China And Singapore Named As World's Largest Bunker Markets

by Ship & Bunker News Team
Friday April 17, 2015

China and Singapore have grown to become two of the largest bunker markets globally, while Russia is now the largest supplier of bunker fuel oil, according to research by Transparency Market Research (TMR).

The research, which was for the year 2013, estimated the global bunker fuel market at 372.30 million tonnes.

According to the report, the Asia-Pacific region remains a key market in the industry in terms of consumption, with Europe coming in second.

Russia's status as top supplier reportedly comes from its location within the political boundaries of Europe, which allows it to sell fuel at a cheaper price within the continent. 

Late last year, TMR first announced that it expected global bunker fuel market to grow to 460 million tonnes by 2020, with a compound annual growth rate of 3.1 percent between 2014 and 2020.