#bunker fuel

[delicatemagazinedreamer]

Bunker Fuel, Bunker Fuel Market, Bunker Fuel Market Growth, Bunker Fuel Market Size, Bunker Fuel Market Share, Bunker Fuel Market Insights, Energy

The global Bunker Fuel Market is estimated to be valued at US$ 26.93 billion in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. A) Market Overview: Bunker fuel refers to the fuel oil that is used by ships and other marine vessels. It is a heavy fuel oil with high viscosity and is derived from crude oil through a refining process. Bunker fuel is primarily used as a source of energy for propulsion and powering auxiliary equipment on ships. It provides a cost-effective solution for the maritime industry, offering high energy density and stability. The global bunker fuel market is witnessing significant growth due to the increasing demand for marine fuels. The expanding global trade, growth in the shipping industry, and rise in seaborne transportation are driving the demand for bunker fuel. Ships are the primary mode of transportation for goods across countries, and the growth in international trade has resulted in the increased demand for bunker fuel. B) Market Key Trends: One key trend in the bunker fuel market is the growing adoption of LNG (liquefied natural gas) as a marine fuel. With increasing environmental concerns and regulations related to emissions, there is a shift towards cleaner and more sustainable fuel alternatives. LNG is considered a cleaner fuel compared to traditional bunker fuel, as it emits significantly lower levels of greenhouse gases and pollutants. The utilization of LNG as a marine fuel helps reduce emissions such as sulfur oxides (SOx), nitrogen oxides (NOx), and particulate matter. For example, in July 2018, Carnival Corporation, the world's largest cruise ship operator, announced that it would significantly increase its usage of LNG as a marine fuel. The company plans to launch seven new LNG-powered cruise ships, which will help reduce its carbon emissions and improve air quality. C) PEST Analysis: Political: The political factors impacting Bunker Fuel Market Growth include regulations related to emissions and environmental policies. Governments worldwide are implementing stringent regulations to reduce greenhouse gas emissions from ships. For example, the International Maritime Organization (IMO) implemented the IMO 2020 regulation, which mandates a significant reduction in the sulfur content of bunker fuel. Economic: Economic factors such as global trade and economic growth have a direct impact on the bunker fuel market. The growth in international trade and increasing demand for goods result in a higher requirement for shipping services, leading to a rise in bunker fuel consumption. D) Key Takeaways: The global bunker fuel market is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing demand for marine fuels. The growth in global trade, shipping industry, and seaborne transportation are contributing to the rising demand for bunker fuel. In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the bunker fuel market. The region has a strong presence of major shipping ports and is witnessing significant growth in maritime trade activities. The increasing focus on LNG as a marine fuel in countries like China and Japan is further driving the market growth in the region.

Key players operating in the global bunker fuel market include Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC. These players are actively engaged in strategic initiatives such as mergers and acquisitions, partnerships, and investments to strengthen their market presence and expand their product offerings. In conclusion, the global bunker fuel market is expected to witness significant growth in the coming years due to the increasing demand for marine fuels and the adoption of cleaner fuel alternatives like LNG. As regulations related to emissions become more stringent, the demand for bunker fuel with lower sulfur content will continue to rise. The Asia Pacific region is expected to lead the market growth, supported by its robust maritime trade activities. Key players in the industry are focusing on collaborations and investments to enhance their market position and cater to the evolving needs of the shipping industry.

[delicatemagazinedreamer]

Global Bunker Fuel Market Is Estimated To Witness High Growth Owing To Emerging Environmental Concerns

The global Bunker Fuel Market is estimated to be valued at US$ 26.93 billion in 2022 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. A) Market Overview: Bunker fuel refers to the fuel oil used by ships and other marine vessels. It is a residual fuel that is highly viscous and heavy, which makes it ideal for powering large marine engines. Bunker fuel is primarily derived from crude oil and is classified into different grades according to its sulfur content. The sulfur content in bunker fuel plays a crucial role in determining its environmental impact. With increasing environmental concerns and regulations, there is a growing demand for low-sulfur bunker fuels that can help reduce emissions from shipping activities. B) Market Key Trends: One key trend shaping the global bunker fuel market is the implementation of stricter environmental regulations. The International Maritime Organization (IMO) has set limits for sulfur content in bunker fuel to reduce air pollution from ships. The IMO's regulations, known as IMO 2020, require ships to use bunker fuels with a sulfur content of no more than 0.5%. This has led to increased demand for low-sulfur bunker fuels and the development of new technologies and solutions to meet these requirements. For example, companies such as Exxon Mobil Corporation and Royal Dutch Shell plc have invested in technologies like scrubbers and liquefied natural gas (LNG) as alternative fuels to comply with the sulfur content regulations. Scrubbers are used to remove sulfur oxides from ship exhaust gases, while LNG significantly reduces sulfur and other emissions compared to traditional bunker fuels. C) PEST Analysis: Political: The political landscape plays a crucial role in shaping the bunker fuel market. Government regulations and policies, such as sulfur content limits, emission control areas (ECAs), and carbon pricing initiatives, impact the demand and supply dynamics of bunker fuels. Economic: Economic factors, such as global trade and economic growth, influence the demand for bunker fuels. With increasing maritime trade and economic development in emerging economies, the demand for bunker fuels is expected to grow. D) Key Takeaways: The global Bunker Fuel Market Analysis is expected to witness high growth, exhibiting a CAGR of 7.1% over the forecast period, due to increasing environmental concerns and regulations. The implementation of stricter sulfur content limits and the need for cleaner shipping fuels are driving the demand for low-sulfur bunker fuels. In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the bunker fuel market. The region's growing maritime trade, expanding ports, and increasing investments in LNG bunkering infrastructure contribute to its market dominance. Key players operating in the global bunker fuel market include Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., World Fuel Services Corporation, Gulf Agency Company Ltd., Gazpromneft Marine Bunker LLC, BP Marine Ltd., Exxon Mobil Corporation, Royal Dutch Shell plc, Bunker Holding A/S, and Lukoil-Bunker LLC. These companies are investing in technology development, collaborations, and acquisitions to gain a competitive edge in the market. In conclusion, the global bunker fuel market is witnessing high growth due to emerging environmental concerns and stricter regulations. The demand for low-sulfur bunker fuels is increasing, leading to technological advancements and investments in alternative fuel solutions. Asia Pacific is expected to dominate the market, driven by its booming maritime trade. Key players are adopting strategies to stay competitive in this evolving market landscape.

