LNG as marine fuel

The following figures on energy and fuel prices give an overview of the price development for gas, oil, HFO and low Sulphur marine gas oil. It is not the aim to give exact statistical figures and no liability on the correctness of the data is given by DNV. All sources are public and the data for the prices before 2014 are based on yearly average prices, with one data point per time period. Some of the data may be picked up at different dates during the time period. The gas data and the oil data are related to the lower heating values, therefore the prices for gas are approximately 10% higher than the figures usually used in the gas industry. The usual figures for gas are related to the upper heating value.

As end of February 2021

- IFO 380/180: 9,4/11,2 $/mmBTU = 360/430 $/ton
- MGO 0,1% S: 13,q $/mmBTU = 530 $/ton
- Gas TTF: 6,8 $/mmBTU (lhv)= 318 $/ton
- CH3OH: 24,6 $/mmBTU = 464 $/ton
- Crude oil Brent: 12,2 $/mmBTU = 467,2 $/t = 64,0 $/barrel

Assumptions made for the given figures

Gas lower heating value (lhv) has to be assumed for ship fuel. Nearly all sources use upper heating value (uhv) which gives about 10% lower LNG prices than indicated here for lhv prices.
Liquefaction costs have to be added to henry hub price. Today values between 3 and 5 $/mmBT for liquefaction might be used.
LNG in Europe competes with pipeline gas therefore only costs of distribution to the ship have to be added to gas price.
Supply to the ship must be added to fuel costs.
Prices in the figures are yearly average prices until 2014. 2014 prices are the spot prices at the beginning of the month.

Used sources

BP world energy review with average energy prices on gas and oil (internet)
Bunker World prices from internet for 2014 ff prices of oil
Henry hub prices from the internet
HFO and MGO historic prices: DNV internal data

Current price development of oil and gas

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LNG as marine fuel