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Date: 09/05/2024

LNG demand seen rising to power ships
 
The demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives have said. Prices of LNG delivered as marine fuel at the world's largest bunker hub, Singapore, are at steep discounts of nearly $100 per metric ton compared with conventional 0.5% very low sulphur fuel oil (VLSFO). Consultancy Rystad expects discounts to persist through the third quarter of this year, barring major market disruption, said Junlin Yu, a senior analyst on shipping supply chains. Global LNG bunker sales in the first three months of 2024 reached 1.9 million cubic meters (855,000 tons) and could surpass 7 million by the end of the year, Rystad forecasts show, up from 4.7 million cubic meters in 2023. In Singapore, LNG bunker sales rose for a fourth straight month to a record 38,600 tons in March, data from the Maritime and Port Authority showed, as per a report.
 
Source: Exim News Service: Singapore, May 8



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