LNG

Pavilion Energy, the Singaporean gas and fuel company, and European classification society DNV have jointly developed a successful digital LNG bunkering method for employment in the Port of Singapore.

European maritime classification society DNV said that ship owners placed orders for 16 liquefied natural gas-powered vessels in February 2022, mostly for containerships and car carriers even as LNG bunkering fuel prices continued to increase.

DNV said that compared with January 2022, orders dropped by 24 vessels but January included around 15 vessels from December 2021.

The class society said that according to its data September 2021 still holds the record with 35 orders for LNG-powered vessels.

“Order intake for LNG-fueled newbuilds continues at a high pace, despite increasingly uncertain outlook for gas prices,” said Martin Wold, principal consultant at DNV.

“The total confirmed fleet has now reached 710 ships,” he said.

Wold noted that Seaspan Marine Corp. contributed to extra LNG bunkering supply capacity with their order for two bunkering vessels in China.

Newbuilds

The February count includes orders from companies such as London-based Zodiac Maritime, Eastern Pacific Shipping, also headquartered in the UK, H-Line Shipping of South Korea and Mitsui Osk Lines of Japan.

According to DNV, there are now 269 LNG-powered ships already in operation with LNG-fuelled car and passenger ferries continuing to lead the way with 44 in operation.

The LNG-fuelled fleet also includes 31 oil-chemical tankers, 37 offshore supply vessels, 37 tugs and 32 containerships.

As for vessels on order, LNG-powered containerships account for a big part of the orders with 123 units.

Owners had also ordered 60 LNG-powered crude oil carriers and the fleet stands at 87, and with 60 car carriers rising to 67 and 52 bulk carriers and with new orders taking it to 63. Ferries taking cars and passengers now number 53 on order and in operation.

There are also now 33 cruise liners for the LNG bunkering market, including newbuilds.

These statistics do not include smaller inland vessels and barges that are part of the Amsterdam, Rotterdam, Antwerp (ARA) refining hub in northwest Europe.

DNV added that the recent surge in LNG prices appeared not to have dented enthusiasm for LNG-powered tonnage orders.

Data shows that LNG priced in fuel oil terms at the Dutch port of Rotterdam in February 2022 stood at $1,585 per tonne, up from $412 per tonne in February 2021, while Very Low Sulfur Fuel Oil at the Dutch port gained $238 per tonnes over the same period to now cost $731 per tonne.