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Published Date: 2014-12-10Number of Pages: 127

Bunker Fuel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020

 

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.

 

Currently, bulk and general cargo vessels account for a significant share of the overall bunker consumption. Cargo vessels generally require more time and manpower to carry out loading and unloading activities as compared to container vessels. As a result, container vessels are gradually substituting general cargo vessels in the global trade scenario. Owing to this substitution effect, general cargo vessels are likely to moderately lose out on market share to container vessels with respect to bunker consumption globally. Container vessels are likely to be the most attractive market segment for bunker consumption during the forecast period. Owing to the simplified loading and unloading procedures applicable for these vessels, they are being increasingly preferred over cargo vessels in major ports across the world. Tanker vessels also account for significant market share globally in terms of bunker fuel consumption. Major crude oil consumption and production centers such as Asia Pacific and the Middle East are expected to register a continuous increase in tanker trade throughout the forecast period. 

 

Currently, bunker fuel is supplied in the global market by three seller categories: major oil companies, large independent bunker suppliers, and small independent bunker suppliers. Companies such as Chemoil Energy Limited and World Fuel Services Corporation offer bunkering services in all major ports of the world. On the other hand, companies such as Gazpromneft Marine Bunker LLC and Lukoil-Bunker LLC operate only in restricted regions. Leading independent distributors that own physical assets such as storage terminals and blending facilities in major bunkering ports have additional advantage over small independent distributors. The financially stable large distributors are in a better position to acquire these physical assets in large ports as compared to smaller distributors. With increasing demand for bunker fuel from developing regions of Asia Pacific, bunker supplying companies are expected to expand operations in major ports of this region.

Global Bunker Fuel Market, Volume Share by Fuel Grade Segment, 2013 and 2020 

 

 

 

Chapter 1 Preface

1.1 Report Description

1.2 Research Scope

1.3 Market Segmentation

1.4 Research Methodology

 

Chapter 2 Executive Summary

2.1 Global Bunker Fuel Market

 

Chapter 3 Bunker Fuel Market – Industry Analysis

3.1 Introduction

3.2 Value Chain Analysis: Bunker Fuel Market

3.3 Market Drivers

      3.3.1 Increasing Hydrocarbon Resource Development Activities in Offshore Areas Resulting in Increased Requirement for Bunker Fuel

               3.3.1.1 Global offshore oil and gas production estimates and forecast, by region, 2013 – 2020 (Million Barrels/ Day) 

      3.3.2 Rapidly Increasing Bunker Requirements in Crude Oil and Product Tankers

3.4 Market Restraints

      3.4.1 Fuel Reduction Initiatives by Global Shipping Community

      3.4.2 LNG as an Alternative Fuel

               3.4.2.1 Current development status of LNG bunkering infrastructure globally, by ports, 2013

3.5 Market Opportunities

      3.5.1 Expansion of ECA’s will Increase Demand for middle distillate oils (MDO & MGO) 

               3.5.1.1 Global fuel sulphur limits within and outside ECAs

3.6 Porter’s Five Forces Analysis: Bunker Fuel Market

      3.6.1 Bargaining power of suppliers

      3.6.2 Bargaining power of buyers

      3.6.3 Threat from new entrants

      3.6.4 Degree of competition

      3.6.5 Threat from substitutes

3.7 Port Market Share: Bunker Fuel Market

      3.7.1 Bunker fuel market, port market share,2013

3.8 Port analysis: Bunker Fuel Market

      3.8.1 Major Choke Points and Bunker ports globally

      3.8.2 Port of Singapore

      3.8.3 Port of Fujairah

      3.8.4 Port of Rotterdam

3.9 Market Attractiveness Analysis of Bunker Fuel Market, by Region, 2013

 

Chapter 4 Bunker Fuel Market: Fuel Grade Analysis

4.1 Global Bunker Fuel Market: Fuel Grade Overview

       4.1.1 Global Bunker Fuel Market, Volume Share by Fuel Grade,2013 and 2020

4.2 IFO 380

       4.2.1 Global IFO 380 estimates and forecast, 2013 – 2020 (Million Tons) (USD Billion) 

4.3 IFO 180

       4.3.1 Global IFO 180 estimates and forecast, 2013 – 2020 (Million Tons) (USD Billion) 

4.4 IFO Others

       4.4.1 Global IFO Others estimates and forecast, 2013 – 2020 (Million Tons) (USD Billion) 

4.5 MGO/MDO

       4.5.1 Global MGO/MDO estimates and forecast, 2013 – 2020 (Million Tons) (USD Billion) 

 

