Increase in demand for Caribbean Islands Bunker Fuel Market, 2017-2023

Caribbean islands bunker fuel market was valued at $8,231 million in 2016, and is projected to reach $16,404 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023. Fishing vessel is anticipated to grow at the highest rate during the forecast period, as this vessel possesses high potential to use battery solutions because diesel engines do not have better efficiency even at low speeds. Thus, boats/ships can be built on diesel-electric power while operating in low speeds for a couple of hours.

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Increase in demand for natural gas is expected to drive the growth of the bunker fuel operation across the Caribbean region to fuel gas production and boost economy. It is anticipated to create more employment opportunities in bunker fuel operations and related activities. The generation of direct and indirect employment in a bunker fuel extraction project is expected to enhance the economic stability of the Caribbean region. In addition, chemical tanker is a cargo tanker that transports chemicals in various forms from one port to another. These tankers are specifically designed to maintain the consistency of chemicals that they carry. Moreover, they are applied with extensive coatings of certain substances leading to easy identification of chemicals that are shipped, thereby driving the growth of the Caribbean Islands banker fuel market.

Container shipping is gaining immense popularity and is witnessing high demand. Jamaica’s shipping line of customer mix depends on three key container carriers, namely, CMA CGM, MSC, and ZIM. Vessel calls and shipping traffic are major concerns in bunkering. The total vessel calls by the port of call in Jamaica had reached 3,300 by end of 2012. Kingston Container Terminal alone contributed around 40% of total visits, thereby making it the most visited facility.

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Key Benefits for Stakeholders

This report provides an extensive analysis of the current trends, emerging estimations, and dynamics in the Caribbean islands bunker fuel market.
In-depth analysis of the market is conducted and estimations for key segments between 2015 and 2023 are provided.
Factors that drive and restrain the growth of the market are provided.
Industry analysis is conducted by following the key product positioning and monitoring the top competitors within the market framework.
Key players are profiled and their strategies are analyzed thoroughly to provide a competitive outlook of the industry trends.

The Caribbean islands bunker fuel market is segmented based on type, commercial distributor, end user, and geography. On the basis of type, the market is classified into residual fuel oil, MDO, and MGO. Residual fuel oil is further divided into IFO 180 and IFO 380. Depending on commercial distributor, the market is fragmented into oil majors, large independent, and small independent. By end user, it is categorized into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessel, gas tanker, and others. Geographically, it is analyzed across St. Eustatius, Trinidad, Curacao, Jamaica, and rest of Caribbean islands.

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Key manufacturers operating in the market are Aegean Marine Petroleum Network Inc., Bomin Bunker Oil Corp., BP PLC, Bunker Holding A/S, Chemoil Energy Ltd., Exxon Mobil, Gazprom Neft PJSC, GAC Bunker Fuels Ltd., KPI Bridge Oil A/S, and Royal Dutch Shell PLC.

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