Important Market Participants for Bunker Fuel:
First, World Fuel Services Corporation: A world leader in bunker fuel, World Fuel Services Corporation offers the maritime sector complete energy solutions. The company offers a variety of fuel products, such as low sulfur fuel oil, heavy fuel oil, and marine gas oil.
Second, Lukoil Bunker LLC: One of the biggest oil businesses in the world, Lukoil, is the parent company of Lukoil Bunker LLC. The business focuses in providing maritime industry bunker fuel, delivering effective and dependable fuel solutions for ships all over the world.
Third, ChemOil Energy Limited: A significant operator in the bunker fuel industry, ChemOil Energy Limited provides a wide range of fuel goods and services. In order to fulfill the changing needs of the maritime industry, the company focuses on offering ecologically responsible and cost-effective fuel options.
Factors Fostering Market Growth Include: 1. Increasing international trade: The rise of international trade is intimately related to the growth of the bunker fuel business. The requirement to power commercial ships that move commodities across the world’s oceans drives the need for bunker fuel, which rises along with the volume of international trade.
2. The maritime industry is expanding: The maritime sector is crucial to international shipping, and its expansion directly affects the need for bunker fuel. The demand for maritime transportation increases along with the growth of emerging economies and established markets, which further fuels the bunker fuel industry.
3. Fuel efficiency and environmental regulations:
Cleaner and more effective fuels are becoming increasingly popular as a result of the implementation of stronger environmental restrictions, such as the International Maritime Organization’s (IMO) sulfur cap limits. By providing low sulfur fuel oil and other compliant fuel choices, suppliers of bunker fuel are adjusting to these rules and driving market expansion.
By 2020, the bunker fuel industry is anticipated to increase significantly and reach a volume of 460 million tons. The market’s major participants, such as World Fuel Services Corporation, Lukoil Bunker LLC, and ChemOil Energy Limited, are responding to the rising demand for bunker fuel brought on by increased international trade and the expansion of the maritime sector. The market is adjusting by offering cleaner and more effective fuel sources to meet the changing needs of the shipping industry as environmental rules become more rigorous.