LNG consumption has achieved a five-fold volume growth in less than five years, reaching 1.5m tons in 2020, almost doubling from its 2019 figures, according to International Gas Union (IG) annual LNG report released in early June 2021.
Risavika LNG also increased 1.7% week on week and was at 35.80 EUR/MWh for July contracts.
With levels of LNG-powered vessel adoption increasing, additional growth in demand for LNG as a marine fuel is also anticipated to rise.
The positive trajectory of LNG, often seen as a viable alternative fuel for the shipping industry, was on the back of a higher number of LNG-propelled vessels and development of LNG bunkering capabilities in recent years.
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