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Business news, 19.06.2014 17:01

LNG to occupy 15% of bunker market by 2025

LNG to occupy 15% of bunker market by 2025

Liquefied natural gas will occupy up to 15% of bunker fuel by 2025, told Anatoly Belov, Manging Director General of AS Bominflot Estonia as saying at the VII All Russian Forum “Current State and Prospects for Development of Russian Bunker Services Market” which opened on June 19 2014 in Saint-Petersburg.
According to him, global LNG market will enjoy sufficient liquidity not earlier than in 2018. Among the challenges hindering the development of LNG bunkering the expert emphasized insufficient development of infrastructure and absence of mass demand.
Besides, Anatoly Belov says conversion of the vessels into LNG-powered ships is not profitable. Only new vessels will be fitted with LNG fuel systems and engines.

News source: PortNews

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