The bunker fuel market is influenced by various factors such as the growth of the shipping industry, global trade, and maritime tourism. The demand for low-sulfur bunker fuels has increased due to stricter regulations for reducing emissions from ships. Additionally, the demand for liquefied natural gas (LNG) as a bunker fuel is expected to grow due to its environmental benefits. The market is also affected by fluctuations in crude oil prices, which impact the cost of production and pricing of bunker fuel. The emergence of alternative fuels such as hydrogen, biofuels, and electric-powered ships is also expected to impact the bunker fuel market in the coming years. Overall, the bunker fuel market is expected to grow in the long term due to the growth of global trade and increasing demand for energy-efficient and environmentally friendly shipping.
Global Bunker Fuel Market was valued at US$ 25631.59 Million in 2021 in terms of revenue, exhibiting a CAGR of 5.4 % during the forecast period (2022 to 2030).
Key Companies in the Bunker Fuel Industry:
1. Chemoil Energy Limited
Chemoil Energy Limited was founded in 1981 and is headquartered in Singapore. It operates in more than 25 countries and is engaged in the supply and marketing of marine fuel oils and lubricants. Chemoil Energy Limited was acquired by Glencore in 2018.
2. Aegean Marine Petroleum Network, Inc.
Aegean Marine Petroleum Network, Inc. was founded in 1995 and is headquartered in New York, USA. It operates in more than 30 countries and is involved in the supply and marketing of marine fuels, lubricants, and related services. Aegean Marine Petroleum Network, Inc. filed for bankruptcy in November 2018 and was later acquired by Mercuria Energy Group.
3. World Fuel Services Corporation
World Fuel Services Corporation was founded in 1984 and is headquartered in Miami, Florida, USA. It operates in more than 50 countries and provides fuel and energy-related services to aviation, marine, and land transportation industries. World Fuel Services Corporation announced the acquisition of two marine fuel suppliers, Marpol and NYK Trading, in 2019.
4. Gulf Agency Company Ltd.
Gulf Agency Company Ltd. was founded in 1957 and is headquartered in Dubai, UAE. It operates in more than 30 countries and provides shipping, logistics, and marine services. Gulf Agency Company Ltd. signed an agreement with China Energy Engineering Corporation in 2020 to jointly develop energy projects in the Middle East and Africa.
5. Gazpromneft Marine Bunker LLC
Gazpromneft Marine Bunker LLC was founded in 2007 and is headquartered in St. Petersburg, Russia. It operates in more than 60 countries and provides bunker fuel to ships and vessels. Gazpromneft Marine Bunker LLC started offering low-sulfur marine fuel oil in Russian ports in 2020 to comply with new regulations.
6. BP Marine Ltd.
BP Marine Ltd. is a subsidiary of BP plc and was founded in 1997. It is headquartered in London, UK and operates in more than 80 countries. It provides marine fuels and related services.
7. Exxon Mobil Corporation
Exxon Mobil Corporation was founded in 1999 and is headquartered in Texas, USA. It operates in more than 70 countries and provides marine fuels and lubricants to the shipping industry.
8. Royal Dutch Shell plc
Royal Dutch Shell plc was founded in 1907 and is headquartered in The Hague, Netherlands. It operates in more than 70 countries and provides marine fuels and lubricants, as well as related services.
9. Bunker Holding A/S
Bunker Holding A/S was founded in 1981 and is headquartered in Middelfart, Denmark. It operates in more than 30 countries and provides marine fuel and lubricants. Bunker Holding A/S acquired Norwegian bunker supplier, Bergen Bunkers AS, in 2019.
10. Lukoil-Bunker LLC
Lukoil-Bunker LLC was founded in 2014 and is headquartered in Moscow, Russia. It operates in more than 20 countries and provides bunker fuel to the shipping industry.
*Definition- Bunker fuel refers to the fuel oil used by ships and vessels for propulsion and auxiliary engines. It is a heavy, viscous fuel that is derived from crude oil and is used by the shipping industry as a primary source of energy.
