LNG for shipping makes headway through Poseidon Med II
The outcomes of Poseidon Med II event on 21st May 2018
A truck loading station in Revithoussa LNG terminal, at least three new LNG-powered vessels, one LNG barge based in Piraeus port and one LNG marine installation in Western Greece will be in operation as of 2020. This is one of the key highlights expressed by George Polychroniou from DEPA during his introductory speech at 21st May event, taken place at the Historical Library of Aikaterini Laskaridis Foundation, which was co-organised by the Hellenic ShortSea Shipowners’ Association (HSSA) and the Association of Passenger Shipping Companies (SEEN) within the framework of European co-funded Poseidon Med II project.
The event was officially opened by Nikos Liapis, Board Member of HSSA and Michalis Sakellis, President of SEEN, who endorsed Poseidon Med II work on developing a sustainable supply chain for the use of LNG as fuel in Eastern Mediterranean, expressing the current conditions and status of the Greek passenger & short-sea shipping sector.
The gap between MGO and LNG current price and the potential for a cost-effective transition; the Poseidon Med II contribution to the forthcoming Presidential Decree for LNG Bunkering operations in Greece which will allow Simultaneous Operations (SIMOPS) under specific conditions; the mature Poseidon Med II work in designing LNG-powered vessels, including a cost-verification for LNG bunker vessel by European shipyard; the key figures of LNG port installation in Patras; the factors that influence LNG bunkering costs and finally the available EU funding tools to support the switch to alternative fuelled-vessels and the proposal to treat them as infrastructure particularly for insular communities’ mobility were at the core of the presentations by key Poseidon med II partners which triggered discussion with representatives from the shipping industry.
This event underlined how Poseidon Med II work could support the greek shipping society to improve their emissions performance with the view of 2020 sulphur cup implementation and build a social corporate responsibility profile with tangible impact on quality of life for people living near ports. By leveraging knowledge on regulatory, technical, financial and technological aspects, Poseidon Med II team aims at creating the necessary confidence that by 2020 there will be a sustainable, reliable and financial sound LNG as fuel option for greek shipping sector.
What is Poseidon Med II project?
Poseidon Med II project is a practical roadmap which aims to bring about the wide adoption of LNG as a safe, environmentally efficient and viable alternative fuel for shipping and help the East Mediterranean marine transportation propel towards a low-carbon future. The project, which is co-funded by the European Union, involves three countries Greece, Italy and Cyprus, six European ports (Piraeus, Patras, Lemesos, Venice, Heraklion, Igoumenitsa) as well as the Revithoussa LNG terminal. The project brings together top experts from the marine, energy and financial sectors to design an integrated LNG value chain and establish a well-functioning and sustainable LNG market.
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