Caribbean Islands Bunker Fuel Market Expected to Reach $16,404 Million by 2023 By Leading Companies: 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

According to a new report published by Allied Market Research, titled, Caribbean Islands Bunker Fuel Market by Type, Commercial Distributor, End User, and Geography: Opportunity Analysis and Industry Forecast, 2017-2023, the 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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International Maritime Organizations (IMO) regulation to implement sulfur cap for marine fuels and increase in marine-borne trade drive the growth of the Caribbean islands bunker fuel market growth. In addition, availability of alternative sources for marine fuel is expected to supplement the market growth in the future. However, high investment cost involved in development of bunker fuel infrastructure & regulatory framework and old vessel replacement from wasteful to new fuel-efficient ships impede the market growth.

MGO is required by small, medium- to high-speed auxiliary units or auxiliary motors and ship engines, which are generally found on fishing boats, small ferries, or tugs. This grade of fuel has low percentage of sulfur; therefore, its demand is projected to increase, owing to implementation of regulations to prevent air pollution from ships by the IMO. The cumulative share of Trinidad and Jamaica was 10.2% in the Caribbean islands marine diesel oil (MDO) market in 2016, accounting for $296 million.

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Some of the manufacturers in Caribbean islands bunker fuel market include 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.

It has been observed that the HFO and MDO are used as fuels in most of the marine fleet engines and generators. These fuels are produced from crude oil, which is a nonrenewable fossil fuel. The IMO has authorized for a global sulfur cap of 0.5% on marine fuels, which is expected to be implemented from January 1, 2020, a reduction from the current cap of 3.5%. The low-sulfur requirement is expected to have a significant impact on the global shipping and refining industries. The 2020 date is subject to a review of the required availability of marine bunker fuel. Therefore, MDO/MGO is considered as one of the feasible alternatives to diversify and secure fuel consumption in various end-use industries. Light distillate bunker fuels ensure enhanced environmental performance of marine trade, including decreased greenhouse emissions.

However, obsolete vessels have been replaced by more competent boats over the years, which in turn is expected to hinder the market growth. Moreover, the change in vessel is expected to affect the fuel mix utilized, as the changing regulations in various trade routes demand different norms to be implemented. Less fuel consumption in fuel-efficient ships is expected to deter the market growth during the forecast period.

