The demand for liquefied natural gas (LNG) ships is steadily increasing worldwide, driven by a growing recognition of LNG as a clean energy source.
Many countries are implementing new energy conversion policies to replace fossil fuels with LNG, and as a result, the demand for LNG carriers is increasing. Additionally, the global LNG market has seen an increase in demand for both new LNG production facilities and LNG demand in recent years, which has further increased demand for new LNG carriers.
Furthermore, the increased use of LNG fuel in various fields, including cargo transportation, is also contributing to the rise in demand for LNG ships, making the LNG carrier market expected to continue growing.
The carbon emission regulation to be announced next year is an additional regulation to achieve the IMO's goal of zero carbon by 2050. At the MEPC(79), there was a call for regulation, especially on the emission of methane and nitrogen oxides from ships. Methane is a substance mainly generated when LNG propulsion ships burn fuel, and is known to generate up to 900 times more methane than bunker C oil.
Maritime environmental laws are being strengthened by international organizations, interstate associations, and individual countries. After the unprecedented strong desulfurization regulation of ship fuel, high-intensity regulations to force ships to switch to fuel are expected to continue until 2030.
From the perspective of shipowners, they are experiencing triple distress in addition to global uncertainty and economic crisis due to the Covid-19 pandemic and the situation in Ukraine. At times like this, it is important to have a clear understanding of the things on the surface (MEPC meeting minutes), but those who want to see the future must focus on the large and heavy movements taking place beneath the water.
Message from Panasia about Eco-Friendly Market