Total sales volume of bunker fuel on the world market by the end of 2010 may reach $174 billion. Such forecast was made by managing director of Marine and Energy Consulting Robin Mitch, who spoke at the Eurasian Bunkering Conference and EURABEX Expo in St. Petersburg, the PortNews correspondent reports.
According to Robin Mitch, the appearance of new ECA areas, tightening the requirements for sulfur content in bunker fuel will have significant impact on the bunker market, despite the fact that the difference between the low-sulfur and high-sulfur fuels is very significant. The expert suggested that the consumption of oil will be gradually declining. Also, according to Mr. Mitch, a vessel speed slowdown might reduce the consumption of bunker fuel by 20%.
According to Robin Mitch, the appearance of new ECA areas, tightening the requirements for sulfur content in bunker fuel will have significant impact on the bunker market, despite the fact that the difference between the low-sulfur and high-sulfur fuels is very significant. The expert suggested that the consumption of oil will be gradually declining. Also, according to Mr. Mitch, a vessel speed slowdown might reduce the consumption of bunker fuel by 20%.