02 December 2019
The LNG Bunkering Simulator Market Report 2020-2030: Forecasts by Application (Container Fleet, Tanker Fleet, Cargo Fleet, Ferries, Inland Vessels, Others), by Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa) and analysis of leading companies operating in this industry.
As of 2017, when only one LNG bunkering ship is running, demand for learning facilities for LNG bunkering vessel simulators has risen. This figure has grown to nine ships by the end of 2018, and a further 30 of these vessels are expected to be delivered over the next five years.
The amount of LNG bunkering ships meeting this market is also growing as the global demand for LNG gas for maritime applications increases. First-rate crew training is important to achieve good business standards, safety and efficiency.
The global shipping sector confronted IMO regulations in 2015 to significantly reduce vessel pollution of sulfur, first in North America and then in Northern Europe. Because of its reduced sulfur content, LNG is a potential solution to meet these requirements and its combustion emits low NOx relative to fuel oil or marine diesel gas. LNG is not just a cleaner-burning fuel, but on a calorific price level it has economic benefits. Throughout Asia-Pacific, still higher prices for LNG are cheaper than global prices for bunker fuel. Recent developments also succeeded in encouraging the use of LNG as a bunker fuel.
Factors driving the growth of the global LNG bunkering market are the sulfur limit regulations of the International Maritime Organization of 0.50 percent m / m (mass / mass) in 2020 for marine fuels, the rise in ocean-borne trade, particularly in ton-km traveled, and the lower cost of LNG bunker fuel than other ECA-compliant fuel variants. Nevertheless, with the introduction of IMO regulations, the demand-supply disparity for LNG bunkering is expected to increase; thus, supply needs to expand rapidly, especially to satisfy global demand and premium-priced Asia-Pacific demand. As a key strategy for growing their product portfolios and increasing their business presence, the key market players have embraced merger.
Ships currently use natural gas are Northern Europe's short-haul ferries and coastal distribution ships. Such ships were moving short distances between bunkering and receiving gas in small truck shipments. In terms of time and location, tankers and dry bulk ships also have more volatile schedules than other divisions in the sector which need LNG supply at most of the ports they are supposed to reach.
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