Lloyd’s Register Teams with Penn Oak Energy Corp to Develop LNG Ship Industry
Lloyd’s Register North America (LR) has teamed with Penn Oak Energy Corp to help companies raise much needed capital and mitigate the technical risks associated with retrofitting ships fueled by LNG. Penn Oak Energy is a developer of LNG fuel solutions for industrial clients. The company provides turnkey solutions that take into consideration technology, natural gas liquefaction and supply, as well as logistics and financial considerations.
The value that Penn Oak Energy adds to ship-owners and their fleets is through a fuel-procurement agreement, where they can spread the cost of the LNG conversions and the upfront capital requirements for these conversions over the life of the project. LR is a leading classification society in the gas carrier market and is also leading the way in the international development of gas as a marine fuel. LR is well placed to support a new fleet of gas-fueled ships—and help them to operate safely and efficiently.
Ships that are fueled by LNG reduce operating costs while meeting stricter environmental regulations. LNG ships reduce emissions (nitrogen oxide, sulphur oxide and particulate matter) as compared with heavy bunker oil and even low-sulphur marine diesel.