Switching to liquefied natural gas (LNG) is the preferred solution for shipping companies to adopt in order to meet the International Maritime Organisation’s (IMO) stringent new international emissions standards for marine bunker fuels, according to the findings of a survey by Deloitte.
However, a lack of refuelling and bunkering infrastructure has been identified as the key barrier to the large-scale adoption of LNG as a transport fuel.
The survey of more than 80 senior energy industry leaders from across the Asia Pacific region was conducted at the second annual Deloitte Energy Trading Summit in Singapore recently.
Survey respondents cited the retrofitting and/or redesign of the existing shipping fleet to accommodate the LNG bunker fuel option as the second biggest barrier to adoption, followed by the price competitiveness of LNG versus liquid fuels. However, despite the challenges, over two-thirds (68%) said if the marine fuel market switches to LNG, it will have a positive effect on their overall business.
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