• 2022 August 8 14:41

    LNG bunker prices near record high - Splash

    Oil prices dropped 10% last week, according to Splash. In the bunker markets, this has been reflected by an ever greater margin in pricing between traditional fuels and LNG with the latter now on course to hit record highs soon, with many of today’s LNG dual-fuelled ships deciding not to take on gas.

    For LNG bunkers in Rotterdam priced by Ship & Bunker on an energy equivalency of one metric ton of IFO380 bunkers, meaning HSFO, prices are currently hovering at $2,621 per ton, threatening to eclipse former records of $2,673 per ton set this March.

    LNG bunker sales in Rotterdam plunged 43% lower in Q2 to just 63,000 cu m. Sales of the gas fuel had been on a steady rise for years through to the start of this year when the pricing gap with conventional fuels made them uneconomic.

    Despite the drop recorded in Rotterdam, Europe’s top bunkering hub, LNG bunker sales globally have been ticking up in recent months, according to online platform BunkerEx.

    “What has surprised us is the number of suppliers seems to be increasing too, which is a key component to make LNG truly competitive with other fuels,” Ishaan Hemnani, BunkerEx’s CEO, told Splash today.

    “We are seeing a little more demand, but that’s probably just the market building out or people expecting the spread to get even worse come winter,” Hemnani added.

    Latest data from shipping classification society DNV suggests that the global LNG-fuelled fleet has expanded by nearly 60% over the past two years, with 304 vessels now in operation.

    Around 4.5% of the global fleet by tonnage – or 1% of ships by numbers – is alternative fuel capable, mostly LNG, according to Clarksons Research.

    Clear figures on how many of these 300+ dual-fuelled ships are using LNG today remains opaque.

    A spokesperson from Integr8 Fuels’ research department commented: “Most owners of dual-fuel tonnage buying on the spot market are likely purchasing VLSFO/LSMGO as indeed the differential is not in favour of LNG. Some of these would still bunker LNG as a one-off for marketing purposes and we’ve seen a few press releases about it recently. Some would probably have some kind of take or pay contracts that tie them up to buying it anyways while others will be lifting in US where LNG bunkers are more competitive, particularly compared with LSMGO.”

    The majority of dual-fuel owners will have switched to conventional fuels given the price gap, the spokesperson stressed.

    “Being alternative fuel capable or ready is nothing but an expensive, non-committal greenwashing exercise as long as everyone with dual-fuel engines burns fuel oil anyway,” argued Roar Adland, shipping professor at the Norwegian School of Economics, in a widely read recent post on LinkedIn.




2024 March 2

15:29 SolarDuck and its two partners ink collaboration agreement for a grid-scale offshore hybrid wind-solar project in Italy
13:41 Port of LA awards $1.5M in community investment grants for FY2023/24
11:18 Canadian Coast Guard issues fine for a hazardous vessel
09:37 IAA PortNews’ top headlines, Week 09

2024 March 1

18:00 Altera Infrastructure announces strategic divestment of ALP Maritime Services
17:31 Yangzijiang Shipbuilding books $7.1 billion of newbuilds in 2023
17:14 Sanmar starts construction of the world’s first methanol-fuelled escort tugs
16:41 The Green Award welcomes 8 New Japanese ports
16:05 HAV Group signs contract for design of Lavik-Oppedal ferries
15:52 KOTUG acquires joint venture interest in Kotug Seabulk Maritime
15:14 Equinor's Empire Wind 1 and Orsted's Sunrise Wind secure contracts in New York’s offshore wind projects
14:23 Fujairah bunker sales rise to five-month high in January 2024
13:51 Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges
13:24 APM Terminals announces maiden call of Nordics only direct service to South America
12:56 Hapag-Lloyd increases rates from North Europe to India, Pakistan, Red Sea and Arabian Gulf
12:21 Ankara’s Port Başkent OIZ Eti Logistics Ankara Intermodal Terminal starts operations
11:42 European Commission makes €1bn available for recharging and refuelling points
11:17 ABB to supply Sea Change shore power connection at Portsmouth’s port
10:41 Karish North and second gas export riser online and new GSPA signed
09:48 MAN Energy Solutions opens up service hub in Singapore

