Bunker fuel serves as the primary power source for aircraft, ships, and various vehicles due to its cost-effectiveness compared to other available fuels. It encompasses types like Intermediate Fuel Oil (IFO), Marine Gas Oil (MGO), Marine Diesel Oil (MDO), High-Sulfur Fuel Oil (HSFO), and Very-Low Sulfur Fuel Oil (VLSFO). Each type caters to different engines and specifications, from heavy fuel oil blends to cleaner distillates.
The demand for bunker fuel is driven by the expansion of international seaborne trade
With maritime transport being a linchpin of global trade, the United Nations Conference on Trade and Development reported a 3.04% overall increase in the global fleet in 2021, except for specific ship categories. This growth is directly correlated with the surge in global trade, expected to hit approximately US$ 28 trillion in 2021, a notable 23% rise from the previous year.
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Rise in offshore exploration and production activities worldwide
The increasing need for resources like crude oil, coal, steel, and iron has propelled offshore exploration, boosting the bunker fuel market. Companies specializing in marine bunkering cater to the oil & gas sector, aligning their services with technological advancements that facilitate deep-sea exploration. The offshore fleet includes vessels like exploration ships, platform supply vessels, and cable layers, as there’s a shift from onshore to offshore exploration due to the growing demand for new hydrocarbon reserves.
Bunker fuel suppliers strategically invest in bunkering divisions near major offshore hydrocarbon basins, aiming to capture market share and support the increasing demand stemming from offshore exploration activities. This strategic positioning reflects the industry’s response to the growing need for bunker fuel in the evolving landscape of global trade and offshore energy exploration.