Global Marine Fuel Market is projected to grow at a CAGR of 0.84%

Global Marine Fuel Market is projected to grow at a CAGR of 0.84%

By Knowledge Sourcing Intelligence Press Releases

Knowledge Sourcing Intelligence announces the publication of a new report on “Global Marine Fuel Market - Forecasts from 2020 to 2025” to their offering.

Global maritime trade, high investments in R&D, decarbonization of marine fuels, and favorable trade agreements, among others, are poised to result in nominal market growth.

As per the report, the global market pertaining to Marine Fuel Market is expected to reach US$156.426 billion in 2025, from US$148.739 billion in 2019

A variety of developments that extends to fuel delivery, among others in the global marine fuel market, and that are conducive for an upward direction of the market growth are being mentioned below.

November 2020 – Overseas Delivery Agreement

A consensus was arrived at by PetroChina International Co Ltd and Shanghai International Energy Exchange (INE) on cross-border overseas delivery of low-sulfur fuel oil futures contract ILUF1 that also marks as the cornerstone for future global deliveries.

November 2020 – First Entry into International Market

According to The General Administration of Customs, China, 35,000 metric tons (mt) of Tianjin -blended bunker was transported to the Yangtze Delta in the south, which otherwise was only limited to the ports of northern regions prior to this development.

November 2020 – Introduction of Transparent Means of Bunker Deliveries

A maiden bunker delivery was entirely executed over Minerva's new Advanced Delivery Platform (ADP) by made by Minerva Bunkering which is a 100% owned subsidiary of Mercuria Energy Group, one of the largest privately-held energy and commodities companies in the world, and Hafnia Ltd (FRA: 1OQ)

November 2020 – Expansion of Middle Eats Bunker Operations

MONJASA which is a bunker supplier has reported added a 9,600 DWT tanker, the GS Adventure from Golden AgriStena, and renamed it to Monjasa Server for use in ship-to-ship bunker operations in the Arabian Gulf, among others

November 2020 – Commencement of VLSFO

The commencement of Very Low Sulphur Fuel Oil (VLSFO) bunkers supply in Florida was announced by Lindsay Blee & Co Ltd. and their joint venture partner Quest Fuels making the product reportedly available in major ports of the state that comprise JaxPort, Manatee, Port, Port Canaveral, and Port Tampa. It was announced to be sold against the IFO RMG 380 ISO:2010 specification with a sulfur content of less than 0.50%.

November 2020 – Operation Expansion

After adding a tanker MT called Thornton to the fleet owned by marine fuel supplier Bunker One A/S the organization announced the expansion of its operations to Northern Brazil which is a region of vital importance to Brazilian export of commodities. This expansion would enable it to supply bunkers, 50 nautical miles off the Itaqui coastline.

November 2020 – Expansion of Physical Supply

Finecor Oil Bunkering, which is a Greece based physical supplier, specializing in the supply of marine fuel oils, distillates, and lubricants to all Greek Ports has announced the expansion of its physical supply operation to Thessaloniki.

November 2020 – Agreement of Acquisition

The signing of an agreement to acquire a majority stake in a fully-contracted 242,000 m3 bunker fuel blending and storage terminal in Rotterdam called Service Terminal Rotterdam (STR) was announced by a specialist international infrastructure investment company called Amber Infrastructure Group.

December 2020 – International Expansion

Arte Bunkering, which serves more than 3,000 ships per year has carried out an international expansion that involves opening of its office in Singapore and launching of a Greece operation, this in part to avert the negative impacts on business due to changes made in Russian taxation on oil products and the advent of IMO 2020.

December 2020 – Extension of Bunker Supply

PETROBRAS (BVMF: PETR4) had announced that it has extended its contract with the Tubarão barge loading contract to May 2021, and will continue to supply fuel oil and marine gasoil at Vitoria ports that include terminals Praia Mole and Vila Velha.

December 2020 – Agreement of Acquisition

An agreement to acquire the terminal facility, storage tank farm, and lubricant blending plant with wharf access, from Ocean Tankers (PTE) Ltd, which is located in Singapore was announced by Gulf Oil International Ltd one of the largest independent downstream lubricant companies owned by the Hinduja Group.

As a part of the report, the major players operating in the global marine fuel market, which have been covered are BP, Chevron Corporation, Exxon Mobil Corporation, Gazprom Neft PJSC, Global Partners LP, Lukoil, Mabanaft GmbH & Co. KG, Neste, Shell, Sinopec Fuel Oil, Total, Uniper SE and VARO.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-marine-fuel-market

This report segmented the global marine fuel market on the basis following terms

Segmentation

  • By Fuel Type
    • Fuel Oil
    • Gas Oil
  • By End User
    • Oil Tanker
    • Gas Tanker
    • Chemical Tanker
    • General Cargo
    • Others
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Chile
      • Peru
      • Others
    • Europe
      • Germany
      • France
      • The United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • South Africa
      • Others
    • Asia Pacific
      • Japan
      • China
      • India
      • South Korea
      • Australia
      • Philippines
      • Indonesia
      • Others