LONDON, October 25, 2018
LONDON, October 25, 2018 /PRNewswire/ --
In Oil & Gas IQ's annual LNG bunkering report, profitability was cited as the most important driver for decision making and adopting LNG as a fuel, ahead of regulatory compliance and operational efficiency. With insights from over 100 LNG supply chain specialists and in its fourth year, Oil & Gas IQ's report examines the latest trends and development in the global LNG market.
In light of the fast-approaching 2020 IMO sulphur cap, a number of alternative fuels and 'IMO 2020 compatible fuels' have entered the market, however Oil & Gas IQ's report suggests that the effective adoption of LNG will be essential for promoting productivity and profitability in the industry.
Jessica Bayley, Content Editor, Oil & Gas IQ said, "with 89% and 68% of respondents believing the LNG will become a widespread fuel for short and deep sea shipping respectively, our results show the growing use of LNG as the fuel of choice throughout the global shipping supply chain looks set to continue."
Ensuring the consistent and effective implementation of IMO 2020 global sulphur limit in fuel oil used on board ships is currently a high priority for shipping providers and despite the financial implications, this report suggests that when considering LNG as a transition fuel, it is a popular choice for the generation of ships being used today and over the next decade. The report also suggests that the consequences of oil price fluctuations on the bunkering market is decreasing, with just 50% of people believing it will hinder the expansion of the market, down from 83% in 2017.
Although many of the challenges faced within the LNG Bunkering market have remained consistent throughout the past few years, such as the availability of infrastructure and the cost, with record demand growth in 2018, the market is booming and is now worth north of $230 billion making it the fastest growing gas supply source.
The LNG Bunkering Summit 2019, will discuss the latest progress in LNG development and infrastructure across the globe, including evaluating the commercial viability and profitability of LNG as a marine fuel and calculating accurate payback predictions.
About Oil & Gas IQ
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For more information or to reserve your place at the LNG Bunkering Summit call +44-(0)-207-036-1300 or email firstname.lastname@example.org