The process of LNG Bunkering requires a great deal of attention to detail. It's crucial to adhere to local port regulations and obtain permission from the port authorities before undergoing LNG bunkering. It also requires that both the receiving ship and the LNG bunker ship adhere to the IMO IGF Interim Guidelines for Safe and Proper Bunkering. Proper safety is critical to successful LNG bunkering. Proper safety and health precautions should be taken during LNG bunkering to prevent ill-effects on the crew and vessel.
Market Dynamics:
Governments across the globe are increasingly implementing stringent regulations, which is driving the demand for LNG bunkering and this in turn is expected to propel growth of the global LNG bunkering market over the forecast period. In order to reduce or control carbon emissions there are many stringent environmental policies being implemented around the world. For instance, in December 2021, the U.S. EPA finalized revised national greenhouse gas (GHG) emissions standards for light trucks and passenger cars for Model Years 2023 to 2026 to reduce emissions of GHG and other criteria pollutants.
However, high initial cost required to create high pressure storage as well as supply vessels is expected to hinder growth of the global LNG bunkering market over the forecast period.
Impact of COVID-19:
The virus outbreak in China led to its spread across more than 200 countries around the world. The cases of COVID-19 rapidly increased due to which many countries implemented stringent nationwide lockdown regulations. Under these regulations several non-emergency activities were closed down. Market supply chains were disrupted as there were temporary restrictions on export and import operations. This adversely affected the global LNG bunkering market. However, as the pandemic situations and lockdown regulations go back to normal, it is likely to support growth of the market.
Key Takeaways:
- The global LNG bunkering market is estimated to grow, with a CAGR of % over the forecast period due to rise in truck adoption for shipping LNG bunkering across the globe. For instance, in June 2021, Dutch Titan LNG commissioned a short-term truck loading facility in Port of Zeebrugge in Belgium for supplying LNG as marine fuel during GATE terminal maintenance.
- Among regions, Europe is anticipated to witness substantial growth in the global LNG bunkering market over the forecast period. This is due to strong presence of large consumer base and increasing maritime trade operations in the region.
- Key players active in the global LNG bunkering market are Exxon Mobil Corporation, Energy Solutions B.V., PETRONAS, Crowley Maritime Corporation, Total SE, Gasum Oy, SHV Energy, Harvey Gulf International Marine, Royal Dutch Shell Plc, Klaw LNG, Polskie LNG S.A., Korea Gas Corporation, Fjord Line, ENN Energy Holdings, Ltd., EVOL LNG, Statoil ASA, Eagle LNG, and Gas Natural Fenosa.
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