed believe there is a business case for using Liquifed Natural Gas (LNG) as a marine fuel.

The report also found that most see the lack of LNG infrastructure as one of the most prominent barriers to its adoption.

Oil & Gas IQ said the conclusions of the report were based on a survey of ports, shipping operators, and LNG providers.

Additional findings include that economic feasibility is seen as the second greatest challenge facing LNG bunkering, 42% of new build dry bulk carriers are expected to be LNG-fuelled in 2015, and Singapore, North West Europe, and the Persian Gulf currently have the highest bunkering demand.

Oil & Gas IQ said the report was prepared in collaboration with the upcoming LNG Bunkering Summit taking place January 28-30th, 2013 in Rotterdam.

At October's Eco-Dollars Business Breakfast in Singapore, Iain Wilson, regional marine manager for Lloyd's Register Asia, said he thought that as 70% of bunkering is done in just 10 ports worldwide that the infrastructure for LNG bunkering could be done "relatively simply."