Chapter 5 Bunker Fuel Market: End-Use Analysis

5.1 Global Bunker Fuel Market: End-Use Overview

      5.1.1 Global Bunker Fuel Market, volume share by end-use, 2013 and 2020

5.2 Tanker Fleet

      5.2.1 Global Bunker Fuel consumption by tanker fleet, 2013-2020 (Million tons) (USD Billion) 

5.3 Container Fleet

      5.3.1 Global Bunker Fuel consumption by container fleet, 2013-2020 (Million tons) (USD Billion) 

5.4 Bulk and General Cargo Fleet

      5.4.1 Global Bunker Fuel consumption by bulk and general cargo fleet, 2013-2020 (Million tons) (USD Billion) 

5.5 Others

      5.5.1 Global Bunker Fuel consumption by others, 2013-2020 (Million tons) (USD Billion) 

 

Chapter 6 Bunker Fuel Market: Seller Type Analysis

6.1 Global Bunker Fuel Market: Seller Type overview

      6.1.1 Global Bunker Fuel Market, volume share by seller type, 2013 and 2020

6.2 Major Oil Company

      6.2.1 Global Supply by Major Oil Companies, 2013 – 2020 (Million Tons) (USD Billion) 

6.3 Leading Independent distributors

      6.3.1 Global Supply by Leading Independent Distributors, 2013 – 2020 (Million Tons) (USD Billion) 

6.4 Small independent distributors

      6.4.1 Global Supply by Small Independent Distributors, 2013 – 2020 (Million Tons) (USD Billion) 

 

Chapter 7 Bunker Fuel Market: Regional Analysis

7.1 Global Bunker Fuel market: Regional Overview

      7.1.1 Global Bunker Fuel consumption market, volume share by region, 2013 and 2020

7.2 North America

      7.2.1 North America Bunker Fuel consumption estimates and forecast, 2013-2020 (Million tons)(USD Billion) 

      7.2.2 North America Bunker Fuel consumption estimate and forecast, by fuel grade, 2013 – 2020, (Million Tons) (USD Billion) 

      7.2.3 North America Bunker Fuel consumption estimate and forecast, by end use segment, 2013 – 2020, (Million Tons) (USD Billion) 

      7.2.4 North America Bunker Fuel consumption estimate and forecast, by seller type, 2013 – 2020, (Million Tons) (USD Billion) 

7.3 Europe

      7.3.1 Europe Bunker Fuel consumption estimates and forecast, 2013-2020 (Million tons)(USD Billion) 

      7.3.2 Europe Bunker Fuel consumption estimate and forecast, by fuel grade, 2013 – 2020, (Million Tons) (USD Billion) 

      7.3.3 Europe Bunker Fuel consumption estimate and forecast, by end use segment, 2013 – 2020, (Million Tons) (USD Billion) 

      7.3.4 Europe Bunker Fuel consumption estimate and forecast, by seller type, 2013 – 2020, (Million Tons) (USD Billion) 

7.4 Asia-Pacific

      7.4.1 Asia-Pacific Bunker Fuel consumption estimates and forecast, 2013-2020 (Million tons)(USD Billion) 

      7.4.2 Asia-Pacific Bunker Fuel consumption estimate and forecast, by fuel grade, 2013 – 2020, (Million Tons) (USD Billion) 

      7.4.3 Asia-Pacific Bunker Fuel consumption estimate and forecast, by end-use segment, 2013 – 2020, (Million Tons) (USD Billion) 

      7.4.4 Asia-Pacific Bunker Fuel consumption estimate and forecast, by seller type, 2013 – 2020, (Million Tons) (USD Billion) 

7.5 Middle East

      7.5.1 Middle East Bunker Fuel consumption estimates and forecast, 2013-2020 (Million tons)(USD Billion) 

      7.5.2 Middle East Bunker Fuel consumption estimate and forecast, by fuel grade, 2013 – 2020, (Million Tons) (USD Billion) 

      7.5.3 Middle East Bunker Fuel consumption estimate and forecast, by end use, 2013 – 2020, (Million Tons) (USD Billion) 

      7.5.4 Middle East Bunker Fuel consumption estimate and forecast, by seller type, 2013 – 2020, (Million Tons) (USD Billion) 

7.6 RoW

      7.6.1 RoW Bunker Fuel consumption estimates and forecast, 2013-2020 (Million tons)(USD Billion) 

      7.6.2 RoW Bunker Fuel consumption estimate and forecast, by fuel grade, 2013 – 2020, (Million Tons) (USD Billion) 

      7.6.3 RoW Bunker Fuel consumption estimate and forecast, by end user segment, 2013 – 2020, (Million Tons) (USD Billion) 

      7.6.4 RoW Bunker Fuel consumption estimate and forecast, by seller type, 2013 – 2020, (Million Tons) (USD Billion) 

 

