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Experts discuss state of global bunker fuel market at ‘Argus Bunker Fuel 2021

Greatest interest among alternative fuels is now in methane as its use in the market as LNG as a marine fuel is already well established, said IBIA Director.

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Global energy and commodity price reporting agency Argus Media on Saturday (20 February) said participants from 26 countries joined the broadcast of its international online conference Argus Bunker Fuel 2021: CIS and Global Markets on Friday, 19 February.

The conference was supported by the International Bunkering Association (IBIA) and was sponsored by Vortexa.

Representatives from IBIA, Gazpromneft Marine Bunker, Vortexa, Monjasa, VPS, as well as Argus experts from different countries spoke at the event which boasted participants from Russia, Kazakhstan, Great Britain, USA, Japan and so on.

The conference began with a presentation by Stefka Wechsler, editor of Argus Marine Fuels, on the global marine fuel market where she presented a detailed analysis of the bunker markets in Asia, America and Europe.

Wechsler noted Argus is monitoring the development of the bunker market, including low carbon fuels, by publishing prices for ammonia, liquified natural gas (LNG) and CO2.

An overview of the Russian bunker market was presented by Yana Sheremetyeva, Senior Correspondent of Argus Russian Fuel Oil.

Sheremetyeva said data shows sales of high-sulfur fuel oil continue, while consumption of low-sulfur fuel oil (VLSFO) has grown significantly in Russia. Sheremetyeva also noted sales of all types of fuel on the Russian market falling by 30% in 2020.

At the same time, prices for VLSFO dropped by half, to $ 365 / t. Most noticeably, VLSFO fell in price in late April – early May due to a lockdown in ports in the Asia-Pacific region (APR) and Europe.

Nigel Draffin, Member of the Board of Directors, Honorary Treasurer of IBIA presented a comparison between different types of marine fuels. According to Draffin, the greatest interest among alternative fuels is now in methane as its use in the market as LNG as a marine fuel is already well established.

Draffin noted serious research is also underway to use biodiesel for refueling ships in the inland waters of certain countries. However, biofuels are not yet used on long sea routes. According to Draffin, the use of LNG in the bunkering segment in the future will be limited to 10-15% of total demand.

The discussion was continued by Efim Suchkov, a representative of Gazpromneft Marine Bunker, who spoke about the use of LNG as an alternative fuel.

In particular, Suchkov noted in a little over two years the gas-fuel fleet has grown by almost 50%, and the number of LNG bunkering vessels has tripled. For the dynamic development of the LNG bunkering market in Russia, it is necessary to approve measures of state support, he added.

Arthur Reacher, Lead Freight Analyst, Vortexa, presented changes in the freight traffic landscape over 2020. He noted a significant decrease in supply from suppliers in the past year – with production volumes at refineries in the world being much lower than in previous years.

At the same time, trade flows to Asia have accounted for most of the demand for fuel in 2020. Reacher added there is also a decrease in reserves in the APR countries. With regards to the outstripping rates of economic development of Asian countries in comparison with other regions, Reacher noted the main fuel supplies will continue to flow there in the observable future.

Rauf Huseynov, Senior Editor at Argus, presented an overview of the bunker fuel market in the Caspian region. According to Huseynov, the gradual easing of restrictive measures will lead to an intensification of ship traffic and an increase in demand for marine fuel in the near future.

As the market recovers, competition between the Caspian ports will increase. If the sanctions against Iran are softened, it can be expected Iranian fuel will be available to the participants of the Caspian market in certain volumes.

Photo credit: Argus Media
Published: 22 February, 2021

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

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Photo credit: DNV
Published: 4 September, 2026

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