08 November 2019
The liquified natural gas (LNG) market has long been a mainstay as far as the cargo carrying industry is concerned. But as more commercial and marine applications present themselves, many are now deferring to LNG bunkering to stock fuel for commercial tanker vessels, ocean liners, and a variety of other applications. For this reason, LNG market share is experiencing an uptick, especially as new forms of bunkering technology become available.
Here, Visiongain has compiled some of the newest and most exciting trends and activities in the floating LNG power vessel market. So, let’s take a look and see what business owners can capitalize on in the years ahead.
LNG Bunkering Simulators Help with Personnel Training
Bunkering, or transferring LNG onto a receiving vessel, has become more commonplace these days. However, as the need for it increases, so too will reliable training applications. Because of its recent expansion into commercial and cruise markets, crew personnel need to be able to perform bunkering tasks efficiently and effectively to minimize issues. Recently, a new training program has been created by Wartsila Corp. that offers hands-on simulation training.
In the years ahead, such training programs will become more commonplace as the need for LNG bunkering rises and the LNG market share increases.
Oman Set to Be a Leading LNG Bunkering Hub
Recently, a major contract was awarded to McDermott International, Inc. to provide front-end engineering design services for an LNG bunkering project in Oman, Saudi Arabia. In the coming years, it’s expected that Oman will become one of the area’s leading LNG bunkering hubs, especially as this project expands.
Total Oman E&P Development B.V., the company which awarded McDermott International the contract, stated in a recent article from an established Oil and Gas news portal that it will “use its share of gas from the onshore discoveries it is developing with Shell to establish the Middle Eastern country as a regional LNG hub.”
Canadian LNG Project has its Eye on the European Market
Another major factor that will affect LNG market share in the years ahead is a $7.5 billion Canadian natural gas project that is expected to get the green light this year. The project focuses on Europe, utilizing the 10-million-ton-a-year Goldboro LNG Facility in Novia Scotia, which can deliver LNG to UK markets in a journey time of as little as six days.
A host of European energy concerns in both Germany and the UK have expressed interest in the project.
Find out all the most up-to-date LNG market share info today!
To learn about all the emerging trends and issues facing the floating LNG power vessel market and LNG sector, contact Visiongain today. You can order an in-depth LNG tanker market report online or call +44 (0) 20 7549 9987.
This report will prove invaluable to leading firms striving for new revenue pockets if they wish to better understand the industry and its underlying dynamics.
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