Chapter 8 Company Profiles

8.1 Chemoil Energy Limited

      8.1.1 Company overview

      8.1.2 Product portfolio

      8.1.3 Financial overview

      8.1.4 Business strategy

      8.1.5 Recent developments

8.2 Aegean Marine Petroleum Network, Inc. 

      8.2.1 Company overview

      8.2.2 Product portfolio

      8.2.3 Financial overview

      8.2.4 Business strategy

      8.2.5 Recent developments

8.3 World Fuel Services Corporation

      8.3.1 Company overview

      8.3.2 Product portfolio

      8.3.3 Financial overview

      8.3.4 Business strategy

      8.3.5 Recent developments

8.4 Gulf Agency Company Ltd 

      8.4.1 Company overview

      8.4.2 Product portfolio

      8.4.3 Financial overview

      8.4.4 Business strategy

      8.4.5 Recent developments

8.5 Gazpromneft Marine Bunker LLC

      8.5.1 Company overview

      8.5.2 Product portfolio

      8.5.3 Financial overview

      8.5.4 Business strategy

      8.5.5 Recent developments

8.6 BP Marine Ltd. 

      8.6.1 Company overview

      8.6.2 Product portfolio

      8.6.3 Financial overview

      8.6.4 Business strategy

      8.6.5 Recent developments

8.7 Exxon Mobil Corporation

      8.7.1 Company overview

      8.7.2 Product portfolio

      8.7.3 Financial overview

      8.7.4 Business strategy

      8.7.5 Recent developments

8.8 Royal Dutch Shell plc

      8.8.1 Company overview

      8.8.2 Product portfolio

      8.8.3 Financial overview

      8.8.4 Business strategy

      8.8.5 Recent developments

8.9 Bunker Holding A/S

      8.9.1 Company overview

      8.9.2 Product portfolio

      8.9.3 Financial overview

      8.9.4 Business strategy

      8.9.5 Recent developments

8.10 Lukoil-Bunker LLC

      8.10.1 Company overview

      8.10.2 Product portfolio

      8.10.3 Financial overview

      8.10.4 Business strategy

      8.10.5 Recent developments

List of Figures 

 

FIG. 1 Bunker Fuel: Market Segmentation 

FIG. 2 Global Bunker Fuel Market Volume and Revenue, 2013 – 2020 (Million Tons) (USD Billion) 

FIG. 3 Value Chain Analysis of Bunker fuel market 

FIG. 4 Global offshore oil and gas production estimates and forecast, by region, 2013 – 2020 (Million Barrels/ Day) 

FIG. 5 Fuel Sulphur Limits: Globally & within ECA’s  (Actual & Estimated) 

FIG. 6 Porter’s Five Forces analysis: Bunker fuel Market 

FIG. 7 Bunker fuel market, port market share,2013 

FIG. 8 Major Choke Points and Bunker Ports 

FIG. 9 Market Attractiveness Analysis of Bunker Fuel Market, by Region, 2013 

FIG. 10 Global Bunker Fuel Market, volume share by fuel grade, 2013 and 2020 

FIG. 11 Global IFO 380 volume and revenue, 2013 – 2020 (Million Tons) (USD Billion) 

FIG. 12 Global IFO 180 volume and revenue, 2013 – 2020 (Million Tons) (USD Billion) 

FIG. 13 Global IFO Others volume and revenue, 2013 – 2020 (Million Tons) (USD Billion) 

FIG. 14 Global MGO/MDO volume and revenue, 2013 – 2020 (Million Tons) (USD Billion) 

FIG. 15 Global Bunker Fuel Market , volume share by end-use, 2013 and 2020 

FIG. 16 Global Bunker Fuel consumption by tanker fleet, 2013-2020 (Million tons) (USD Billion) 

FIG. 17 Global Bunker Fuel consumption by container fleet, 2013-2020 (Million tons) (USD Billion) 

FIG. 18 Global Bunker Fuel consumption by bulk and general cargo fleet, 2013-2020 (Million tons) (USD Billion) 

FIG. 19 Global Bunker Fuel consumption by others, 2013-2020 (Million tons) (USD Billion) 

FIG. 20 Global Bunker Fuel Market, volume share by seller type, 2013 and 2020 

FIG. 21 Global supply by major oil companies, 2013 – 2020 (Million Tons) (USD Billion) 

