Singapore

BW Maritime is set to expand its fleet of floating regasification and storage units to meet growing demand for fast-tracked liquefied natural gas (LNG) import solutions.

BW Shipping's managing director, Yngvil Asheim identified FSRU (Floating Storage Regasification Unit) growth potential in Central and South America, the Middle East and Asia. "The use of FSRUs to fast-track imports of LNG at lower costs has become more popular," Ms Asheim explained. The BW executive was referring to the lower LNG spot prices - which were seen transacted at under US$7 per million British thermal unit earlier this year - which provide greater economic justification to build LNG import infrastructure. She did not discuss the specific prospects being pursued by BW, but some industry estimates suggest as many as 35 FSRU or near-shore floating liquefaction opportunities worldwide.