DUBLIN, May 15, 2015 /PRNewswire/ -- Research and Markets(http://www.researchandmarkets.com/research/99tblc/global_bunker_oil) has announced the addition of the "Global Bunker Oil Market 2015-2019" report to their offering.
The global bunker oil market to grow at a CAGR of 4% over the period 2014-2019.
Bunker oil refers to the fuel that is utilized by the shipping and marine industries. Bunker fuel expenditure account for approximately 65-70% of the total trip expenses for a vessel, and ship operatives prefer buying bunker fuel from ports where the price is lower. Some operators prefer purchasing a major portion of the total fuel requirement for the voyage from a single port that offers bunker fuel at an economical price. However, this is not an industry wide situation as operators may spread their total fuel procurement over numerous ports.
Bunker fuel companies such as Chemoil Energy and World Fuel Services offer bunkering services in all major ports across the world. Prominent independent distributors with fuel storage terminals and blending platforms in main bunkering ports have an extra advantage over small-sized distributors. Large and financially strong bunker oil suppliers acquire huge shares in large ports, compared to small suppliers. With increased demand for bunker fuel from China, Singapore, and Malaysia, bunker supply companies are likely to expand their operations in major ports of this region. Technological innovations will also gain more momentum as a result of increased investment in R&D, which will smooth over the oil and gas production process.
According to the report, vendors have increased their focus on implementing digital oilfields, whose communication infrastructure is more robust and reliable than that of existing oilfields. These oilfields mainly comprise modern technologies for communication combined with automation, IT, and instrumentation and control. They are also highly efficient compared to existing oilfield platforms, as they provide real-time data that helps adapt the production process depending on availability. They are fully equipped with hi-tech communication devices with efficient data management software, providing precise and reliable information. Wider implementation of these oilfields will ultimately propel overall market growth.
Further, the report states that the ROI in this market has been unpredictable, which has affected overall investment in bunker oil projects.
- Bomin Bunker Holding
- Chemoil International
- KPI Bridge Oil London
- Sentek Marine & Trading
- Transocean Oil
Other Prominent Vendors
- Apex Oil Company
- Baltic Fuel Company
- BP Singapore
- Hin Leong Trading
- Neste Oil
- Riverlake Group
- Stena Oil
For more information visit http://www.researchandmarkets.com/research/99tblc/global_bunker_oil
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SOURCE Research and Markets