LNG cargo ships are burning conventional oil-based bunkers instead of natural gas as LNG prices hit record highs.
LNG tankers usually have the option of using either boil-off gas from their cargo or conventional bunkers as fuel. These ships are now maximizing VLSFO or MGO usage in response to this year’s rise in LNG prices, Reuters news agency quoted shipping sources on Friday.
LNG bunker with HSFO prices – d. H. based on the amount of gas required to achieve the same amount of propulsion as 1 million t HSFO – overtaken the VLSFO prices in Rotterdam on the 14th & send bunker prices. LNG in HSFO terms in Rotterdam had a premium of 294.50 USD / mt on VLSFO on Wednesday, compared to a discount of 131 USD / mt in early March.
LNG prices have risen this year with an above-average hot summer in Asia and expectations of an above-average colder winter in Europe.
« It is unusual that heating oil is cheaper than LNG, so traders are using cost economics to save on travel, » Reuters quoted a shipping source from Singapore.
Ship & Bunker News Team
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The two companies have signed a letter of intent to work together on reducing greenhouse gas emissions.
The company used 2.7 million t of bunker in the second quarter after 2.3 million t in the same period of the previous year.
The Japanese ITOCHU Corporation has set up the joint study framework with 23 companies and organizations as members, a further 11 have since joined.
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