A Multi-Billion Opportunity
A number of factors, including instability in world oil markets at times, the return of bitter cold winters to the energy-hungry U.S. Northeast, and advances in the collection.
transportation and cost-effective delivery of (primarily LNG) gas, have conspired to make this the decade of gas, and hence the decade of gas ships.
According to the latest statistics from Lloyd's Register, up to 50 ships over the next 10 years will be required for delivery, given the LNG maintains its current eight percent growth rate. As the average 138.000 cu. m. LNG tanker is going for about $150 million, according to World Gas Intelligence, this makes an approximate market of $7.5 billion over the next decade, on the LNG side alone.
A less scientific, yet sometimes equally effective, means to measure a market's potential is the "buzz" given a particular topic, whether it be via company information releases or the conference circuit.
Simply put. everyone's talking gas.
Not that gas does not have its challenges. Directly following the September 11 terrorist attacks in the US, several LNG receiving facilities were temporarily closed, as they were seen as an imminent risk. Similarly, local opposition to building, reopening or expanding LNG receiving facilities has iced some current projects, as options are weighed.
Regardless of market fluctuations, the need for gas is on the rise. Figure 1 shows the most likely worldwide growth of LNG import capacity over the next 10 years.
On the ensuing pages, MR/EN looks in on some interesting ship and equipment developments.
Other stories from May 2003 issue
- NASSCO Delivers First of ORCA Class page: 10
- Aerodynamic Garage Ships page: 12
- RoPax Milestone page: 14
- Safe Boats Wins 700- Boat, $145-M Contract page: 17
- "I'm Looking Through You" page: 18
- Damen Offers Disaster Prevention Vessels page: 22
- NCL Acquires S/S United States page: 23
- Farstad Shipping Goes Big page: 24
- Frontline Continues to Blaze a Path page: 24
- Solid Roots to Withstand Future Storms page: 25
- The Best of Both Worlds page: 26
- MP: Eying Patrol Potential page: 30
- DNV Maritime: Changing of the Guard page: 31
- Small Tankers, Huge Market Potential page: 33
- Knutsen OAS Shipping Leads Gas Shipping Charge page: 34
- Nor-Shipping 2003: Bigger Than Ever page: 37
- Tribon M2 Enhanced Again page: 39
- Optimized Data Communication at Bergesen page: 39
- SES Electrical Sees Bright Future page: 39
- An Innovative LNG Carrier Concept page: 40
- A Multi-Billion Opportunity page: 40
- The Wartsila Dual-Fuel Engine page: 41
- Aluminum Gone "Bad" page: 42
- Integration Of AIS And ECDIS: More Information, Better View, Improved Safety page: 46
- Robert Allan: Naval Architecture is in the Blood page: 50
- Custom Solutions page: 52
- The Big One: L.A. Fireboat 2 page: 53
- Propulsion Stays Firmly Based on Diesel Engines page: 54
- Bunker Industry Fueled by Word Affairs page: 56
- Lube Oils on Test page: 57
- EMMIF: Getting Heavy With Bunkers page: 58
- Onboard-Napa Power Yields Fuel Savings page: 58
- Algae-X — Optimal Fuel and Oil Quality page: 61