[poojaj]

Bunker Fuel Market 2023 Ongoing Trends and Recent Developments

The bunker fuel market refers to the global industry involved in the production, distribution, and consumption of bunker fuel. Bunker fuel, also known as marine fuel, is a type of fuel specifically designed for use in ships and large marine vessels. It is a heavy fuel oil derived from crude oil and is used to power ships’ engines.

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Key aspects of the bunker fuel market include:

Market Size and Demand: The bunker fuel market is significant in terms of volume and value. The demand for bunker fuel is primarily driven by the global shipping industry, which relies on it as the primary source of energy for propulsion. The market size is influenced by factors such as international trade, economic growth, and maritime regulations.

Types of Bunker Fuel: Bunker fuel is categorized into different types or grades based on its viscosity, sulfur content, and other properties. The most commonly used grades are IFO (Intermediate Fuel Oil) and MGO (Marine Gas Oil). However, stricter environmental regulations, such as the International Maritime Organization’s (IMO) sulfur cap, have led to the development and adoption of low-sulfur alternatives like LSFO (Low-Sulfur Fuel Oil) and LNG (Liquefied Natural Gas).

Pricing and Cost Factors: Bunker fuel prices are influenced by various factors, including crude oil prices, refining costs, supply and demand dynamics, geopolitical events, and environmental regulations. The cost of bunker fuel represents a significant portion of a ship’s operating expenses, and fluctuations in prices can impact the profitability of shipping companies.

Environmental Regulations: Environmental concerns have played a crucial role in shaping the bunker fuel market. The IMO’s regulations, such as the MARPOL Convention, impose limits on the sulfur content in bunker fuel to reduce air pollution from ships. The sulfur cap, which came into effect in 2020, significantly impacted the market as ship operators had to either switch to low-sulfur fuels or adopt alternative compliance methods like exhaust gas cleaning systems (scrubbers).

Market Players and Supply Chain: The bunker fuel market involves various stakeholders, including oil refineries, fuel suppliers, traders, shipping companies, and ports. Major oil companies, such as ExxonMobil, BP, and Shell, are key players in the production and supply of bunker fuel. Ports and bunker hubs serve as strategic locations for fuel bunkering operations, catering to the refueling needs of ships.

Emerging Trends: The bunker fuel market is experiencing ongoing developments and shifts. The industry is increasingly exploring cleaner and more sustainable alternatives to traditional bunker fuels, including biofuels, hydrogen, and ammonia. The adoption of alternative fuels and technologies is driven by the need to reduce greenhouse gas emissions and comply with stricter environmental regulations.

[poojascmi]

A Significant Portion of Vessel Operating Expenses Is Spent On Bunker Fuel

The word Bunker was coined during the days when ships were fueled by coal and is still in use today. Today, ship fuel is referred to as bunker, and refuelling is referred to as bunkering, because it originally referred to the depots where coal was kept. Diesel is the major product created from the petroleum distillation process and is utilised in diesel engines. It has a boiling point of 200-300 degrees Celsius. A bunker resulting from the petroleum distillation process is fuel oil. In refineries, crude oil is distilled in a steel cylinder called as a distillation tower. Crude oil is heated and delivered to the tower for distillation, where hydrocarbons are sorted by kind.

At different locations in the distillation tower, hydrocarbons of different structures are eliminated. The heavy residue at the bottom of the distillation tower does not boil at temperatures below 380 degrees Celsius. By combining this waste in various ways, new products with various viscosities known as heavy fuel or fuel oil are created. Because Bunker Fuel expenditures account for a significant amount of vessel operating expenses, it is critical that bunker adhere to the established criteria in order to maintain effective functioning of the ship's equipment and avoid the high charges that might come from difficulties. Another crucial consideration is the equipment makers' suggestions.

