A number of developments have given rise to a growth in liquefied natural gas (LNG)-fueled vessels and, correspondingly, LNG bunker vessels. These include the global sulfur limit regulation, or emission control area (ECA), within the coastal waters of North America, European Union countries, the U.K., China, Australia, Hong Kong, South Korea, Norway, Turkey, Iceland, and Ireland, and the International Maritime Organization's (IMO) mandatory sulfur cap of 0.5%, which took effect on January 1st, 2020 (unless having scrubbers installed). Other factors include the IMO's Energy Efficiency existing Ship index, a short-term measure to reduce greenhouse gas emissions, and the carbon intensity indicator to achieve a reduction in carbon intensity of 40% by 2030 compared to 2008 levels. Natural gas is a matured fuel, is in abundance in many parts of the world, has become competitive in cost compared to ultra low-sulfur marine diesel fuels, and can provide a 100% reduction in sulfur oxides (SO_x) and particulate matter (PM), 80% reduction in nitrogen oxides (NO_x), and an approximately 20 to 25% reduction in carbon dioxide (CO_2).
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