Latest news with #LNG-fueled
Yahoo
02-06-2025
- Business
- Yahoo
Asia-Pacific Container Fleet LNG Bunkering Market Forecast Report 2025-2030 Featuring Analysis of Cheniere Energy, Shell, TotalEnergies, ExxonMobil, Cameron LNG and Other Major Players
The Asia-Pacific container fleet LNG bunkering market presents opportunities in the green maritime sector by capitalizing on expanding LNG bunkering infrastructure in major ports like Singapore, Shanghai, and Tokyo. Key drivers include regulatory compliance and sustainability goals, despite high initial investment and infrastructure challenges. Dublin, June 02, 2025 (GLOBE NEWSWIRE) -- The "Asia-Pacific Container Fleet LNG Bunkering Market, By Country, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Asia-Pacific Container Fleet LNG Bunkering Market was valued at USD 415 Million in 2024, and is expected to reach USD 544 Million by 2030, rising at a CAGR of 4.47%. Container Fleet LNG Bunkering refers to the process of refueling liquefied natural gas (LNG)-powered container ships using specialized infrastructure and vessels. LNG bunkering is an essential aspect of sustainable maritime transportation, providing a cleaner alternative to traditional marine fuels such as heavy fuel oil and diesel. It reduces greenhouse gas emissions, sulfur oxides (SOx), nitrogen oxides (NOx), and particulate matter, aligning with international environmental regulations like the International Maritime Organization's (IMO) MARPOL. The container fleet LNG bunkering process involves different methods, including truck-to-ship, ship-to-ship, and terminal-based bunkering. Ship-to-ship bunkering is the most common method for large container vessels, ensuring efficiency and minimal downtime. Ports worldwide are expanding LNG bunkering facilities to accommodate the growing demand for greener shipping solutions. With the increasing adoption of LNG-powered container ships, LNG bunkering infrastructure is rapidly evolving to support global trade while minimizing environmental impact. This shift is driven by regulatory compliance, fuel cost considerations, and long-term sustainability goals. As the maritime industry continues its transition toward decarbonization, LNG bunkering for container fleets plays a critical role in shaping the future of eco-friendly shipping and global logistics. Key Market Drivers Expanding LNG Infrastructure and Bunkering Facilities The rapid expansion of LNG bunkering infrastructure across Asia-Pacific is a key driver of market growth. Governments and port authorities are investing in LNG supply chains, storage terminals, and bunkering facilities to support the transition to cleaner marine fuels. Major port hubs such as Singapore, Shanghai, Busan, and Tokyo are strengthening their LNG bunkering capabilities to cater to the increasing number of LNG-fueled container vessels. Singapore, the world's largest bunkering hub, has been at the forefront of LNG bunkering development. The Maritime and Port Authority of Singapore (MPA) has launched initiatives to enhance LNG infrastructure, including the deployment of LNG bunkering vessels and the establishment of LNG supply chains. Similarly, China is aggressively expanding its LNG bunkering capacity with projects in major ports like Shanghai, Shenzhen, and Guangzhou. South Korea and Japan are also ramping up investments in LNG refueling infrastructure. South Korea's Green Ship Initiative and Japan's roadmap for LNG bunkering highlight their commitment to alternative fuels. These developments are critical in ensuring a reliable LNG supply for container fleets, further encouraging ship operators to adopt LNG as their primary fuel. The growing network of LNG terminals and bunkering vessels ensures seamless refueling operations, reducing downtime for container fleets and increasing LNG adoption in the maritime sector. As infrastructure continues to expand, the Asia-Pacific LNG bunkering market is set to witness substantial growth. In 2023, China's LNG imports reached 71.32 million tons, marking a 12.6% increase from the previous year. The Guangdong Energy Group's new LNG receiving terminal in Huizhou, Guangdong province, commenced operations in September 2024. This USD 1 billion facility has an annual processing capacity of 4 million metric tons. Key Market Challenges High Initial Investment and Infrastructure Development Costs One of the major challenges facing the Asia-Pacific container fleet LNG bunkering market is the high cost associated with infrastructure development and vessel conversion. Unlike conventional marine fuels such as heavy fuel oil (HFO) and marine gas oil (MGO), LNG requires specialized storage, transportation, and refueling infrastructure. The development of LNG bunkering facilities, including liquefaction plants, storage terminals, and bunkering