LNG - THE RIGHT OPTION? HOW TO PREPARE FOR THE FUTURE TODAY

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Category: Energía y Combustibles
Published on Friday, 21 February 2020 20:12
Written by Administrator2
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The decision to invest in LNG as a bunker fuel is not an easy one. There can be substantial premiums to be paid; up to 30 per cent for certain ship types in the most expensive cases. This high cost, combined with the lack of confirmed LNG availability for bunkering, in particular for segments dominated by the tramp trade, goes a long way to explaining the hesitation of many shipowners and charterers to move toward LNG-fuelled propulsion for newbuilds. A shipowner has two options when considering the use of LNG as fuel in a new building phase: 1. Building a LNG Ready ship - a ship ready for future retrofit, and 2. Building a LNG-fuelled ship - a ship ready for LNG operation from day one To assist our clients in making an informed decision and to improve project performance, we have developed the DNV GL LNG Ready service. DNV GL LNG Ready Service An LNG Ready ship is a good option in situations where LNG is unlikely to be available for another few years in the vessel’s intended area of operation, or if the current commercial terms are not sufficiently favourable for the required extra investment. By making a newbuild LNG Ready, prepared for cost-efficient retrofitting to LNG fuel with class approved designs, shipowners can reserve their final decision and delay the major investment until a point in time when the terms are favourable and the risk level is acceptable. A small amount of effort and investment upfront can pay off in terms of increased flexibility and tradability, an extended commercial lifetime and increased second-hand value. The second option, an LNG-fuelled ship, is the preferred option when there are no anticipated barriers to using LNG from the date of delivery and the business case for LNG is already favourable. The LNG Ready Service assists shipowners, operators, yards and designers in identifying the most attractive compliance option for their ships. Through a detailed technical and financial feasibility study, the LNG Ready Service investigates all the potential options for compliance and fuel cost reduction, and uncovers any technical showstoppers, as well as calculating the financial attractiveness of each option. The base case includes a comparison between a fuel switch to MGO, installation of a scrubber system with HFO and a conversion to using LNG as fuel. Other fuel alternatives, such as methanol, DME (Dimethyl ether), etc. can be included on request. The service takes the process all the way from the business case and concept stage to the initial design stage, where normal class activities take over.