SEA-LNG is pleased to share its overview of LNG as a marine fuel in 2022-2023 with you. This resource highlights how the shipping industry has advanced along the LNG pathway to decarbonisation in 2022 and outlines what progress is anticipated in 2023. The document is illustrated with infographics and contains key statistics on the sector that we encourage you to use.
LNG as a marine fuel – the momentum continues
2022 was another very strong year for LNG vessel orders, with numbers almost equalling those in 2021, the record year to date, despite exceptionally high LNG prices. The growing, multisector orderbook and continuing build-out of infrastructure reflect the recognition from ship owners and fuel suppliers that LNG delivers immediate and important local air quality benefits and GHG compliance today and offers a low-risk, incremental pathway to decarbonisation.
The shipping industry is making newbuild investment decisions now that will impact GHG emissions today and for the next 25-30 years, the typical lifetime of a deep-sea vessel. While regulators and industry are agreed on the net-zero emissions destination, the implications of the pathway are rarely discussed. The total pathway emissions associated with many of the alternative fuels being discussed may be much higher than those associated with LNG and its bio and synthetic variants.
Waiting is not an option
There is growing recognition that decarbonisation will not be a “big bang” process where the industry moves in a single step from fossil to zero-emission, renewable fuels. In 2023, the commercial availability of bio-LNG will continue to scale up. As one of the cheapest of the alternative fuels under discussion, bio-LNG offers an immediate next step on the LNG pathway to decarbonisation, and allows owners to transition safely and easily from fossil LNG – meaning vessels ordered today will be able to continue operating within increasingly stringent GHG emissions regulations up to and beyond 2050.
‘A View from the Bridge’ includes additional statistics, quotes and infographics on the LNG orderbook, bunkering infrastructure, local emissions, alternative fuel pathways, practical decarbonisation challenges, regulatory compliance, bio-LNG cost & availability, renewable synthetic e-LNG projects, methane slip and much more.