Bunker Fuel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 04/13/2015 -- Transparency Market Research has released a new market report. According to the report, the global bunker fuel market stood at 372.30 million tons in 2013 and is expected to reach 460.00 million tons in 2020 at a CAGR of 3.1% from 2014 to 2020.
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Bunker fuel prices account for over 70% of the cost of operating a vessel. Any substantial fluctuations in fuel prices will have a knock-on effect on profit margins of shipping agencies. In the bunkering industry, there are two primary kinds of fuel currently being used: distillate fuel and residual fuel. Among the two, residual fuel accounted for the majority share of the global bunker consumption in 2013. However, with the decreeing of major transit routes as emission control areas (ECAs), the fuel consumption trend is anticipated to change gradually in future. The vessel operators sailing in ECAs have to switch to low sulfur and middle distillate fuels to comply with the sulfur limits imposed in these areas. Securing bunker fuel of an acceptable quality depends on several factors such as the bunkering port, choice of suppliers, and blending facilities available in the port. The bunker fuels traded by supplying companies should meet the fuel specifications set out in ISO 8217. Several bunker testing agencies have been established to monitor and ensure that shipping agencies meet the fuel specifications.
Currently, Asia Pacific is a major market for the bunker fuel industry, with Singapore and China being the primary contributors to this market. Increasing traffic of containerized vessels and oil tankers in the Asia Pacific region are some of the major factors driving investments in the marine fuel industry. Europe closely follows the Asia Pacific segment in terms of consumption of bunker fuel. Russia is the major supplier of fuel oil lies in this region and as a result, fuel suppliers are able to supply fuel at comparatively lower prices in Europe. The bunkering port facilities in Europe are also highly developed, which culminates into low turnaround times for vessels fueling in the region. Several ports such as Rotterdam, Antwerp, and Piraeus have emerged as major bunkering destinations in this region. The North Sea and Baltic Sea areas of Europe have been declared as ECAs. As a result, shipping agencies operating in these areas have taken initiatives to use clean marine fuel grades in the ECAs.
The marine fuel grades have been broadly segmented into four major categories: IFO 380, IFO 180, IFO Others, and MDO/MGO. The IFO Others segment includes fuel grades IFO 500, IFO 700, LS 380, and LS 180. IFO 380 is the most traded marine fuel oil grade globally, is easily available at all bunkering destinations in the world, and is more economical when compared to other fuel grades. The requirement for bunker fuel is relatively high in bulk and general cargo vessels. Bulk carriers are generally used for transporting coal, steel, and iron, among others. However, the major demand centers for these commodities such as China have been recently exhibiting a decreasing trend in demand. On the other hand, the requirement for bunker fuel in the container ships segment is anticipated to grow at a substantial rate in the future. Rapidly increasing demand for manufactured and finished goods especially in developing countries of Asia Pacific is the major factor that has led to increasing trade of containerized cargo.
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This research has been designed to estimate, analyze, and forecast market volume and revenue of the bunker fuel market. It provides an in-depth analysis of the market size of marine fuel in terms of volume (Million Tons) and revenue (USD Billion). Key players in the market include Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gazpromneft Marine Bunker LLC, BP Marine Ltd., and Bunker Holding A/S. The report provides an overview of these companies, their financial revenues, business strategies, and recent developments. The research analyzes and estimates the performance of the market for bunker fuel globally. It provides a detailed trend analysis of the market in terms of geography and offers a comprehensive analysis of companies that supply bunker fuel to shipping companies. For a better understanding of the bunker industry, the market has been segmented as below:
Bunker Fuel Market: Fuel Grade Analysis
Bunker Fuel Market: End User Analysis
Bulk & General Cargo Vessels
Bunker Fuel Market: Seller Type Analysis
Major Oil Companies
Leading Independent distributors
Small Independent distributors
Bunker Fuel Market: Regional Analysis
Rest of the World
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