According to a new market report published by Credence Research Inc “Bunkering Services Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2026,” with rising global trades and increasing demand for marine fuels globally. Bunkering refers to process of supplying fuel onboard vessels, typically using bunker tankers. Bunker tankers are used to store and carry fuel in order to re-fuel various vessels such as merchant, naval, fishing and several other vessels. Various types of fuel oil stored and carried by bunker tankers include marine diesel fuel (MDO), marine gasoil fuel (MGO), marine fuel oil (MFO), intermediate fuel oil (IFO) and heavy fuel oil (HFO) among others. Bunkering process can be carried out at seaports as well as offshore depending upon the requirement of vessels. This helps reducing additional expenses related to towing and port charges which is increasing the demand bunkering services globally. The global market for bunkering services is expected to cross US$ 165.5 Bn by 2026 at a CAGR of 5.6% throughout the forecast period from 2018 to 2026.
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Majority of demand for bunkering services is from cargo vessels and expected to maintain its dominating position throughout the forecast period from 2018 to 2016. Fishing vessels are among the most common users of bunker tankers and expected to witness fastest growth with increasing number of large size fishing vessels and rising demand for sea food. Fishery is an important business sector for numerous countries across the world that cater to the huge demand for seafood and are involved in large scale fishing operations. Large fishing vessels typically spend days at the sea and require substantial amount of fuel. These vessels are dependent on bunker tankers for their fuel supply. MGO and MDO are commonly used fuels by fishing vessels. MGO contains varying degrees of sulfur content. However, the maximum permissible sulfur content lies below that of HFO. Low sulfur marine gasoil contains less than 0.1% sulphur. Asia Pacific is the largest end-use segment for bunker tanker services market and also expected to witness the fastest growth throughout the forecast period.
The global bunker tanker services market comprise large number of established players. The global market is governed by the major players in Asia Pacific. The global bunker tankers market is fragmented in nature with large number of established multinational as well as domestic players. Majority of the market players emphasize on expansion of service by strategic alliance with bunker traders and by increasing service network in major trading countries. High entry barriers for new entrants due to complex regulations, high cost and time-consuming certification processes and high initial capital requirement is limiting the number of new players in this industry.