Shipping fuel suppliers are moving in line with green transition. Shipyards are taking new orders for vessels that can transport liquefied natural gas (LNG), methanol and ammonia. At the same time, investments are being made in traditional bunker vessels, as conventional solutions still cover most of the market’s needs.
In an interview with “Naftemporiki”, the executive director of the International Bunker Industry Association (IBIA), Alexandros Prokopakis, pointed out that “despite concerns about whether there will be sufficient logistics to service these new ships with alternative fuels, the market has proven that it can adapt to its needs.”
He underlined, however, that today there is “some skepticism, as investments seem to be a little behind the estimated demand.”
Prokopakis added that he “strongly supports the transition of shipping towards net zero emissions, recognizing the challenges as well as the opportunities. The fuel supplier industry plays an important role, providing alternative fuels and technologies that will allow emissions to be reduced. It works to promote cleaner fuels such as LNG, biofuels, methanol and ammonia, while working closely with international organizations to develop appropriate regulatory frameworks.”
These issues, in fact, are expected to be discussed in detail at the IBIA world conference, which will take place in Athens from November 5 to November 7, 2024 with “Naftemporiki” as a communication sponsor.
“The conference will focus on sustainability, new fuel technologies and regulatory challenges arising from the transition to net zero. The geopolitical effects on the fuel market will also be examined,” Prokopakis noted.
Regarding the implications of geopolitical developments for shipping, Prokopakis stated: “Tensions often lead to fluctuating fuel prices, increasing operating costs and burdening fuel supplies.
In addition, sanctions imposed on Russia and other conflict regions directly affect fuel availability and trade routes, creating additional challenges for the industry. IBIA works with international bodies to provide guidance and support to its members, helping them adapt to the ever-changing conditions and address the challenges arising from these geopolitical developments. In recent months, with the help of our members, we have been providing updates to the International Maritime Organization (IMO) on developments in the Red Sea region.”
