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.
The figures illustrate the dramatic rise, with 20 LNG-propelled vessels being added on average, each year since 2017, the operational fleet possess 175 such vessels and an order book of over 200.