Data optimisation | LNG Industry
Bjarte Lund and Carlos Gonzalez, Kyma, Norway, present the benefits of using big data to continuously monitor the performance of LNG vessels.
Global LNG trade is constantly increasing. For the third consecutive year, global LNG trade set a new all-time high with 258 million t in 2016.1
Traditionally, the LNG market has been dominated by long term charter contracts, however, since 2011, the short and medium term LNG market has gained more importance within the global market. In 2016, 28% of global LNG trade was covered by short or medium term charter contracts.2
Moreover, the LNG spot trading – trades where cargoes are delivered within three months of the transaction date – made up to 18% of the total imported LNG volumes in 2016, an increase of 15% from the year before. All these signs indicate that the LNG market is experiencing an evolution towards greater flexibility in LNG trade.3
The expansion and diversification of the LNG market worldwide has introduced a higher competition level and a lower margin between the charterers and ship owners. The number of new LNG carriers delivered over the years to cover global LNG demand has increased significantly from the beginning of this century and reached a peak number in 2008, as shown in Figure 1.4Figure 1. LNG Vessels delivered, based on delivery year.
Global production of LNG is forecast to reach 292 million t in 2017, marking an increase of 34 million t from 2016.5
The changes in the market calls for greater flexibility ....