Backers of liquefied natural gas (LNG) as shipping’s interim future fuel heard good things yesterday from a prestigious group described as a “shipowning powerhouse” at the final session of the 9th Capital Link Maritime Leaders Summit in Athens. LNG, in many ways, is a pioneering fuel; it’s a good role model. In fact, every new fuel that we are talking about today has to go through what LNG is going through right now. Albeit with its challenges of methane slip and carbon content, it is still a practical transition fuel, were the opening remarks by moderator Christopher Wiernicki, chairman and CEO of class society ABS. Captain Abdulkareem Al Masabi, chief executive of ADNOC Logistics & Services, the shipping and maritime logistics arm of the Abu Dhabi National Oil Company, which on Monday confirmed its acquisition of UK-based tanker owner and pool operator Navig8, said the company looks at LNG as a transitioning fuel based on the ever-growing fleet of more than 570 LNG dual-fuel vessels coming into the market. ADNOC, which has set its net zero target at 2045, owns and operates close to 300 vessels that account for the majority of emissions. In the last five years, the company has invested more than $5 billion in ordering newbuilds, including up to 16 LNG carriers lined up at Chinese and Korean yards. For Al Masabi, fleet renewal is the best option, but he stressed that investments have been made in what is currently available on the market. “We have opted for all kinds of dual-fuel vessels…You always go for what is best available. No owner will go for a substandard newbuild,” he said. Since Russia’s invasion of Ukraine, high LNG prices have forced some of the biggest early proponents to cool their interests in the fuel. “We have LNG-powered ships, but we haven’t burned a single molecule of fuel because it’s too expensive,” said Andy Dacy, the managing director of the global transportation group at JP Morgan. However, Greek owner Evangelos Marinakis, founder and chairman of Capital Maritime and Trading and one of the big backers of dual-fuel technology, said that as markets stabilise, the fuel will be priced competitively. Considering emissions reduction strategies, Marinakis told panellists that decisions to invest in LNG-powered ships and the risk coming with them had been taken by the company itself, but noted that there hasn’t been any real appetite from oil and gas majors to pay premiums for dual-fuel ships and those that are more environmentally friendly. “I think that whoever is cheaper is getting the business,” he pointed out, alluding to conventionally fueled ships coming into market in 2025, but added that he believes that in the near future, the market will dictate the premiums. “We feel that for the next 10–20 years we will go forward with LNG in all sectors and vessel sizes…”This is the premium that we pay, and down the line, I think we will be able to capitalise on it.” For Jerome Cousin, senior vice president of shipping, trading and shipping at French energy major TotalEnergies, the outlook for LNG is big and keeps growing, and he sees the super-chilled fuel as a good option for VLCCs and aframaxes. George Prokopiou, a fellow shipowner with a multibillion-dollar orderbook, believes LNG is the best alternative fuel. Speaking of emissions and how the green agenda are targeting shipping, he stressed: “We are ordering ships with the best available technology today, which are about 35% more efficient than current models.” Prokop