POSEIDON MED is the first Cross European Border project which aims to introduce LNG as the main fuel for the shipping industry and develop a sufficient infrastructure network of bunkering value chain. It focuses in the eastern Mediterranean region with five Member States (Cyprus, Greece, Italy, Croatia and Slovenia) involved.
POSEIDON MED as a Global Project aims at stirring the shipping waters in Greece and has been received enthusiastically by the shipping community, the local society, as well as the political administration.
The lessons learned from the ECA zone depict the necessity of aiming to a system with the simultaneous development of critical supply and demand side installations.
This will achieve economies of scale, will break the “chicken and egg” problem and avoid the formulation of “missing links” in the LNG as fuel supply chain. This capital-intensive project as described here has been included in the list of candidate projects of the newly released Juncker Plan/ European Fund for Strategic Investments (EFSF).
Additionally the project is compatible with the Hellenic Transport Strategic Investment Plan (HTSIP) 2014-2025. The HTSIP foresees the development of all critical infrastructure in the Greek Core ports, the development of the hub and spoke port system and the upgrade of existing terminals. There are two main pillars for a successful and sustainable bunkering system: a) The development of the critical mass of supply points and, b) The retrofit or the building of an adequate number of vessels, an activity that will instigate the demand for LNG as fuel.
Activities during the first phase of the project include the development of the appropriate regulatory framework, planning of an integrated supply chain, technical and financial feasibility for six lead-ships and a sustainable financial model.
The second phase will aim to mature and detail further required actions with enhanced technical studies covering ships, ports and bunkering operations