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Marine Fuel Services

  • Around 90% of global trade is seaborne; hence, maritime transport plays an important role in the global economy. The global oil & gas exploration activities and seaborne trade are expanding, providing benefits to consumers across the world through competitive freight costs.
  • Marine fuel services play a vital role in the efficient functioning of the maritime sector by providing fuel to vessels and fleets whenever and wherever required
  • Marine fuel services can be provided onshore and offshore. Service providers have fuel storages stations, dispensing units, storage vessels, and cover a specific distribution area.
  • More than 50,000 merchant ships operate internationally, transporting every kind of cargo. Marine fuel services play a key role in their operation.

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Key Drivers of Global Marine Fuel Services Market

  • Demand for marine fuel services is expected to increase in the near future owing to rise in offshore exploration and production of oil & gas reserves across the globe. Offshore drilling activities have also been increasing. According to the World Oil, around 27,000 wells were drilled in the U.S. in 2018 compared to around 24,000 in 2017.
  • Growth in seaborne trade and oil & gas exploration activities is anticipated to boost the global marine fuel services market in the next few years

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COVID-19 Impact on Global Marine Fuel Services Market

  • The rapid spread of the COVID-19 pandemic has had a major impact on the global shipping market. Lockdowns across the globe have adversely affected sea trade. Most of the marine vessels were docked at ports or were stranded in the middle of ocean.

Key Development

  • On June 1, 2020, Canden Marine Fuel Services, a Canada-based company that provides marine fuel services, merged with the Glander International Bunkering Group. This merger would help the company strengthen its global presence and provide even higher levels of service to their clients.

North America to Hold Major Share of Global Marine Fuel Services Market

  • Based on region, the global marine fuel services market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • North America dominated the global marine fuel services market in 2019. This trend is projected to continue during the forecast period. Increase in offshore discoveries of new oil & gas reserves in the region is driving the market in North America. Furthermore, growth in seaborne trade is anticipated to boost the marine fueling service market in the region.
  • Europe is anticipated to account for vital share of the global marine fuel services market during the forecast period. Countries such as Russia, Norway, the U.K., and those in CIS are among major producers of offshore oil & gas in the region. Europe has a large coastline and large numbers of marine vessels.  
  • The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period owing to the increase in seaborne trade in the region. Asia Pacific largely imports crude oil and raw materials from various countries.
  • Middle East & Africa is likely to account for moderate share of the market in the near future. The region is rich in onshore oil reserves and is investing in exploration of offshore sites. This is likely to boost the demand for marine fuel services in the region.
  • Latin America is anticipated to hold low share of the market during the forecast period. The market in the region is expected to expand at moderate pace in the near future.

Key Players Operating in Market

Major players operating in the global marine fuel services market are:

  • Ramos Oil Company
  • Atlas Oil
  • Marine Fuel Services AS
  • The Jankovich Company
  • Clipper Oil, Inc.
  • Ventura Harbor
  • Rubis
  • Seneca Companies
  • Feece Oil Co.
  • National Marine Suppliers Inc.
  • Martin Energy Services

Global Marine Fuel Services Market: Research Scope

Global Marine Fuel Services Market, by Service Type

  • Fleet Fueling
  • Bulk Fuel Transportation
  • Retail Fueling
  • Bunkering
  • Others

Global Marine Fuel Services Market, by End-use

  • Barges
  • Coast Guard Vessels
  • Crab Fleets
  • Dredges
  • Environmental & Research Vessels
  • Fishing Boats
  • Others

Global Marine Fuel Services Market, by Application

  • Onshore
  • Offshore

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Marine Fuel Services Market

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