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11% of newbuild contracts last year were for LNG-powered vessels

11% of newbuild contracts last year were for LNG-powered vessels

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Dutch gas provider Titan LNG believes shipping reached a tipping point in terms of gas bunkering in 2017. According to data from the Amsterdam-headquartered firm, 11% of all newbuild contracts last year were for LNG-powered vessels.

“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,” Titan LNG stated in a release.

Titan LNG said in the release that it believes scrubbers are only 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,” Titan LNG concluded.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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