Platts, SEA-LNG join to improve LNG price transparency
SEA-LNG, a coalition aimed at increasing the marine use of LNG as a fuel, and S&P Platts Global said March 24 they would collaborate to increase the visibility of Platts’ LNG fuel pricing.
Under the terms of the collaboration agreement, SEA-LNG will display monthly averages of Platts’ daily LNG bunker price assessments on its website, as well as Platts’ fuel oil bunker assessments. By providing greater transparency of conventional and LNG marine fuels in the bunkering hubs of Rotterdam and Singapore, the organisations hope to support operator’s decision-making around fuel choices for their fleets.
“We are excited that our new collaboration with SEA-LNG will add further transparency to the growing LNG bunker spot market,” said Kenneth Foo, managing editor, APAC LNG at S&P Global Platts. “This agreement provides strong validation of the importance of our independent price assessments to markets – allowing shippers and buyers and sellers of LNG to make informed decisions by evaluating Platts’ LNG bunker assessments alongside the value of traditional marine fuel bunkers on SEA-LNG’s website.”
LNG as a marine fuel provides approximately 16% more energy per tonne than low-sulphur fuel oil. The information shared through this collaboration aims to help shipowners and operators further understand the commercial case of choosing LNG as a marine fuel and the role it is playing in transforming the shipping industry.