I was reminded of the story of King Canute's failure to hold back the tide during discussions with technical specialists about the myriad obstacles to introducing different fuels into the maritime supply chain in the first weeks of January. The experts referred to difficulties in expanding supply of LNG to meet the demand of 60,000 vessels and noted that the most realistic and best fuel for the industry after 2030 was likely to remain VLSFO. The challenges of introducing alternative fuel supplies should not be underestimated. UMAS reiterated its view that investments of up to USD1 trillion would be required over the coming 30 years to achieve targets, and that over 85% of these investments would be needed in land-based infrastructure. We cover the first steps to the development of a national hydrogen bunkering network in Norway on page 4.
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