Bunker Fuel Market By Type (Distillate Fuel Oil, Residual Fuel Oil, and LNG), By Application (Tanker Vessels, Container Vessels, Bulk Vessels, and General Cargo Vessels), and By Region - Trends, Analysis and Forecast till 2034

Increasing Transportation of Maritime Freight

Globalization, population increase, and economic expansion are the main drivers of the ongoing growth in international trade. Consequently, the requirement for maritime transportation to transfer goods across borders and continents is growing. Ships are the main means of moving commodities in large quantities, such as coal, iron ore, cereals, crude oil, and containerized cargo. As the world's trade expands, so does the need for bunker fuel to power the maritime fleet.

For example, as of December 2021, the port of Duqm has an operational modern marine bunker terminal, which significantly increases its attractiveness to domestic and foreign vessels. Due to the terminal's 30,000 cubic meter capacity, various bunker fuel grades, such as marine gasoline oil (MGO), higher sulfur fuel oil (HFO), and shallow sulfur fuel oil (VLSFO), can be supplied. The facility can meet the requirements of ships for low-sulfur fuel in compliance with the standards recently enforced by the International Maritime Organization (IMO) because of its flexible architecture.

Growing Use of LNG as a Bunker Fuel

Even with the growing popularity of LNG as a bunker fuel, problems still need to be fixed. These include the need for additional infrastructure for LNG bunkering, logistics for the LNG supply chain, harmonization of regulations, and assurance of LNG's long-term viability as a fuel to bridge the transition to emission-free transportation. Nevertheless, LNG is anticipated to keep increasing in popularity as a bunker fuel in the maritime sector due to its environmental advantages and potential for energy diversification.