Caribbean Islands Bunker Fuel Market Competitive Analysis to 2023: Bomin Bunker Oil Corp., BP PLC, Bunker Holding A/S, Chemoil Energy

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.

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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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%.

However, obsolete vessels have been replaced by more competent boats over the years, which in turn is expected to hinder the market growth.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.

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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.

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