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LNG and shortsea shipping

January 6th 2011

Gasnor is confident that the gas bunker fuel market will develop and mature over the next decade.

As interest grows the company believes that shortsea shipping will begin to focus on the ever increasing price differential between gas and heavy fuel oil as an incentive to use gas as a bunker fuel.

This, says Gasnor, will be one of the key drivers coupled with the emissions rules.

Supply chain costs will remain relatively high in the short term, he believes, as the market grows, but the fuel price itself could stay low as LNG imports increase.

"The relatively low price of natural gas compared with heavy fuel oil is helping to keep interest in gas as a fuel, but this difference needs to be maintained. As volumes rise, the logistics costs will fall says Gasnor.

Gasnor began supplying LNG to ships in Norway in 2003. Today it supplies 16 vessels and has signed contracts for another six. Supplies are made with 16 road tankersand two supply tankers.

Gasnor has supplied LNG to France and is targeting expansion around Europe as demand grows. "We will connect to the existing big import terminals in Europe," he says. "We have contracts to take LNG from these terminals and to deliver to ships."

They are targetng a 10% market share of the northern European bunker market by 2020. This would represent a 30-fold increase in the use of LNG by shortsea shipping within the next 10 years.

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