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American Bureau of Shipping (ABS) News Blog 5 Key Quotes from The Future of LNG Shipping Panel

5 Key Quotes from The Future of LNG Shipping Panel at Posidonia 2018

Insights from our LNG Panel Discussion at Posidonia 2018

The International Shipping Exhibition Posidonia brought a record number of visitors this year with over 23,000 visitors from 110 countries. As the international shipping community gathered to hear from industry leaders across different sectors of the maritime industry, ABS led an executive panel discussion on the future of LNG shipping.

The panel shared insights on a wide range of topics, including recent innovations and technological advancements in gas transport, the changing demands for LNG due to upcoming IMO regulations and the prospects for charter and spot rates.

While these shipping industry leaders shared many insights, these five quotes highlight how the demand for LNG as marine fuel will continue to grow.

Peter Livanos, Executive Chairman of Gaslog Ltd

“It is inevitable that LNG will be the primary fuel source for marine transport. We need to address the lifecycle of existing assets and bunkering infrastructure, which is acting as a brake on adoption, but this should accelerate. The train has left the station and cannot be stopped.”

John Angelicoussis, Chairman and Chief Executive Officer of Angelicoussis Shipping Group

“LNG was an antiquated industry until 2005—what other sector used steam this century? We were a very traditional industry that got better very quickly. Now we have reached a plateau, but the new projects will continue. The gas demand is increasing; there may be a supply/demand mismatch in the short term, but more vessels will be needed than we think.”

George Procopiou, Chairman of Dynacom Tanker Management Ltd.

“The LNG shipping business is going through an evolution, which is tracking the growth of the commodity and the services around it are becoming commoditized. Natural gas is becoming much more widely appreciated and used; we are in a macro growth trend, it will be one of the main energy sources of the future.”

Michael Tusiani, Chairman Emeritus of Poten and Partners

“The LNG shipping market has evolved as the value and size of the trade has increased. Larger vessels are now the standard, charterers are moving toward shorter-term periods and the spot market is growing. New owners are moving into the sector, so the question is how much experience will matter to charterers and will they be willing to pay for it.”

Christopher J. Wiernicki, Chairman, President and CEO of American Bureau of Shipping

“LNG has done a lot of the heavy lifting in the shipping industry for more than a decade and the improvements in performance have been dramatic...going forward we will see efficiency gains in how companies use data and digital tools to track the performance of their equipment and assets."

Panel Presentation Video

Watch the full presentation from this event below.

ABOUT THE AUTHOR

Aditya Aggarwal is the Director of Global Gas Development at ABS.

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