For Immediate Release
Dec 04, 2019
For more information, contact:
ABS Media Relations
The panel at the ABS and Poten & Partners event LNG: An Open Exchange of Views
(SINGAPORE) ABS and Poten & Partners were joined by nearly 300 LNG industry leaders for an in-depth exploration of the prospects of the LNG industry.
LNG: An Open Exchange of Views provided a unique format to openly debate the future of LNG supply, demand, trade and transportation.
“LNG both as cargo and fuel is a powerful evolutionary driver in the global maritime industry with significant potential to help owners address regulatory and operational targets. However, the industry faces structural and technical challenges,” said ABS Chairman, President and CEO, Christopher J. Wiernicki. “Today, we were able to hear from the key global players in this industry precisely what the barriers to success are and how they plan to rise to the challenge.”
Michael Tusiani, Chairman Emeritus, Poten & Partners, said: “LNG is one of the fastest growing global commodities. There are more supply projects under development than ever before, with opportunities for spot and short-term trading complementing the traditional long-term contract structure of the industry. The proliferation of new business models and opportunities are bringing new participants into the sector with very different cost structures and dynamics compared to the incumbents. It’s a revolution and no-one knows how it is going to shake out.”
Divided into three panel discussions, the event opened with an exploration of LNG supply issues, including the challenges posed by a more dynamic and flexible market, such as seasonality of demand, optionality, cargo diversions and gas-to-power as well the evolution of project finance.
An expert panel then examined the outlook for LNG demand especially within the emerging markets of China, India and Southeast Asia and through non-traditional uses such as mid and small-scale LNG developments, LNG bunkering and transportation fuels.
The final session explored LNG transportation and trading. Panelists discussed the potential of a liquid LNG spot market and for continued growth in U.S. LNG exports. LNG shipping and the future of LNG as marine fuel was also a key topic, covering orderbook issues, evolution of charter terms operating standards and the threat or opportunity presented by IMO 2050.
“We heard today how the industry will need to adapt to face the unique challenges posed by emerging markets, the rise of renewable energy sources and the test thrown down by regulators. It is clear the entire industry needs to evolve,” added Tusiani.
ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design and construction. Focused on safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance and operational efficiency for marine and offshore assets.