Press release
What Will Marine Bunker Oil Market Look Like In The Future?
Marine bunker oil is a type of fuel oil that is used to power ships. Bunker oil is a thick, heavy oil that is derived from crude oil and is typically less expensive than other types of fuels, such as diesel or gasoline.
Bunker oil is a residual fuel oil, which means that it is produced from the residual (or leftover) components of the crude oil refining process. These residual components are then blended together to produce a fuel oil with the desired characteristics for use in marine engines.
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Bunker oil has several advantages over other types of fuels, including its lower cost and availability. However, it also has several drawbacks. Bunker oil is a highly polluting fuel, emitting large amounts of sulfur oxides (SOx), nitrogen oxides (NOx), and particulate matter (PM) when burned. These emissions can have serious environmental and health impacts, including acid rain, smog, and respiratory problems.
Increase in marine trade and surge in ship production drive the growth of the marine bunker oil market. Furthermore, low cost of marine bunker fuels its demand, thereby supplementing the market growth. However, harmful and polluting effects of marine bunker oil hinder the market growth.
Some of the major player analyzed in this report are BP P.L.C., Chemoil Energy Limited, Cockett Marine Oil, Sentek Marine & Trading, Transocean Oil Pte Ltd, Total Marine Fuels, ExxonMobil, Panoil Petroleum, Royal Dutch Shell plc, and Consort Bunkers Pte Ltd.
Bunker oil is typically sold by the metric ton and is graded according to its viscosity, or thickness. The most commonly used grades of bunker oil are intermediate fuel oil (IFO) and marine diesel oil (MDO). IFO is a thick, heavy oil that is used in large marine engines, while MDO is a lighter, more refined oil that is used in smaller marine engines.
In recent years, there has been increasing pressure on the shipping industry to reduce its emissions and transition to cleaner fuels. One approach to this is the use of alternative fuels, such as liquefied natural gas (LNG) or hydrogen, which produce lower emissions than bunker oil. Another approach is the use of emissions control technologies, such as scrubbers, which can remove some of the pollutants from bunker oil emissions.
Marine bunker oil is used in ship bunkers to power the ship engines. Majority of the marine bunker oils are classified into two types, residual fuel and distillate fuel.
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Residual fuel is the leftover fuel after the extraction of light hydrocarbon such as gasoline and diesel from the crude oil.
Marine bunker oil is largely used by commercial shipping, military shipping, and leisure shipping industries.
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Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
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Extensive analysis of different segments facilitates to understand various products of the market.
Key players are profiled and their strategies are analyzed thoroughly, which predict the competitive outlook of the market.
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