Ukraine crisis muddies waters for clean shipping

The industry is reviewing the near-term risk of switching to new fuels as LNG prices surge amid Russia’s war in Ukraine, conference speakers warn

Russia’s invasion of Ukraine has destabilised the shipping industry’s push for decarbonisation and prompted renewed caution among some industry players about the proposed switch to cleaner bunker fuel, according to speakers at the recent S&P Global Asian Refining and Petrochemicals Summit. The war has tightened global oil markets and raised fears of potential shortages of petrol, diesel and other transport fuels. European and Asian benchmark prices for LNG—viewed as a viable stopgap solution for decarbonising shipping until zero-emission alternatives can be scaled up—have also hit record levels in the wake of the conflict. While the cost of both oil and LNG has pulled back in recent days