vessels, involves substantial capital investment. Port authorities and private stakeholders must invest in dedicated LNG infrastructure to ensure a reliable supply chain. However, not all ports in the Asia-Pacific region are equipped with LNG bunkering facilities, leading to uneven availability across trade routes. While major hubs like Singapore, Shanghai, and Busan are expanding their LNG infrastructure, many smaller ports lack the necessary investment to support LNG bunkering operations. This creates logistical challenges for shipping companies operating LNG-powered container fleets, as they must carefully plan refueling stops based on available LNG supply points. The cost of building LNG-fueled container ships is significantly higher than traditional vessels. Shipowners must invest in specialized LNG storage tanks, fuel supply systems, and dual-fuel engines, which increase the upfront cost of fleet expansion. Although LNG provides long-term operational savings and regulatory compliance benefits, the initial financial burden deters some shipping companies from making the transition. Government incentives and financial support play a crucial role in overcoming this challenge. Some Asia-Pacific countries, including China, South Korea, and Japan, have introduced subsidies, tax benefits, and investment programs to encourage LNG adoption. However, the slow return on investment remains a concern for private investors, limiting the speed of infrastructure expansion. Without widespread LNG bunkering infrastructure, the industry faces a bottleneck that could hinder the large-scale adoption of LNG-powered container ships. To address this challenge, coordinated efforts between governments, port authorities, and private stakeholders are essential to accelerate LNG infrastructure development and make LNG bunkering more accessible across the Asia-Pacific region. Key Market Trends Expansion of LNG Bunkering Infrastructure and Port Facilities One of the most prominent trends in the Asia-Pacific container fleet LNG bunkering market is the rapid expansion of LNG refueling infrastructure. As demand for LNG-powered container ships grows, ports across the region are investing in LNG storage, transportation, and bunkering facilities to support the transition to cleaner fuels. Leading maritime hubs such as Singapore, Shanghai, Busan, and Tokyo are actively developing LNG bunkering capabilities. Singapore, a global leader in marine fuel supply, has implemented an extensive LNG bunkering program, including LNG bunker vessels, storage terminals, and partnerships with major shipping companies. Similarly, China is expanding LNG bunkering operations in key ports like Shanghai, Guangzhou, and Shenzhen to meet its growing fleet of LNG-powered vessels. South Korea and Japan are also investing in LNG bunkering networks to strengthen their positions as regional refueling hubs. Governments and port authorities are playing a crucial role in accelerating LNG infrastructure development. Regulatory incentives, public-private partnerships, and financial support programs are helping to establish a reliable LNG supply chain across the Asia-Pacific region. The increasing number of LNG bunkering locations is enhancing the accessibility of LNG fuel for container fleets, reducing operational constraints, and encouraging more shipping companies to adopt LNG-powered vessels. As infrastructure expands, the Asia-Pacific region is expected to become a major LNG bunkering hub, facilitating the growth of sustainable maritime transport. Key Players Profiled in the Asia-Pacific Container Fleet LNG Bunkering Market Cheniere Energy, Inc. Shell plc TotalEnergies SE ExxonMobil Corporation Cameron LNG, LLC Chevron Corporation PetroChina Company Limited Sempra Energy Woodside Energy Group Limited Eni S.p.A. Report Scope In this report, the Asia-Pacific Container Fleet LNG Bunkering Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below: Asia-Pacific Container Fleet LNG Bunkering Market, By End User: Ferries Cruise-Ships Bulk & General Cargo Fleet Offshore Support Vessels Asia-Pacific Container Fleet LNG Bunkering Market, By Distribution Channel: Direct Sales Bunkering Stations Asia-Pacific Container Fleet LNG Bunkering Market, By Country: China India Japan Australia South Korea Indonesia Vietnam Singapore Rest of Asia-Pacific Key Attributes Report Attribute Details No. of Pages 121 Forecast Period 2024-2030 Estimated Market Value (USD) in 2024 $415 Million Forecasted Market Value (USD) by 2030 $544 Million Compound Annual Growth Rate 4.4% Regions Covered Asia-Pacific For more information about this report visit About is the world's leading source for international market research reports and market data. 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Korea Herald
03-03-2025
- Business
