Bunker Fuel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020
DUBLIN, Jan. 05, 2015 /PRNewswire/ --Research and Markets
(http://www.researchandmarkets.com/research/fjr5k9/bunker_fuel) has announced the addition of the "Bunker Fuel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020" report to their offering.
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Fuel utilized by shipping companies for fueling their marine fleet is commonly referred to as bunker fuel. Currently, fuel oil is the most widely used bunker fuel. However, apart from fuel oil, other middle distillate fuels are also utilized as bunker fuels. Bunker fuel costs account for approximately 70% of the total voyage expenditure for a vessel and ship operators prefer purchasing bunker fuel from ports where the cost is lower. Some operators prefer purchasing a major portion of the total fuel requirement for the voyage from a single port which offers bunker fuel at economical prices.
However, this is not an industry-wide scenario as other operators may spread the total fuel purchase over numerous ports. The stringent sulfur emission standards, especially in Emission Control Areas (ECA), have gradually led shipping companies to adopt clean fuel grades.
The middle distillate and low sulfur fuels are now being traded in all major ports of the world. Though marine fuel is traded at almost all ports around the world, a major volume of the overall trading activities are concentrated among a select number of ports. Ports that are strategically located along major transit routes have emerged as prime bunkering destinations. The Port of Singapore and Fujairah are large bunkering ports, which account for a significant share of the overall bunker fuel traded in the global market.
Asia Pacific is the most prominent market for the bunker fuel industry. The major commodity consumption centers in the world currently lie in the Asia Pacific region. The Singapore Port in Asia Pacific is currently the largest port in the world in terms of volumes of bunker fuel traded. Europe is home to some of the busiest trading routes in the world and the region houses numerous choke points, which have evolved into major trading routes. As a result, large bunkering ports have developed around these choke points across the region. Busy ports such as the Port of Rotterdam and the Port of Gibraltar have developed as highly attractive bunkering destinations owing to their presence near these choke points.
In the bunker industry, there are two primary kinds of fuels currently being used; distillate fuel and residual fuel. Among the two, residual fuel accounted for around 75% of global bunker consumption in 2013. The residual fuel oil segment comprises intermediate fuel oils (IFOs), among which IFO 380 and IFO 180 are the most preferred fuel grades. The IFO 380 fuel grade is relatively inexpensive compared to other bunker fuel grades, which are freely traded in the market. With majority of ship engines capable of combusting IFO 380, it is currently the most popular fuel grade in the bunker market. The IFO 380 grade is likely to exhibit moderate growth rates in demand during the forecast period.
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Bunker Fuel Market - Industry Analysis
Chapter 4 Bunker Fuel Market: Fuel Grade Analysis
Chapter 5 Bunker Fuel Market: End-Use Analysis
Chapter 6 Bunker Fuel Market: Seller Type Analysis
Chapter 7 Bunker Fuel Market: Regional Analysis
Chapter 8 Company Profiles
Companies Mentioned:
- Aegean Marine Petroleum Network, Inc.
- BP Marine Ltd.
- Bunker Holding A/S
- Chemoil Energy Limited
- Exxon Mobil Corporation
- Gazpromneft Marine Bunker LLC
- Gulf Agency Company Ltd
- Lukoil-Bunker LLC
- Royal Dutch Shell plc
- World Fuel Services Corporation
For more information visit http://www.researchandmarkets.com/research/fjr5k9/bunker_fuel
Media Contact: Laura Wood , +353-1-481-1716, press@researchandmarkets.net
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