COVID-19 Impact on Caribbean Islands Bunker Fuel Market Upcoming Demand & Growth Analysis Up 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.

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.

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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%.

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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Key Findings of the Caribbean Islands Bunker Fuel Market:
• In 2016, residual fuel oil accounted for the maximum market revenue and is projected to grow at a CAGR of 10.2 % during the forecast period.
• IFO 380 is expected to grow at the fastest rate of 10.2% during the forecast period.
• Small independent commercial distributor is anticipated to register the highest CAGR of 11.1%.

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.

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