LIST OF TABLES

TABLE 1. CARIBBEAN ISLANDS BUNKER FUEL MARKET, BY TYPE, 2016-2023 (KILOTON)
TABLE 2. CARIBBEAN ISLANDS BUNKER FUEL MARKET, BY TYPE, 2016-2023 ($MILLION)
TABLE 3. CARIBBEAN ISLANDS RESIDUAL FUEL OIL MARKET, BY TYPE, 2016-2023 (KILOTON)
TABLE 4. CARIBBEAN ISLANDS RESIDUAL FUEL OIL MARKET, BY TYPE, 2016-2023 ($MILLION)
TABLE 5. CARIBBEAN ISLANDS MDO MARKET, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 6. CARIBBEAN ISLANDS MDO MARKET, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 7. CARIBBEAN ISLANDS MGO MARKET, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 8. CARIBBEAN ISLANDS MGO MARKET, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 9. CARIBBEAN ISLANDS BUNKER FUEL MARKET, BY COMMERCIAL DISTRIBUTOR, 2016-2023 (KILOTON)
TABLE 10. CARIBBEAN ISLANDS BUNKER FUEL MARKET, BY COMMERCIAL DISTRIBUTOR, 2016-2023 ($MILLION)
TABLE 11. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR OIL MAJORS, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 12. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR OIL MAJORS, BY GEOGRAPHY, 2015-2023 ($MILLION)
TABLE 13. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR LARGE INDEPENDENT DISTRIBUTORS, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 14. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR LARGE INDEPENDENT DISTRIBUTORS, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 15. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR SMALL INDEPENDENT DISTRIBUTORS, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 16. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR SMALL INDEPENDENT DISTRIBUTORS, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 17. CARIBBEAN ISLANDS BUNKER FUEL MARKET, BY END USER, 2016-2023 (KILOTON)
TABLE 18. CARIBBEAN ISLANDS BUNKER FUEL MARKET, BY END USER, 2016-2023 ($MILLION)
TABLE 19. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR CONTAINER, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 20. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR CONTAINER, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 21. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR BULK CARRIER, BY GEOGRAPHY, 2015-2023 (KILOTON)
TABLE 22. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR BULK CARRIER, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 23. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR OIL TANKER, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 24. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR OIL TANKER, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 25. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR GENERAL CARGO, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 26. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR GENERAL CARGO, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 27. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR CHEMICAL TANKER, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 28. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR CHEMICAL TANKER, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 29. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR FISHING VESSEL, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 30. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR FISHING VESSEL, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 31. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR GAS TANKER, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 32. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR GAS TANKER, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 33. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR OTHERS, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 34. CARIBBEAN ISLANDS BUNKER FUEL MARKET FOR OTHERS, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 35. CARIBBEAN ISLANDS BUNKER FUEL MARKET, BY GEOGRAPHY, 2016-2023 (KILOTON)
TABLE 36. CARIBBEAN ISLANDS BUNKER FUEL MARKET, BY GEOGRAPHY, 2016-2023 ($MILLION)
TABLE 37. ST. EUSTATIUS BUNKER FUEL MARKET VOLUME, BY TYPE, 2016-2023 (KILOTON)
TABLE 38. ST. EUSTATIUS BUNKER FUEL MARKET REVENUE, BY TYPE, 2016-2023 ($MILLION)
TABLE 39. ST. EUSTATIUS BUNKER FUEL MARKET VOLUME, BY COMMERCIAL DISTRIBUTOR, 2016-2023 (KILOTON)
TABLE 40. ST. EUSTATIUS BUNKER FUEL MARKET REVENUE, BY COMMERCIAL DISTRIBUTOR, 2016-2023 ($MILLION)
TABLE 41. ST. EUSTATIUS BUNKER FUEL MARKET VOLUME, END USER, 2016-2023 (KILOTON)
TABLE 42. ST. EUSTATIUS BUNKER FUEL MARKET REVENUE, END USER, 2016-2023 ($MILLION)
TABLE 43. TRINIDAD BUNKER FUEL MARKET VOLUME, BY TYPE, 2016-2023 (KILOTON)
TABLE 44. TRINIDAD BUNKER FUEL MARKET REVENUE, BY TYPE, 2016-2023 ($MILLION)
TABLE 45. TRINIDAD BUNKER FUEL MARKET VOLUME, BY COMMERCIAL DISTRIBUTOR, 2016-2023 (KILOTON)
TABLE 46. TRINIDAD BUNKER FUEL MARKET REVENUE, BY COMMERCIAL DISTRIBUTOR, 2016-2023 ($MILLION)
TABLE 47. TRINIDAD BUNKER FUEL MARKET VOLUME, END USER, 2016-2023 (KILOTON)
TABLE 48. TRINIDAD BUNKER FUEL MARKET REVENUE, END USER, 2016-2023 ($MILLION)
TABLE 49. CURACAO BUNKER FUEL MARKET VOLUME, BY TYPE, 2016-2023 (KILOTON)
TABLE 50. CURACAO BUNKER FUEL MARKET REVENUE, BY TYPE, 2016-2023 ($MILLION)
TABLE 51. CURACAO BUNKER FUEL MARKET VOLUME, BY COMMERCIAL DISTRIBUTOR, 2016-2023 (KILOTON)
TABLE 52. CURACAO BUNKER FUEL MARKET REVENUE, BY COMMERCIAL DISTRIBUTOR, 2016-2023 ($MILLION)
TABLE 53. CURACAO BUNKER FUEL MARKET VOLUME, END USER, 2016-2023 (KILOTON)
TABLE 54. CURACAO BUNKER FUEL MARKET REVENUE, END USER, 2016-2023 ($MILLION)
TABLE 55. JAMAICA BUNKER FUEL MARKET VOLUME, BY TYPE, 2016-2023 (KILOTON)
TABLE 56. JAMAICA BUNKER FUEL MARKET REVENUE, BY TYPE, 2016-2023 ($MILLION)
TABLE 57. JAMAICA BUNKER FUEL MARKET VOLUME, BY COMMERCIAL DISTRIBUTOR, 2016-2023 (KILOTON)
TABLE 58. JAMAICA BUNKER FUEL MARKET REVENUE, BY COMMERCIAL DISTRIBUTOR, 2016-2023 ($MILLION)
TABLE 59. JAMAICA BUNKER FUEL MARKET VOLUME, END USER, 2016-2023 (KILOTON)
TABLE 60. JAMAICA BUNKER FUEL MARKET REVENUE, END USER, 2016-2023 ($MILLION)
TABLE 61. REST OF CARIBBEAN ISLANDS BUNKER FUEL MARKET VOLUME, BY TYPE, 2016-2023 (KILOTON)
TABLE 62. REST OF CARIBBEAN ISLANDS BUNKER FUEL MARKET REVENUE, BY TYPE, 2016-2023 ($MILLION)
TABLE 63. REST OF CARIBBEAN ISLANDS BUNKER FUEL MARKET VOLUME, BY COMMERCIAL DISTRIBUTOR, 2016-2023 (KILOTON)
TABLE 64. REST OF CARIBBEAN ISLANDS BUNKER FUEL MARKET REVENUE, BY COMMERCIAL DISTRIBUTOR, 2016-2023 ($MILLION)
TABLE 65. REST OF CARIBBEAN ISLANDS BUNKER FUEL MARKET VOLUME, END USER, 2016-2023 (KILOTON)
TABLE 66. REST OF CARIBBEAN ISLANDS BUNKER FUEL MARKET VOLUME, END USER, 2016-2023 ($MILLION)
TABLE 67. BP: COMPANY SNAPSHOT
TABLE 68. BP: OPERATING SEGMENTS
TABLE 69. SHELL: COMPANY SNAPSHOT
TABLE 70. SHELL: OPERATING SEGMENTS
TABLE 71. EXXON: COMPANY SNAPSHOT
TABLE 72. EXXONMOBIL CHEMICAL COMPANY, INC.: OPERATING SEGMENTS
TABLE 73. AEGEAN: COMPANY SNAPSHOT
TABLE 74. AEGEAN: OPERATING SEGMENTS
TABLE 75. BOMIN: COMPANY SNAPSHOT
TABLE 76. BUNKER: COMPANY SNAPSHOT
TABLE 77. CHEMOIL: COMPANY SNAPSHOT
TABLE 78. CHEMOIL: OPERATING SEGMENTS
TABLE 79. GAZPROM: COMPANY SNAPSHOT
TABLE 80. GAZPROM: OPERATING SEGMENTS
TABLE 81. GAC: COMPANY SNAPSHOT
TABLE 82. GAC: OPERATING SEGMENTS
TABLE 83. KPI: COMPANY SNAPSHOT
TABLE 84. KPI: OPERATING SEGMENTS

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