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Lng Bunkering Agreement

“Our five vessels will account for 10% of all asian bunker (LNG) quantities. This represents 1.5% of global demand for LNG bunkers,” said Bhatti of BHP. The agreement signed on December 13, 2019 includes the long-term sharing of a new 12,000 m3 GTT Mark III Flex Membran-Lng-Bunker (LNGBV), which allows each party to deliver LNG bunkers to its respective customers, and an LNG supply agreement between the two companies. Following the signing of the agreement, Xifaras said: “The new vessel will cover not only Piraeus` supply needs, but also other Greek ports, and is another decisive step in DEPA`s efforts to expand the use of LNG in eastern Mediterranean shipping, creating an integrated and efficient LNG supply chain. Through targeted investments such as this and through multi-level international cooperation, DEPA supports the transition of major ports and ships in the region to the LNG era and contributes to the protection of the environment and to improving the competitiveness of Greek shipping and our country`s ports. With the development of the infrastructure for LNG bunkers, the need for standardized bunker contracts is felt throughout the marine industry. The BIMCO LNG Bunkering Contract, which is expected to be published in about a year, is expected to meet these needs. Current approaches to LNG storage contracts vary from place to place and their harmonization will be a challenge, according to Grant Hunter, BIMCO`s head of contracts and clauses. “We will learn from the trade agreements currently being signed and use that knowledge and experience to develop an industrial standard,” he says. Public Gas Corporation of Greece SA (DEPA) and the European Investment Bank (EIB) have signed an agreement to finance the construction of a new LNG bunker vessel for maritime use in Greece, at a maximum of EUR 20 million, to be based in Piraeus. BHP has awarded its first LNG supply agreement to five LNG-operated Newcastlemax bulk carriers that will carry iron ore between Western Australia and China from 2022. Naturgy said: “The challenge of carrying out such an operation, as well as Spain`s strategic enclave on the Mediterranean trade routes, shows the rise of the bunker in our geographical environment and the role of natural gas in heavy transport, in this particular case, the maritime.” Since 2018, Naturgy has built LNG bunkers in the Spanish ports of Barcelona, Valencia, Huelva, Cartagena and Bilbao.

The company claims to have completed “more than 30%” of the 200 LNG bunker companies in Spain in 2019 and to supply 1,600 tonnes of fuel.

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