The expectation of cheaper gas and tighter environmental regulation have created demand for a cleaner alternative to the oil-based fuels that have so far dominated the transport world.
Although European and Asian liquefied natural gas (LNG) prices are currently high, trading at almost $20 per million British thermal unit (mmBtu) in Asia and around $10 per mmBtu in Europe because of booming demand, analysts expect prices to drop substantially later this decade when new production rises.
Germany, Singapore and the Netherlands are among the countries investing in natural gas transport hubs while companies including Royal Dutch Shell, Gazprom and Total, are also developing LNG fuel infrastructure.
Keywords: transportation management, motor freight, ocean shipping, alternative fuels, sustainable supply chains, logistics & supply chain
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