The shipping industry, which accounts for nearly 3% of global carbon dioxide emissions, is under pressure to use low-carbon fuels to cut emissions. Peninsula says LNG is the most readily available transitional fuel to reduce carbon emissions between now and 2030.

"Our aspirations are to develop a global LNG bunker offering to mirror our conventional fuel business," Peninsula Chief Executive John A. Bassadone said in an interview.

Bunkering is the process of transferring fuel to a ship and Peninsula supplies fuels to ports in Europe, Africa, North America and Asia. Its shipping operation was spun off into a separate company, Hercules Tanker Management, earlier this year.

--Reuters--