“Bunker Market. Prices”: growth of global bunker market and technologies of consumption reduction
- Prophecy Market Insights forecasts that global Bunker Fuel Market will reach US$ 207.3 billion by 2032. Besides, it forecasts a 2.5-pct CAGR growth for bunker fuel market from 2022 to 2032. Liquefied natural gas (LNG) is expected to boost the demand for bunker fuel market growth in coming years. However, the World Bank expects the global trade to show slower growth in the long-term period than in the recent decade. Besides, application of technologies aimed at reduction of consumption will hinder the bunker market growth.
Nevertheless, introduction of alternative fuels in shipping continues. The concept of a mid-size ammonia-fueled ocean-going liquefied gas carrier received Approval in Principle from two classification societies — ClassNK and Lloyd’s Register (LR). The vessel is a mid-size ammonia/LPG carrier equipped with a main engine that can run on ammonia.
ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, has announced the deployment of five new-build Very Large Gas Carriers (VLGC). They have dual-fuel engine technology and use LPG as their primary fuel source.
Electrification of shipping will also facilitate the reduction of fuel consumption. The Maritime and Port Authority of Singapore (MPA) and Shell Eastern Trading Pte Ltd (Shell) signed a memorandum of understanding (MoU) to expand collaboration on the maritime decarbonisation efforts in Singapore. As part of the five-year MoU, MPA and Shell will work together to advance the adoption of electric harbour craft and the development of low-and-zero-carbon fuels in Singapore.
In Russia, electric propulsion is being actively introduced in the segment of leisure ships.
Read more in the “Bunker Market. Prices” digest.
IAA PortNews’ bunker market digest issued twice a week offers operational information about the key industry events, statistics and analytics. It is mostly exclusive information not published on the portal or print outlets.
The digest includes:
- Indicative prices for bunker fuel are divided into three categories: fuel, high-sulfur and low-sulfur fuel oil, in USD and RUB
- The main factors that influenced the change in the cost of marine fuel
- Global bunker fuel prices
- Review of wholesale prices for petroleum products
- Information about ship calls
- Bunkering market news
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