- Korea Herald
Beyond tariffs: Armed with high-manganese steel, Posco sets out to reshape LNG industry
With its high-performance steel, Posco is building the backbone of Korea's LNG infrastructure, from storage tanks to fuel-powered vessels. GWANGYANG, South Jeolla Province — Caught in the crosshairs of protectionism, South Korean steel giant Posco faces the heat of US President Donald Trump's 25 percent steel tariffs, which are set to go into effect March 12. But Posco's is still forging new paths at Gwangyang Steelworks, where is is making its patented high-manganese steel, an alloy built to withstand extreme cryogenic temperatures. Engineered for durable, cost-effective liquefied natural gas storage, HMS is now in use just a few kilometers away, where the company's latest LNG tank is taking shape. 'This facility, using HMS, underscores Posco's ambitions in what could redefine the LNG industry,' said an official from Posco International, the group's trading and energy arm. "It stands as a testament to the company's technological prowess and a key pillar in the LNG value chain." Patented steel The company made a breakthrough in 2008, when Posco, responding to tightening environmental regulations and rising LNG demand, set out to develop a cost-effective alternative to 9 percent nickel steel -- an essential but costly material for LNG storage tanks. 'The result was a steel alloy with 22.5 to 25.5 percent manganese, a wear-resistant and non-magnetic material that remains durable at temperatures as low as minus 196 degrees Celsius,' said a company researcher during a briefing at the industrial complex in Gwangyang. Leveraging its expertise in controlled rolling and cooling techniques, Posco brought the material to market in 2013, offering a 30 percent cost advantage over nickel-based alternatives while ensuring a more stable supply amid fluctuating nickel prices and geopolitical tensions. Following nearly a decade of industry certifications — including registration with the American Society for Testing and Materials in 2017, full approval from the International Maritime Organization in 2022, and recognition by the American Petroleum Institute in 2023 — Posco cleared the way for HMS exports to the global market. In a world first, a commercial LNG-fueled vessel was equipped with fuel tanks made with HMS in 2017. By 2022, the technology had been integrated into very large crude carriers (VLCCs), and by 2024, container ships joined the growing list of vessels using the alloy. In his New Year's address, Posco Chairman Chang In-hwa called for intra-group efforts to adapt to the shifting global energy landscape. "We should maximize synergies by strengthening connections across the value chain to boost profitability," the chairman said. The steelmaker's proprietary HMS technology plays a key part in that effort, as Posco builds up its LNG-related operations. Posco's LNG terminal is the core of its energy infrastructure, bridging the group's oil and gas resource development and LNG power generation with storage and distribution. Posco's first LNG terminal in Gwangyang consists of six tanks, with the fifth and sixth clad in HMS. The alloy is also being used in the seventh and eighth tanks currently under construction at the site of the second terminal. 'Combined with the first terminal's 930,000-kiloliter storage capacity, the expansion will bring total capacity to 1.33 million kiloliters by 2026 -- enough to supply 40 days of nationwide heating gas consumption,' said a company engineer at the construction site. Beyond storage, Posco's LNG operations extend to vessel commissioning services for shipbuilders and LNG bunkering, the process of supplying LNG to ships at sea or in port. The group's LNG strategy comes amid seismic changes in global energy markets. LNG remains a critical transition fuel, with a lower environmental footprint than coal or oil, and potentially paves the way toward using more hydrogen and renewable energy. According to British oil and gas giant Shell, LNG demand is projected to rise 60 percent by 2040, driven in part by economic growth in Asia. Other curveballs in the global energy game, according to Posco, include disrupted gas supply routes and the explosive growth of AI-driven data centers. In line with the trend toward increased demand, Posco has locked in long-term contracts to import 1.1 million metric tons of North American LNG annually for two decades — a deal made in 2024 for 700,000 tons from Mexico Pacific and in 2022 for 400,000 tons from Cheniere Energy. 'These long-term contracts prove Posco International's credibility as a global energy player — something we can take pride in,' said a company official. 'They also bolster our strategic position amid pressures from the Trump administration, giving us greater negotiating power.'
