10/25/2024
A new addition to our fleet of liquefied natural gas (LNG) bunker vessels! On October 10, 2024, we announced that we had signed a charter contract with shipowner Ibaizabal for a new LNG bunker vessel of 18,600 m3 capacity. As such, we are strengthening our presence in marine LNG, a solution that can scale down greenhouse gas emissions from shipping by up to 20% compared with conventional fuel.
Meeting growing international demand for LNG marine fuel
Worldwide, there are 1,000 LNG-powered ships in operation or on order(1), and the LNG fleet could reach 1,154 vessels by 2028(2). Ships are bunkered with LNG at bunkering hubs located in ports, the largest of which can be found in Singapore.
Our fleet currently has three bunker vessels designed to meet the highest technical and environmental standards, namely the Gas Agility in the port of Rotterdam, the Gas Vitality in the port of Marseille-Fos, and the Brassavola in the port of Singapore. Thanks to the charter contract signed in October 2024 with Spanish shipowner Ibaizabal, a new vessel will be added to the fleet at the end of 2026.
This Ibaizabal-owned ship will supply LNG to a wide range of vessels (containerships, tankers, large cruise ships, ferries, etc.) at our LNG bunkering hubs. This vessel could especially be deployed in Oman, where we are developing a low-carbon-intensity natural gas liquefaction plant with a capacity of one million tons per year, combined with a jetty for accommodating LNG bunker vessels.
Marine LNG: a key fuel for shipping’s energy transition
In 2023, the International Maritime Organization (IMO) revised its greenhouse gas reduction strategy for global shipping. The 2023 strategy includes an enhanced common ambition to reach net-zero emissions from international shipping by or around 2050, with indicative emission reduction checkpoints for 2030 and 2040:reduction of at least 20% by 2030, compared to 2008, while striving for 30%, and
reduction of at least 70% by 2040, compared to 2008, while striving for 80%(3).
LNG today represents the best alternative solution in terms of emissions, availability and price for reducing the shipping industry’s environmental footprint. When used as a marine fuel to replace fuel oil, it can reduce greenhouse gas emissions in the shipping sector by approximately 20%.
It also significantly improves air quality by reducing nitrogen oxides (NOx) emissions by up to 85%, and it almost completely eliminates (by 99%) sulfur oxides (SOx) and fine particulate matter. These benefits are particularly impactful when ships are at berth, improving the quality of life for port cities and communities in coastal areas.