Norwegian company planning to covert PSVs for small-scale LNG marketNews // February 17, 2017
Cryo Shipping in Norway says it hopes to develop a new class of LNG tankers for the small-scale LNG market by converting platform supply vessels. The founders of the company have extensive experience in developing and operating LNG value chains and in building and operating tankers and shortsea vessels.
In a statement the company said: "There is plenty of LNG in the world, but infrastructure is missing. Cryo Shipping wants to solve infrastructure challenges using specially designed LNG tankers. Our short-term goal is to develop a fleet of flexible and efficient small-scale LNG tankers that could supply LNG to consumers regardless of location. The ships will be able to undertake ship-to-ship bunkering operations in all types of waters and ports.
“We are working on the conversion of platform supply vessels into LNG tankers, which should be ready for operation in the first half of 2018," said Cryo Shipping managing director and partner Nicholai Olsen. “We have designed the LNG system using existing technology, but combined in a new way. We have also developed designs for newbuildings with completely new functionality.
"Today LNG logistics are predominantly by road transport. The few small-scale LNG tankers that exist today are not designed to meet regularity and supply requirements in a growing LNG market. Use of LNG storage bunkering facilities will result in congested traffic at storage facilities and harbours, and we are therefore focusing on providing direct STS bunkering both at port, anchor and at sea.
"Cryo Shipping’s solution will provide both marine and land-based industry more efficient operations with less time consumed in LNG supply, and consequently at a lower cost than what is achieved today.
"Based on our preliminary market research, we have received a very positive response in the market where both LNG suppliers as wholesalers and manufacturers, and LNG consumers such as heavy industry, power generation and shipping have shown great interest in our solutions," said the company. "We are working on specific customer projects that we expect will be announced soon."