 Explore the complete blog- https://cmiblogdailydose.blogspot.com/2022/06/bunker-fuel-is-derived-from-dregs-of.html

[don-lichterman]

BUNKER JOBS: Maersk Oil Trading Seeks Business Development Manager

BUNKER JOBS: Maersk Oil Trading Seeks Business Development Manager

The role is based in Maersk’s Copenhagen offices. Image Credit: Maersk Oil Trading Maersk Oil Trading, the bunker supply arm of container shipping firm AP Moller-Maersk, is seeking to hire a business development manager in Copenhagen. The company is looking for candidates with at least five years of experience in shipping, logistics, oil or energy, it said in a job advertisement on LinkedIn…

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[blogaarti]

Bunker Fuel Market Size, Status, Top Emerging Trends, Growth and Business Opportunities 2025

Between 2019 and 2020, the world commercial fleet witnessed robust expansion by 81 million dwt (UNCTADstat). Bulk carriers have particularly been seeing noteworthy growth in terms of tonnage. It has been observed that LNG tankers are also gaining more prominence. An expanding fleet of both commercial, as well as recreational vessels having routine operations along international routes promise massive growth in bunker fuel consumption in the near future.

A new ongoing study of Fairfield Market Research suggests that the world trade is fast recovering after a significant setback throughout 2020. With supply chains, logistics, and shipping operations coming back on the track, bunker fuel sales are also regaining momentum. The report expects global bunker fuel market to benefit from the recently flourishing liquified natural gas (LNG) trade, and consequently growing preference for LNG-based vessels in trade. 

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Opportunities Abound for Low-sulphur Oil, and LNG

Aggravating environmental concerns worldwide has been pushing industries toward adoption of clean/green fuels. The otherwise preferred heavy fuel oil (HFO) is thus expected to witness a significant fall in consumption in the near future. Since 2020, as the International Maritime Organization (IMO) imposed a 0.50% global sulphur cap, the market expects a steep drop in shares of heavy sulphur oils in the market. Similarly, the other popular bunker fuel choices such as intermediate fuel oil 380 (IFO 380), intermediate fuel oil 180 (IFO 180), marine diesel oil (MDO), marine gasoil (MGO), and marine fuel oil (MFO) are also projected to lose their shares in market. This will in contrary push both low-sulphur oil, and LNG as the newly preferred bunker fuel alternatives. 

China Remains the Global Leader

Banking on the strongest contenders like China, Japan, India, Australia, and Singapore, Asia Pacific retains the top spot in global bunker fuel landscape. Chinese market especially remains at the forefront, with yearly market valuation of over US$10 Bn. Dominance of China has been attributed to the country’s thriving marine trade scenes in addition to the scaling refining capacities.

On its way to place itself as the world’s most influential marine fuel hub, China is soon likely to outweigh other North Asian markets. Adopting the underbidding strategy, China continues to be the world’s most dynamic container port that could manage to sustain the bunker fuel scenario despite all the disruptions amid COVID-19 pandemic. The country is also witnessing emergence of multiple ports over the recent past, which will remain the prime contributor to the expansion of bunker fuel landscape of Asia Pacific. The report also highlights lucrative opportunities in Australia, and Singapore. 

Bunker Fuel Market Competition

Royal Dutch Shell PLC, PETRONAS Global, Exxon Mobil Corporation, Total SE, Valero Energy Corporation, Chevron Corporation, Saudi Arabian Oil Company, World Fuel Services Corporation, The PJSC Lukoil Oil Company, BP p.l.c., Sinopec Group, Gazprom Neft PJSC, Neste Oyj, Bomin Bunker Oil Corp, Minerve Bunkering, Marathon Petroleum Corporation, and Gac Bunker Fuels Limited are some of the leading competitors in global bunker fuel landscape. Fairfield Market Research uncovers exclusive insights on the strategic developments of key companies, in the report. 

For More Information Visit: https://www.fairfieldmarketresearch.com/report/bunker-fuel-market

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[taniak09]

IMO regulations on sulfur content in the marine fuel and surge in gas exploration and production activities drive the growth of the global LNG bunkering...

[marketanalysisblog]

Increased offshore hydrocarbon exploration activities in offshore destinations and growth in marine trade due to rise in import-export activities contribute to the overall growth of the global bunker fuel market.

Growing import and export activities due to increased growth of the marine trade and increasing oil and gas exploration activities in emerging oil-producing regions drive the growth of the industry.

However, stringent government regulations regarding the use of bunker fuel such as residual fuel oil (RFO) containing pollutants such as sulfur and nitrogen that are capable enough to disturb the marine life cycle restrain the market growth. Conversely, expansion of bunker fuel business by the market players in emerging economies such as India and China would create lucrative opportunities for the market.

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