Bunker fuel industry: China and Singapore account majority of global bunker fuel consumption
Bunker fuel market is the provider of fuel oil consumed by ship vessels, and is especially important for the shipping industry. The facts that ships will continue to consume fossil fuels until the day this industry ceases, and that bunkers fuel costs form nearly 70% part of a ship’s running costs, including daily running and voyage costs, makes the bunker fuel market highly important for the global shipping industry. Any fluctuation in prices of fossil fuels has a direct effect on the profit margins of shipping companies.
According to a new publication by Transparency Market Research (TMR), the global bunker fuel market was valued at 372.30 million tons in the year 2013. It is estimated that this market will reach a total volume of 460 million tons by the end of 2020, rising at a compound annual growth rate of 3.1% between 2014 and 2020.This research report is prepared based on an extensive study of the global market for bunker fuel.
It offers a comparative analysis of the industry by assessing the market quantitatively as well as qualitatively.
The publication provides detailed information about the past performance, the existing condition, and the future prospects of the bunker fuel industry across the globe. The report is titled “Bunker Fuel Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020”.Bunker fuel is a form of liquid fuel distilled fractionally from crude oil.
Also called fuel oil, this substance can be broken down into various categories on the basis of its chemical composition, boiling temperature, and intended purpose. Bunker fuel is highly unrefined and much more polluting than other petroleum products.
Source: Transparency Market Research