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Research Project Report

Research Project Report 상세보기
Port Strategies Following the Introduction of LNG-Fuelled Ships
Report No. 2015-10 Research Manager Geun Sub, Kim
File

Research Member : Eun Soo, Kim / Jung Hyun, Kim / Ki Youl, Lee


Globally, regulations for emission from ships have strengthened

- Staring 2015, every ship operating within the Emission Control Area (ECA) must use higher quality fuels with a sulfur content of no more than 0.1%

- In 2018, the decision will be made on when to introduce the regulation of bunker fuel with a sulfur content of less than 0.5% to all vessels in either 2020 or 2025.

- The US, Hong Kong and the EU designate their own ECA, implementing the regulation for air pollution caused by ships

○ LNG-fuelled ships are an optimum alternative for reducing gas emission from ships

- According to the result of analyzing the operating cost of LNG-fuelled and LSFP-fuelled containerships, LNG has a saving effect in fuel cost over LSFO, amounting to USD 4.50~5.80 million annually.

- The demand of LNG-fuelled ships will continue to rise depending on the competitiveness of LNG.

○ The prospect of increasing global LNG bunkering demand and high uncertainty

- With increasing potential and competitiveness of LNG as an alternative for existing fuel oil, the global demand for LNG bunkering is expected to witness explosive growth.

- The global demand of LNG bunkering basically depends on the prospect of introducing LNG-fuelled ships. This prospect significantly varies on whether to expand ECA and the timing when IMO introduces the regulation for reducing emissions to all ocean areas.

- Nevertheless, global major ports are adopting policies to aggressively develop infrastructures and strengthen stability for entering into the LNG bunkering market in advance.

○ The LNG bunkering demand of Busan Port is flexible depending on external variables

○ As of 2030, the LNG bunkering demand of Busan Port is estimated to rise from 0.64 million tons in the beginning to 4.28 million tons to the max.

- Korea’s LNG import price is estimated more than USD 50 per ton higher than that of Singapore due to high premium.

- Therefore, Busan Port needs to have price competitiveness to invigorate the LNG bunkering terminal.

○ Securing price competitiveness is the top priority for making an early move into the market

○ Providing bunkering service using pipelines, adopting brokerage system for operational strategy and selecting an optimal site to minimize the cost etc.

Policy Suggestion

Continuous monitoring for LNG bunkering discussion, implementing LNG bunkering pilot projects, laying the foundation for pushing ahead LNG bunkering terminal projects, improving related laws and regulations, establishing an incentive system, expanding LNG bunkering related R&D and etc.

 

Research Project Report 상세보기
Port Strategies Following the Introduction of LNG-Fuelled Ships
Report No. 2015-10 Research Manager Geun Sub, Kim
File

Research Member : Eun Soo, Kim / Jung Hyun, Kim / Ki Youl, Lee


Globally, regulations for emission from ships have strengthened

- Staring 2015, every ship operating within the Emission Control Area (ECA) must use higher quality fuels with a sulfur content of no more than 0.1%

- In 2018, the decision will be made on when to introduce the regulation of bunker fuel with a sulfur content of less than 0.5% to all vessels in either 2020 or 2025.

- The US, Hong Kong and the EU designate their own ECA, implementing the regulation for air pollution caused by ships

○ LNG-fuelled ships are an optimum alternative for reducing gas emission from ships

- According to the result of analyzing the operating cost of LNG-fuelled and LSFP-fuelled containerships, LNG has a saving effect in fuel cost over LSFO, amounting to USD 4.50~5.80 million annually.

- The demand of LNG-fuelled ships will continue to rise depending on the competitiveness of LNG.

○ The prospect of increasing global LNG bunkering demand and high uncertainty

- With increasing potential and competitiveness of LNG as an alternative for existing fuel oil, the global demand for LNG bunkering is expected to witness explosive growth.

- The global demand of LNG bunkering basically depends on the prospect of introducing LNG-fuelled ships. This prospect significantly varies on whether to expand ECA and the timing when IMO introduces the regulation for reducing emissions to all ocean areas.

- Nevertheless, global major ports are adopting policies to aggressively develop infrastructures and strengthen stability for entering into the LNG bunkering market in advance.

○ The LNG bunkering demand of Busan Port is flexible depending on external variables

○ As of 2030, the LNG bunkering demand of Busan Port is estimated to rise from 0.64 million tons in the beginning to 4.28 million tons to the max.

- Korea’s LNG import price is estimated more than USD 50 per ton higher than that of Singapore due to high premium.

- Therefore, Busan Port needs to have price competitiveness to invigorate the LNG bunkering terminal.

○ Securing price competitiveness is the top priority for making an early move into the market

○ Providing bunkering service using pipelines, adopting brokerage system for operational strategy and selecting an optimal site to minimize the cost etc.

Policy Suggestion

Continuous monitoring for LNG bunkering discussion, implementing LNG bunkering pilot projects, laying the foundation for pushing ahead LNG bunkering terminal projects, improving related laws and regulations, establishing an incentive system, expanding LNG bunkering related R&D and etc.

 

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