2024 February 29

18:02 Gentari partners with SEDC Energy for Sarawak H2 hub
17:35 Port of Tanjung Pelepas inks purchase agreement for 6 ULCV quay cranes
17:12 BV research confirms central role of operational and energy efficiency in meeting shipping’s 2050 carbon budget
16:42 President Vladimir Putin encourages foreign companies to actively use the opportunities of the NSR
16:14 MABUX: Bunker Weekly Outlook, Week 09, 2024
15:56 President Putin calls for upgrading the country’s inland waterways core infrastructure
15:24 The Bollore Group and the CMA CGM Group announce the successful sale of Bollore Logistics to CMA CGM
14:41 CMA CGM resumes operations in the Red Sea
14:09 TotalEnergies to supply Sembcorp with 0.8 Mtpa of LNG for 16 years
13:44 MOL and Idemitsu Kosan to launch demonstration test of recycling used plastics generated aboard VLCC
13:22 Six Arctic expeditions on the 50 Let Pobedy nuclear icebreaker planned for 2024
13:15 NYK Group acquires UK-based delivery platform business for e-commerce operators
13:07 President Vladimir Putin: Russia intends to build effective logistics corridors with friendly countries
12:51 TECO 2030 and Umoe Mandal receives preliminary approval for high-speed vessel design
12:14 ClassNK has awarded AiP for the design of a multi-functional floating offshore windfarm support vessel
11:30 Port Houston container volumes up 4% to 332,961 TEUs in Jan 2024
11:10 Swedbank adopts Poseidon Principles for carbon footprint reporting of shipping portfolio
10:42 Authorities give Conoco Phillips permission to launch Eldfisk nord in the North Sea
10:24 LNG dual-fuel BYD Explorer No.1 visits Bremerhaven for the first time
09:47 DeepOcean to inspect pipelines for Equinor

2024 February 28

18:07 Fratelli Cosulich takes delivery of second LNG bunkering vessel
17:44 Idemitsu, Mitsubishi and Proman join forces to develop a clean ammonia project in the United States
17:13 CULines and IAL to launch a new South China – Vietnam – Thailand service SCT2 in March
16:47 Saudi container line Folk Maritime launched
16:25 China's shipbuilding industry grows in 2023 under US sanctions
15:58 Japan, China, and Greece retain global leadership in shipowning
15:32 Jumbo Shipping, SAL Heavy Lift and Intermarine join forces in new commercial joint venture
14:58 Port of Hamburg handled a total of 114.3 million tonnes of goods in 2023
14:23 SITC launches new "Weifang-Japan" service with successful maiden voyage
13:48 Pier 400 in the port of Los Angeles upgrades its terminal operations fleet
13:13 Congo becomes an LNG exporting country
11:59 DEME reports 2023 results
11:13 KOTUG Canada holds steel cutting ceremony for two high bollard pull methanol fueled escort tugs for Trans Mountain Expansion Project
10:46 MOL's ammonia bunkering vessel receives AiP from Bureau Veritas

2024 February 27

18:07 Serco named preferred supplier for Vard Marine's naval modernization project
17:45 Ascenz Marorka’s mother company acquires Danish VPS
17:22 Majestic Fast Ferry has commissioned Incat Crowther to design a new second generation 39-metre passenger ferry
16:47 FSRU reaches NFE’s Barcarena LNG terminal in Brazil
16:24 Wartsila introduces Ammonia Fuel Supply System to ease shipping’s transition to ammonia fuel
15:54 Piraeus Port Authority and Guangzhou Port Group sign MoU
15:14 DNO Norge orders Noble jack-up rig for drilling work in Norway
14:40 Stena Evolution and Shell team up for innovative deepwater drilling project in the Gulf of Mexico
14:23 OOCL adds the eight eco-friendly 24,188 TEU ship
13:40 Port of Tanjung Pelepas completes first LNG bunkering operation
13:02 HD Korea Shipbuilding wins $267.8 mln order for 2 car carriers
12:45 Wallenius Wilhelmsen declares options for four additional Shaper Class vessels
12:09 Consortium of MOL, ITOCHU Corporation, HIF Asia Pacific and JFE Steel Corporation to pioneer synthetic fuel supply chain and CO2 marine transport initiative
11:42 CMA CGM, COSCO SHIPPING, Evergreen and OOCL to extend OCEAN Alliance until 2032
11:18 The 7th Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
10:52 Port of Oakland container volume up in January 2024