by Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gasoil, and Others), Commercial Distributor (Oil Majors, Large Independent, and Small Independent), and Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027. According to the report, the global bunker fuel industry generated $120.1 billion in 2019, and is projected to reach $130.1 billion by 2027, witnessing a CAGR of 3.1% from 2020 to 2027.
Drivers, restraints, and opportunities
IMO regulation on sulfur content in marine fuel and increase in offshore oil & gas exploration activities drive the growth of the global bunker fuel market. However, fuel reduction initiatives by the shipping community hinders the market growth. On the other hand, LNG bunkering financing creates new opportunities in the coming years.
Bunker Fuel Market All You Need To Know | BP p l c , Exxon Mobil Corporation, Royal Dutch Shell PLC
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Monjasa swaps floating storage in shifting West Africa product market
Global oil & shipping group, Monjasa, has agreed terms for the Crude Oil Tanker, SKS Dokka (119,456-dwt), as new floating storage for its West Africa operations. At the same time, Monjasa data reveals the significant shift in product demand across the region following one year of IMO 2020 regulations in place, the company said in its release.
Monjasa has experienced how the IMO 2020 regulations have significantly changed product demand from the Gulf of Guinea to Namibia in south.
By applying modern floating storages as part of the refuelling solutions, Monjasa has enabled steady and efficient supply of more than 10m tonnes of marine fuels across West Africa in the period 2010-2020.
Monjasa welcomes âSKS Dokkaâ as new floating storage for West Africa bunker operations
23 Dec 2020
Global oil and shipping group Monjasa Ltd on Monday (23 November) said it has agreed to the terms for the Crude Oil Tanker, SKS Dokka (119,456-dwt), to be the new floating storage for its West Africa operations.
At the same time, Monjasa said its data reveals a significant shift in product demand across the region after one year of IMO 2020 regulations coming into effect.
Today, West Africa has the fastest growing population of any region in the world. In a global trade context and considering that approximately 90% of all goods are being transported by sea, this development puts great demands on the regionâs maritime logistics, it added.
Monjasa Swaps Floating Storage, Gives Details of IMO 2020 Impact on WAF Bunker Demand
by Ship & Bunker News Team
Tuesday December 22, 2020
Monjasa Monday gave insights into IMO 2020 s impact on bunker demand in the
West Africa (WAF) market alongside news it was switching its floating storage options in the region. In terms of its floating storage in the region, Monajsa says that on December 16, 2020 the
119,456 dwt
SKS Darent.
Lomé, Monjasa currently operates a fleet of around
10 tankers in West Africa and has local offices in
Angola and
Namibia. As for the impact of new fuel rules, like most markets the year WAF has witnessed a dramatic shift in product demand as most vessels have moved away from HSFO to burning VLSFO fuel in response to the IMO 2020 rule introduced on January 1, 2020.
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