US-based Conrad Shipyard and Samsung Heavy Industries (SHI) are exploring the potential construction of LNG bunkering vessels for the US market.
Both firms will collaborate to develop LNG bunkering vessels to meet US regulatory and commercial requirements, Conrad Shipyard said in a statement on its website on Friday.
Conrad Shipyard and SHI have signed an MoU to assess the technical, commercial and market opportunities related to the design, construction and deployment of the vessels.
The agreement aims to combine SHI’s global expertise in advanced LNG technologies with Conrad’s LNG shipbuilding capabilities and access to the US domestic market.
Interest in LNG bunkering capacity is expected to rise as more LNG-fuelled ships enter service globally, increasing demand for LNG as a marine fuel.
According to data from classification society DNV, the global LNG bunkering fleet currently comprises 62 vessels, with another 38 vessels expected to be delivered by 2028. Most of the existing LNG bunkering vessels are deployed in Asia and Europe.
“Through this collaboration, we expect to enter the U.S. LNG bunkering market while also contributing to the revitalization of the U.S. shipbuilding industry,” a representative of SHI said.