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« BackNews: Growth Expected In LNG Shipping

Growth Expected In LNG Shipping

The volume of LNG shipped worldwide is expected to increase in the coming decades, which means there is also likely to be greater demand for LNG storage facilities throughout nations that are importing the fuel.

The Motorship highlighted research by DNV GL, which predicts that LNG consumption will peak by 2035, although shipping of the fuel will continue to grow beyond this date. At the same time, coal and oil shipping will both decline, because demand for these fuels will fall.

Growth of renewable energy will also play a role in shaping the sector, with these sources also expected to grow in popularity.

Remi Eriksen, group president and CEO of DNV GL, told the publication that there is expected to be an equal split between renewable and fossil fuels by the middle of this century. “Advances in energy efficiency will also see the world’s demand for energy flattening after 2030,” he added.

Oil is also predicted to fall out of favour as the fuel of choice within the shipping industry, with natural gas stepping up to take a bigger share of the market, while renewable energy will also grow in importance.

In December, Damen Shiprepair and Conversion won a contract to convert a dredger to have dual-fuel capability, allowing it to run on LNG and MGO.

The project is being supported by the EU, which wants to see more short sea vessels converted to use gas as their fuel source.

If you’re planning work on a gas storage system, make sure you contact us about our mechanical float gauges and other technology to make your storage tank safe.