Alternative fuels are conquering Asia, what about Russia?
- The demand for alternative fuels continues growing worldwide. Initially it was seen mainly in Europe and the USA, while today ships running on such types of fuel call the APR countries more and more often, according to the bunker sales statistics for the port of Singapore, the largest bunker hub in the Asia-Pacific Region. From the beginning of the year, LNG sales have surged 9 times there, biofuel - 5.5 times and methanol sales have begun.
Speaking about methanol it should be noted that the decreasing opportunities for its exports made the market players turn more towards the internal market with a particular focus on opportunities to supply methanol for seaborne transport.
According to the Methanol Institute, 25 ships running on methanol are in operation worldwide with 165 ships ordered for construction. According to the institute’s forecast the number of methanol-ready ships will total 1,200 units in 2030. Most of all, methanol will be in demand for container ships.
As for LNG, Tatarstan based Ak Bars Shipbuilding Corporation is going to start building ships powered by liquefied natural gas (LNG) in 2024. An agreement with the customer is to be signed at Saint-Petersburg International Gas Forum which is to be held in late October – early November.
Meanwhile, the first LNG-powered ship in the series of automobile carriers has been recently launched in China.
One more example of alternative energy development beyond the western world is the Suez Canal. There is a plan to attract investments in establishing green hydrogen production plants and facilities. The produced green fuel will be used for supplying all kinds of vehicles. Besides, the Japan’s first hybrid passenger ship, which utilizes hydrogen and biodiesel fuels, has been launched recently.
Read more in our digest “Bunker Market. Prices”.
IAA PortNews publishes a specialized electronic publication dedicated to the bunkering services market twice a week. The Bunker Market / Prices Digest has a clear structure and contains up-to-date information on all significant industry events for the reporting period, statistical data and analytical calculations. Most of the information contained in the digest is exclusive and is not published on the websited and in the agency's printed publications.
The digest includes:
- Bunkers indicative prices, broken down by fuel type, high-sulphur and low-sulphur fuel oil, (in USD and RUB);
- The main factors that influenced the change in the cost of marine fuel
- World prices for bunker fuel
- Overview of wholesale prices for petroleum products
- Information about ship calls
- Bunkering News
IAA PortNews encourages its readers to subscribe to the digest.
You can subscribe to the digest or order the development of a completely new product by phone: (812) 570-78-03 or by e-mail email@example.com