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LNG market evolving quickly-II: Vessel technology will help spot deals
Nov 03: In the face of changing dynamics, LNG vessel technology is also undergoing rapid change.
8Better insulation and propulsion systems can help reduce the amount of gas that evaporates during the voyage, known as “boil-off.”
8LNG ship owner and operator GasLog predicts that just 0.085% of a cargo will boil off each day on newer vessels, down from 0.15% a decade ago.
8Tankers that can re-liquefy boil-off gas will see that rate fall even further, to 0.045% per day, the company has said.
8Reduced boil-off gives market participants the ability to do what many in the industry refer to as “slow steaming”.
8This is a new approach, where sailing at slower speeds while waiting to see if a better spot offer comes along.
8All of this is happening even as LNG charter hire rates continue to see new lows.
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