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The global LNG bunkering industry is being driven by the strict ordinances controlling the presence of sulphur content in marine fuels, which is mandated to remain below 0.5%. This can be attributed to the increasing issues of air and water pollution being observed across the globe. Moreover, the rising demand for LNG bunkering owing to its beneficial properties, including low CO2 and nitrogen oxide emissions and low sulphur content, is anticipated to propel the market growth in the coming years. In addition, the rising investments in the maritime transportation sector are also estimated to augment the industry growth in the forecast period.
The rising demand for LNG bunkering, owing to the heightened pollution issues across the globe, is leading to promising mergers and collaborations between market players for the development of the LNG bunkering industry worldwide, which is estimated to significantly catalyse the industry growth in the forecast period. For instance, according to a press release issued by the Mitsubishi Corporation, dated February 2019, the company announced the signing of an LNG bunkering agreement between Equinor ASA (NYSE: EQNR), a Norwegian multinational energy group, and Gas4Sea partners, namely, ENGIE, Mitsubishi Corporation, and NYK. Under this agreement, Equinor is to supply four crude shuttle tankers with LNG as marine fuel through its planned dual fuel vessels in the Rotterdam port. Furthermore, another leading LNG bunkering vendor, Avenir LNG Limited, in a press release dated November 2019, announced the collaboration with Golar Power Limited (NASDAQ: GLNG) to develop a small-scale LNG market in Brazil. These developments are expected to positively impact the growth of the LNG bunkering industry in the forecast period.
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The major players in the global LNG bunkering market are Royal Dutch Shell Plc, Skangas A, Korea Gas Corporation, Harvey Gulf International Marine, LLC, Engie SA, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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