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REPAIR & CONVERSION by $2.1 million, and extend compliance with Poseidon Principles metrics by 6.7 years, enabling more attractive ? nancial pricing than if the vessel did not meet the requisite AER targets.

In conversations about fuels, Liqui? ed

Natural Gas (LNG) now has a place on the map as a solution for reducing carbon emissions in the broader maritime ? eet (beyond specialized LNG carriers- which can consume boil off gas, from their car- go, as a fuel) well out into the future, at least part of the way to 2050. As the fuel- ing infrastructure has grown, LNG fuel- ing is now being taken up more broadly.

In the container sector, where voyages follow standard routes, LNG took hold.

In the U.S., Crowley and Tote’s Florida/

Puerto Rico trades are both served, with each company having a pair of gas fueled vessels, from an LNG fuel hub in Jack- sonville. CMA CGM is building nine

LNG fueled 23,000 TEU containerships in Chinese yards (in addition to charter- ing in several smaller gas-fueled vessels from tonnage providers), and has ? ne- tuned its fueling infrastructure in concert with the oil major Total, a leader in the

LNG sector. As 2020 was drawing to a close, Hapag Lloyd announced that it would spend $1 billion on six dual fueled (LNG and conventional marine fuels) containerships of 23,500 TEU to be built at Daewoo, with 2023 deliveries. Fueling of vessels has also led to growth in the ? eet of barges or small tankers to deliver

LNG to vessels; oil giant Total, for ex- ample, has been supplying fuel to CMA

CGM vessels in Rotterdam using the world’s largest LNG bunkering vessel, the 18,600 cu. m. capacity Gas Agility.

In the tramp trades, a number of LNG- ready vessels had been built to handle

LNG as a fuel; NASSCO, for example, delivered eight 330,000 bbl. tankers (with a Daewoo design) to American

Petroleum Tankers (part of Kinder Mor- gan NYSE: KMI) and a Seacor (NYSE:

CKH) joint venture, capable of retro? ts at a later date. But with more con? dence in fuel availability, the tide is turning, even for ships on irregular routes. In 2019, the

Greek owner Capital Shipping and Trad- www.marinelink.com 27

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