World News
Bunker Market to Grow to 460 Million Tonnes by 2020
The global bunker fuel market is expected to grow to 460 million tonnes by 2020, with a compound annual growth rate of 3.1 percent between 2014 and 2020, according to a report released by Transparency Market Research (TMR).
Market revenue is also expected to reach $292.4 billion, as demand for fuel for container ships and tanker vessels is expected to grow and the fuel landscape changes with the implementation of new Emission Control Areas (ECA) rules in 2015.
Beginning next month, the sulfur content of marine fuel used in ECAs will be limited to 0.10 percent by weight, down from the current limit of 1.0 percent, leading to increased demand for more expensive low sulfur fuel.
According to the report, demand for manufactured and finished goods in the Asia Pacific region will be the main growth driver for containerships.
TMR put the global market in 2013 at 372.30 million tonnes, with IFO380 as the most commonly traded fuel globally.
Earlier in the year Iain White, field marketing manager at ExxonMobil Marine Fuels & Lubricants commented that going forward, bunker markets would be much more complex and fragmented.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
Popular Now More
-
Apr 29The company is looking for candidates with experience in negotiating deals and a functional understanding of vessel and bunkering operations. -
Apr 29The Singapore-based executive has worked for the company since 2003. -
Apr 24Non-compete clauses have not always been used in a fair and reasonable way in the bunker industry, Maritime Recruitment Company Ltd's Vernon Jayanathan tells Ship & Bunker.