The future outlook of the liquefied natural gas (LNG) market is a bullish one, according to industry leaders who spoke at the inaugural Sea Asia LNG Forum yesterday.
The leaders also shared a general consensus that Singapore, in particular, is set to benefit from the growth of this market.
The LNG Forum 2018 is a Sea Asia conference organised by UBM (Seatrade) and the Singapore Maritime Foundation.
Speakers at the forum noted the significant potential of the LNG market in the long-run. Some predicts that for Singapore, the city-state will flourish in is its role as a service centre for LNG, especially with a large number of LNG ships expected to go onstream and eventually requiring to drydocked each year. During the Shipping and Regasification Markets and Developments session, Mr Peter Fitzpatrick, Vice President, Global Marine at ABS commented, “Singapore is a growth market because LNG ships require reliable, on-time delivery from drydocking, a service Singapore has been providing and will continue to do so. “We see LNG overhaul as a growth area for Singapore, and not just drydocking, but major modifications work with a number of significant projects on LNG vessels being undertaken here in the yards.”
When it comes to LNG as marine fuel, while the likes of CMA CGM, parent of Singapore-headquartered APL, have made a game-changing order for LNG-fuelled Ultra-Large Containerships, there is still work to be done on providing the bunkering infrastructure on a global scale.
Nicolas Sartini, Chief Executive Officer of APL (APL is a subsidiary of CMA CGM Group), highlighted during the Fireside Chat session: “In order for the LNG market to grow across the region and elsewhere including China and the U.S., it is very important to have the proper bunkering infrastructure in place.”
According to other speakers, this infrastructure includes having the appropriate bunkering facilities, a multi-user terminal that has open access to ensure the effective distribution of LNG, and proper risk and safety training for crew members. The launch of the seventh edition of Sea Asia also took place as part of the LNG Forum. Mr Chris Hayman, Chairman of Seatrade UBM EMEA, shared in his speech how discussions such as those that took place at the LNG Forum will be continued at next year’s Sea Asia.
Sea Asia 2019 will be the anchor event during Singapore Maritime Week next year.
“Next year’s event will take place against the background of an industry in transformation. This includes the transformation in regulation as the industry prepares to meet an unprecedented wave of rule making, both global and regional, touching complex problems such as fuel quality and CO2 emissions.
“We look forward to welcoming some of the bigger names in the industry at Sea Asia next year and once again, establish the event as the leading platform for debate and discussions on key industry issues,” said Mr Hayman.
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