Niels den Nijs, CEO of Netherlands-based maritime liquified natural gas (LNG) bunkering company Titan LNG on Tuesday (24 November) published an article introducing the company’s newly launched LNG bunker fuel comparison fuel to provide clarity within the maritime industry by providing a tool that enables like-for-like benchmarking to other bunker fuels:
How increasing transparency of LNG pricing can play a pivotal role in reducing emissions in shipping.
With increasing awareness of the efficacy of LNG as a marine fuel and a viable, cost-effective pathway to reducing GHG emissions, why is there still some hesitancy in the shipping industry to uptake on the fuel alternative we asked ourselves at Titan LNG?
Available on our website, the new LNG delivered price page provides an overview of LNG prices delivered onboard in various quantities and ports, aiming to increase transparency, and understanding of the cost of LNG as a marine fuel. Furthermore, it displays up to date indicative pricing on a weekly basis in five key LNG fueling locations: Rotterdam, North Sea, Baltic, Mediterranean and Singapore. Reference prices are available for two different drop sizes – 250 and 1,000 tonnes – for each region. The prices presented across three delivery options where applicable, including FlexFueler barge, and sea-going bunker vessels. For truck-to-ship drop sizes of – 20 and 150 tonnes are available.
The fuel comparison sheet enables informed decision-making by providing insight into the costs for LNG as a marine fuel – usually priced by € per megawatt hour – compared to other existing fuels in € or US$ per ton or MMBtu delivered now and in the future for accurate budgeting. The pre-formulated table (accessed free of charge with premium access) enables users to input relevant market prices, which are automatically converted into the LNG equivalent, allowing owners and operators to follow market trends. Moreover, premium access also provides forward curves, illustrating the delta of LNG vs MGO in terms of pricing.
Our Business Development Manager, Régine Portocarero, commented:
“One of the biggest hurdles we face in the progress towards a low emissions future is the lack of transparency and understanding of LNG, which already contributes to reducing carbon and eliminates local harmful emissions. It is clear that LNG offers a clear pathway to decarbonisation through Bio-LNG and eventually using green hydrogen converted into E-fuels (Synthetic Liquid Gas).”
She continued: “With our efforts, we hope to increase transparency and accuracy around LNG pricing, enabling shipowners and operators to make informed choices. It’s essential that fuels are being compared on an energy equivalent basis – for example if you take 1,000 tonnes of MGO, you only need ~815 tonnes of LNG; it takes less fuel to travel the same distance.”
LNG pricing and availability remain central decision-making factors when considering the adoption of LNG as a marine fuel. Titan LNG continues to build out its owned or chartered physical infrastructure to facilitate supply across the globe. The new shared insights demonstrate that Titan LNG, as an independent supplier, is able to provide practical support and information to the entire shipping community.
For owners and operators seeking more detailed information, we are able to work in collaboration with businesses to understand fuel consumption and determine potential annual savings, for which Titan LNG has developed the Titan LNG Marine Assessment Tool, which can be accessed here.
The LNG Delivered Price Page can be accessed here.
Photo credit and source: Titan LNG
Published: 25 November, 2020
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