Portland, OR -- (SBWIRE) -- 06/29/2017 -- LNG Bunkering Market by End-User - Global Opportunity Analysis and Industry Forecast, 2017-2023

LNG Bunkering Market Overview:

Global LNG Bunkering Market was valued at $214 million in 2016, and is expected to reach $10,185 million by 2023, registering a CAGR of 58.5% from 2017 to 2023. The global shipping industry faced an IMO legislation to significantly limit sulfur emissions from ships, firstly in North America and then northern Europe, in 2015. LNG is a potential solution for meeting these requirements due to its negligible sulfur content, and its combustion produces low NOx compared to fuel oil and marine diesel oil. LNG is not only a cleaner-burning fuel, but has economic advantages on a calorific value basis. Even higher LNG prices in Asia-Pacific are lower than global bunker fuel prices. As a result, there have been recent developments to promote use of LNG as a bunker fuel.

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The International Maritime Organization's regulations of sulfur cap of 0.50% m/m (mass/mass) in 2020 for marine fuels, increase in ocean-borne trade, especially in ton-km travelled, and the lower cost of LNG bunker fuel than other variants of ECA-compliant fuels are the factors that drive the growth of the global LNG bunkering market. However, the demand-supply gap for LNG bunkering is expected to increase with the implementation of IMO regulations; hence, supply must expand rapidly to meet global demand and premium priced Asia-Pacific demand in particular. The key market players have adopted merger as their key strategy to widen their brand portfolios and expand their market reach.

Ships currently using natural gas are short-haul ferries and offshore supply vessels operating in northern Europe. These vessels travel short distances in between bunkering and take fuel in small quantities delivered by truck. Tankers and dry bulk vessels also have more unpredictable schedules, in terms of time and geography, than other segments in the industry and need availability of LNG at the majority of ports they are expected to visit.

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LNG Bunkering Market Key Segments:

By End User
Tanker Fleet
Bulk & General Cargo
Offshore Vessels & Ferries
Others

By Geography
North America
-U.S.
-Canada
-Mexico

Europe
-Belgium
-Spain
-France
-UK
-The Netherlands
-Rest of Europe

Asia-Pacific
-China
-Japan
-India
-South Korea
-Rest of Asia-Pacific

LAMEA
-UAE
-Brazil
-Argentina
-Rest of LAMEA