LNG emits less sulfur and creates fewer greenhouse gas emissions than traditional maritime fuels such as heavy fuel oil, marine diesel fuel, and marine gas fuel. The market is divided into four segments based on end-user: tanker fleet, bulk & general cargo, offshore support vessels & ferries, and others.
LNG Bunkering is the technique of supplying a ship
with liquefied natural gas fuel for its own consumption. The primary benefit of
using LNG as a Bunker Fuel Market as
a fuel is the significant reduction in pollution created by the more
traditional methods of fueling ships, such as heavy fuel oil, marine diesel
fuel (MDO), and marine gas oil (MGO).
Shipping companies are increasingly using LNG
as a Bunker Fuel Market, which is driving up demand for bunkering
around the world. LNG enables overall sulfur oxide reduction, which
benefits both the environment and human health. In order to improve air
quality, the International Maritime Organization (IMO) set a new sulfur
content restriction on ship fuel oil in 2020. The operation of LNG bunkering is
critical, and crew operators must be adequately trained to maintain safety
procedures. As a result, businesses should concentrate on infrastructure
research and development, installation, and operation of LNG as a Bunker Fuel Market. Companies can also work with GECF
countries to purchase LNG fuel, which can then be utilized for LNG bunkering.
Biomethane and synthetic methane are the only
zero-emission bunker fuels that can utilize current LNG infrastructure,
allowing LNG to serve as a bridge fuel. The availability of significant amounts
of sustainable and economical biomass required to make biomethane, on the other
hand, looks to be quite questionable. Furthermore, synthetic carbon-based fuels
such as methane are predicted to be more expensive than alternatives such as
ammonia or hydrogen. Another World Bank paper, "The Potential of
Zero-Carbon Bunker Fuels in Developing Countries," investigates all of
these fuel options and their potential to decarbonize the maritime industry.
Section for Competition
BP PLC, ConocoPhillips Corporation, Chevron
Corporation, China National Petroleum Corporation, ENI S.P.A., Equinor ASA,
Exxon Mobil Corporation, PJSC GAZPROM, Petronas, Rosneft Oil Company, Royal
Dutch Shell PLC, and Total S.A. are key players in the global LNG as a bunker
fuel market.
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