Alternative fuels are conquering Asia, what about Russia?
- The demand for alternative fuels continues growing worldwide. Initially it was seen mainly in Europe and the USA, while today ships running on such types of fuel call the APR countries more and more often, according to the bunker sales statistics for the port of Singapore, the largest bunker hub in the Asia-Pacific Region. From the beginning of the year, LNG sales have surged 9 times there, biofuel - 5.5 times and methanol sales have begun.
Speaking about methanol it should be noted that the decreasing opportunities for its exports made the market players turn more towards the internal market with a particular focus on opportunities to supply methanol for seaborne transport.
According to the Methanol Institute, 25 ships running on methanol are in operation worldwide with 165 ships ordered for construction. According to the institute’s forecast the number of methanol-ready ships will total 1,200 units in 2030. Most of all, methanol will be in demand for container ships.
As for LNG, Tatarstan based Ak Bars Shipbuilding Corporation is going to start building ships powered by liquefied natural gas (LNG) in 2024. An agreement with the customer is to be signed at Saint-Petersburg International Gas Forum which is to be held in late October – early November.
Meanwhile, the first LNG-powered ship in the series of automobile carriers has been recently launched in China.
One more example of alternative energy development beyond the western world is the Suez Canal. There is a plan to attract investments in establishing green hydrogen production plants and facilities. The produced green fuel will be used for supplying all kinds of vehicles. Besides, the Japan’s first hybrid passenger ship, which utilizes hydrogen and biodiesel fuels, has been launched recently.
Read more in our digest “Bunker Market. Prices”.
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