Bunker
fuel is the fuel utilized by ship and marine vessel operators for
fueling their fleet. These fuels accounts for nearly 70% of the
overall expenses incurred in the operation of a ship. As such, the
market for bunker fuels forms a very critical part of the global
shipping industry and has an important contribution in the overall
oil market.
Browse
Bunker Fuel Market Report with Full TOC at
http://www.transparencymarketresearch.com/bunker-fuel-market.html
A
report published by market research company Transparency Market
Research states that the global bunker fuel market observed demand
for nearly 372 million tons of bunker fuel in 2013. The report states
that the market will grow at a 3.1% CAGR between 2014 and 2020,
allowing demand for bunker fuel to rise to 460 million tons by 2020.
Current
Rough Patch of Global Oil Prices Affects Bunker Fuel Market
The
global oil market saw a huge transformation at the start of this
year, when it collapsed by nearly 60% as compared to its June 2014
high. From US$115 per barrel in June 2014, ICE Brent was down to
US$46 per barrel in January this year. The continuous rise in
productivity and declining demand for crude across the globe are
expected to further worsen cost conditions of crude oil in the global
market.
The
situation has significantly affected many industries directly or
indirectly connected to oil prices. Thus, predictions regarding the
future stance of the global bunker fuel market come with many
caveats.
The
shipping industry is benefitting from the price reduction, but it is
a huge burden on bunker fuel producers owing to a stark decline in
revenue despite good demand. Low crude oil prices are also prompting
a high surge in demand from massive crude oil storage facilities.
This will make for a buffer of crude oil for times when global oil
production comes down from its current state of massive oversupply,
further restricting many chances of price recovery, even when the
global oversupply of oil comes under control.
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Inquiry About Report
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Shift
to Low-sulfur Bunker Fuels Critical in Shaping Market’s Future
Shipping
is usually considered the most energy-efficient method of mass
transportation due to the relatively low levels of CO2 emissions
produced in shipping activities. However, the rising trend towards
reducing emissions in all industries has prompted the global shipping
industry to formulate many rules and regulations to control emissions
and improve the energy efficiency of fuels used in shipping
practices.
While
CO2 emissions are not a big concern for the shipping industry, the
content of sulfur in bunker fuels is. The European Union recognizes
shipping as one of the most significant sources of acidification and
localized air pollution.
Browse
Press Release Of Bunker Fuel Market
http://www.transparencymarketresearch.com/pressrelease/bunker-fuel-market.htm
Sulfur
gets converted into sulfur dioxide when it is burnt. Sulfur dioxide,
when released into the atmosphere, generates an acidic solution in
atmospheric water vapor, which can lead to acid rain. Acid rains are
highly damaging to the environment as they affect forests and rains,
and pose damage to buildings and monuments of historic importance
from erosion. The flue gas emissions from ships, known to contain
sulfur dioxide, are a significant cause of pollution and a leading
causative factor for acid rains.
This
situation has led to a shift in the choice of fuel demanded by major
players in the shipping industry. Many shipping companies are
switching to low-sulfur fuels and are increasing their share of
investment in research activities focused on finding alternative fuel
options.
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TMR Blog Energy Reports : http://www.tmrblog.com/search/label/Energy
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