FIG. 22 Global supply by leading independent distributors, 2013 – 2020 (Million Tons) (USD Billion) 

FIG. 23 Global supply by small independent distributors, 2013 – 2020 (Million Tons) (USD Billion) 

FIG. 24 Global Bunker Fuel consumption market, volume share by region, 2013 and 2020 

FIG. 25 North America Bunker Fuel consumption estimates and forecast, 2013-2020 (Million tons) (USD Billion) 

FIG. 26 Europe Bunker Fuel consumption estimates and forecast, 2013-2020 (Million tons) (USD Billion) 

FIG. 27 Asia-Pacific Bunker Fuel consumption estimates and forecast, 2013-2020 (Million tons) (USD Billion) 

FIG. 28 Middle East Bunker Fuel consumption estimates and forecast, 2013-2020 (Million tons) (USD Billion) 

FIG. 29 RoW Bunker Fuel consumption estimates and forecast, 2013-2020 (Million tons) (USD Billion) 

List of Tables

 

TABLE 1 Global Bunker Fuel Market: Snapshot 

TABLE 2 Drivers of Bunker Fuel Market: Impact Analysis 

TABLE 3 Restraints of Bunker Fuel Market: Impact Analysis 

TABLE 4 Development of global LNG bunkering infrastructure, by ports, 2013 

TABLE 5 Opportunities of Bunker Market: Impact Analysis 

TABLE 6 North America Bunker Fuel market volume estimate and forecast, by fuel grade, 2013 - 2020 (Million Tons) 

TABLE 7 North America Bunker Fuel market revenue estimate and forecast, by fuel grade, 2013 - 2020 (USD Billion) 

TABLE 8 North America Bunker Fuel market volume estimate and forecast, by end use segment, 2013 - 2020 (Million Tons) 

TABLE 9 North America Bunker Fuel market revenue estimate and forecast, by end use segment, 2013 - 2020 (USD Billion) 

TABLE 10 North America Bunker Fuel market volume estimate and forecast, by seller type, 2013 - 2020 (Million Tons) 

TABLE 11 North America Bunker Fuel market revenue estimate and forecast, by seller type, 2013 - 2020 (USD Billion) 

TABLE 12 Europe Bunker Fuel market volume estimate and forecast, by fuel grade, 2013 - 2020 (Million Tons) 

TABLE 13 Europe Bunker Fuel market revenue estimate and forecast, by fuel grade, 2013 - 2020 (USD Billion) 

TABLE 14 Europe Bunker Fuel market volume estimate and forecast, by end use segment, 2013 - 2020 (Million Tons) 

TABLE 15 Europe Bunker Fuel market revenue estimate and forecast, by end use segment, 2013 - 2020 (USD Billion) 

TABLE 16 Europe Bunker Fuel market volume estimate and forecast, by seller type, 2013 - 2020 (Million Tons) 

TABLE 17 Europe Bunker Fuel market revenue estimate and forecast, by seller type, 2013 - 2020 (USD Billion) 

TABLE 18 Asia-Pacific Bunker Fuel market volume estimate and forecast, by fuel grade, 2013 - 2020 (Million Tons) 

TABLE 19 Asia-Pacific Bunker Fuel market revenue estimate and forecast, by fuel grade, 2013 - 2020 (USD Billion) 

TABLE 20 Asia-Pacific Bunker Fuel market volume estimate and forecast, by end-use segment, 2013 - 2020 (Million Tons) 

TABLE 21 Asia-Pacific Bunker Fuel market revenue estimate and forecast, by end-use segment,  2013 - 2020 (USD Billion) 

TABLE 22 Asia-Pacific Bunker Fuel market volume estimate and forecast, by seller type, 2013 - 2020 (Million Tons) 

TABLE 23 Asia-Pacific Bunker Fuel market revenue estimate and forecast, by seller type, 2013 - 2020 (USD Billion) 

TABLE 24 Middle East Bunker Fuel market volume estimate and forecast, by fuel grade, 2013 - 2020 (Million Tons) 

TABLE 25 Middle East Bunker Fuel market revenue estimate and forecast, by fuel grade, 2013 - 2020 (USD Billion) 

TABLE 26 Middle East Bunker Fuel market volume estimate and forecast, by end use segment, 2013 - 2020 (Million Tons) 

TABLE 27 Middle East Bunker Fuel market revenue estimate and forecast, by end-use segment, 2013 - 2020 (USD Billion) 

TABLE 28 Middle East Bunker Fuel market volume estimate and forecast, by seller type, 2013 - 2020 (Million Tons) 

TABLE 29 Middle East Bunker Fuel market revenue estimate and forecast, by seller type, 2013 - 2020 (USD Billion) 

TABLE 30 RoW Bunker Fuel market volume estimate and forecast, by fuel grade, 2013 - 2020 (Million Tons) 

TABLE 31 RoW Bunker Fuel market revenue estimate and forecast, by fuel grade, 2013 - 2020 (USD Billion) 

TABLE 32 RoW Bunker Fuel market volume estimate and forecast, by end-use segment, 2013 - 2020 (Million Tons) 

TABLE 33 RoW Bunker Fuel market revenue estimate and forecast, by end-use segment, 2013 - 2020 2013 - 2020 (USD Billion) 

TABLE 34 RoW Bunker Fuel market volume estimate and forecast, by seller type, 2013 - 2020 (Million Tons) 

TABLE 35 RoW Bunker Fuel market revenue estimate and forecast, by seller type, 2013 - 2020 2013 - 2020 (USD Billion) 

This research study analyzes the market for bunker fuel in terms of volume and revenue. The bunker fuel market has been analyzed on the basis of fuel grade, end-user, seller type, and geography. For the research, the base year is 2013, while the forecast is for the period 2014–2020. Market data for all the segments have been provided on the regional level for the period 2013–2020. A comprehensive competitive landscape has also been included in the report, comprising companies involved in the bunkering business. Value chain analysis and Porter’s Five Forces model have also been included for the market, to provide a clear understanding regarding the dynamics of the industry.

 

Porter’s Five Forces and value chain analysis have been carried out with respect to suppliers of bunker fuel. These high level analyses provide detailed insights into the business of bunker suppliers, traders, and brokers globally. Major drivers, restraints, and opportunities of the bunker fuel market were analyzed in detail with supporting graphs and tables. There are currently numerous drivers for the bunker fuel industry. One of the most prominent drivers is the growing demand for fuel for container ships and tanker vessels. The rapidly evolving demand patterns for various fuel grades due to implementation of sulfur emission norms in different regions was analyzed in detail in the report. Market attractiveness analysis was carried out for the bunker fuel industry based on geography. In the market attractiveness analysis, the bunker fuel industry was analyzed regionally and ranked on the basis of a number of parameters that directly impact the attractiveness of the market. Port market share has also been included in this report to offer a better overview of major bunkering destinations. In this segment, the major bunkering ports were analyzed on the basis of bunker volume traded in 2013. Apart from this, a separate segment has been incorporated for port analysis. Also, the three largest bunkering ports in the world – Singapore, Rotterdam, and Fujairah – have been analyzed separately in this segment.

 

The fuel grades traded at different ports comprises IFO 380, IFO 180, IFO Others, and MGO/MDO. The IFO Others segment includes IFO 500, IFO 700, LS 380, and LS 180 fuel grades. The seller segment of the bunker market has been segmented into major oil companies, leading independent distributors, and small independent distributors. Key end-users for bunker fuel were identified as container vessels, tanker fleets, bulk & general cargo vessels, and other vessels. The bunker market was analyzed across five geographies: North America, Europe, Asia Pacific, the Middle East, and Rest of the World (RoW). The RoW segment comprises South and Central America, and Africa. Regional data has been provided for each sub-segment of the bunker market. The bunker consumption figures for each region have been sub-segmented on the basis of fuel grade, end-use, and seller type. Key market participants in the bunkering business include Chemoil Energy Limited, Aegean Marine Petroleum Network, Inc., and World Fuel Services Corporation. The report provides an overview of these companies, followed by their financial revenue, business strategies, and recent developments. 

 

The market size for bunker fuel has been estimated by studying the possible future environmental regulation trends in the market. Detailed research of sulfur regulations in different regions has been undertaken to estimate and forecast the consumption and investments in the bunker fuel industry. The global bunker fuel market has been segmented as below: 

 

Bunker Fuel Market: Fuel Grade Analysis

  • IFO 380
  • IFO 180
  • IFO Others
  • MGO/MDO

Bunker Fuel Market: End User Analysis

  • Container Vessels
  • Tankers Vessels
  • Bulk & General Cargo Vessels
  • Other Vessels

Bunker Fuel Market: Seller Type Analysis

  • Major Oil Companies
  • Leading Independent Distributors
  • Small Independent Distributors

Bunker Fuel Market: Regional Analysis 

  • North America
  • Europe
  • Asia Pacific
  • Middle East 
  • Rest of the World (RoW)


 
 
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