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2022
Singapore Bunker Fuel Market

Singapore Bunker Fuel Market by Type (HSFO, LSFO, MGO, and Others), Commercial Distributor (Oil Major, Large Independent, and Small Independent), and Application (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessels, Gas Tankers, and Others): Opportunity Analysis and Industry Forecast, 2021–2030

A14491
Pages: 180
Nov 2021 | 1105 Views
   
Author(s) : Saurabh Dixit , Eswara Prasad
Tables: 55
Charts: 76
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COVID-19

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Singapore Bunker Fuel Market Outlook - 2030

The Singapore bunker fuel market size was valued at $17.6 billion in 2020, and is projected to reach $24.5 billion by 2030, growing at a CAGR of 3.5% from 2021 to 2030. Bunker fuel is a fuel oil used in marine vessels. It is poured into the ship bunkers to power its engines. Ships use mainly three types of marine fuels, which include high sulfur fuel oil, low sulfur fuel oil, and diesel oil. Nowadays, growth in awareness toward reducing environmental pollution and stringent government regulations are expected to create opportunities for the fuels, including LNG, gasoil, LPG, and others, as a substitute to the above-mentioned bunker fuels.

COVID-19 pandemic outbreak across the globe has resulted in decline in demand for bunker fuel from marine industry which also affected Singapore bunker fuel market in the year 2020.

Rise in maritime trade has increased the demand for bunker fuel and bunkering services. Increase in oil & gas exploration activities in emerging oil regions drives the growth of the bunker fuel market, as many bunker fuel suppliers changed their focus of operation to these offshore resource sites. In addition, fuel reduction initiatives by shipping industries are expected to hamper the market growth. Therefore, due to stringent environmental regulations regarding marine environment, the shipping industry has decided to reduce the use of residual fuel oil that contains contaminants such as nitrogen and sulfur. The shipping industry is focusing toward new alternative such as LNG, which is less harmful to the marine environment. Hence, rise in investment toward LNG bunkering infrastructure is anticipated to provide lucrative opportunity for key players operating in the market.

Singapore-Bunker-Fuel-Market-2021-2030

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For the purpose of analysis, the Singapore bunker fuel market is segmented on the basis of type, commercial distributor, and application. Depending on type, the market is categorized into high sulfur fuel oil (HSFO), low sulfur fuel oil (LSFO), marine gasoil, and others. On the basis of commercial distributor, it is classified into oil major, large independent, and small independent. The applications covered in the study include container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessels, gas tankers, and others.

The key players operating in the Singapore bunker fuel market are BP Plc, Exxon Mobil Corporation, Equatorial Marine Fuel Management Services Pte. Ltd., Glencore Singapore Pte. Ltd., PetroChina International (Singapore) Pte. Ltd., Royal Dutch Shell Plc, Sentek Marine & Trading Pte. Ltd., SK Energy International Singapore Pte. Ltd., Total Energies, and Vitol Marine Fuels Pte. Ltd.

These key players are adopting various strategies, such as acquisition, agreement, collaboration, business expansion, and product launch to stay competitive in the bunker fuel market.

For instance, in September 2021, BP plc. collaborated with NYK Line (a part of NYK Group). This collaboration aimed at working together on marine fuels such as biofuels, LNG, hydrogen and ammonia, and explore participation in supply chains for ammonia and hydrogen for heavy industry and power generation.

In addition, in March 2021, Total Energies received a bunker supplier license from the Maritime and Port Authority of Singapore (MPA) to develop Singapore into a major LNG maritime hub for Asia. Through this achievement followed by the agreement between Total Energies and MPA, Singapore, the company is expected to develop a LNG bunker supply chain in the port of Singapore.

Other players operating in the value chain of the Singapore bunker fuel market are Global Energy Trading Pte. Ltd., Chevron Singapore Pte. Ltd., Eng Hua Company Pte Ltd., Maersk Oil Trading Singapore Pte Ltd., and others. 

The Singapore bunker fuel market is analyzed and estimated in accordance with impacts of the drivers, restraints, and opportunities. The period studied in this report is 2020–2030. The report includes the study of the Singapore bunker fuel market with respect to the growth prospects and restraints based on the product analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.

Singapore bunker fuel market, by type

By type, the LSFO segment held the largest market share in 2020. This is attributed to rise in demand for marine fuel from shipping companies and implementation of IMO 2020 i.e., the use of low sulfur fuel oil (<0.5% S content) across the globe. In addition, rise in maritime trade activities between Asia-Pacific, Europe, North America, and LAMEA region is further projected to increase the demand for LSFO from 2021 to 2030.

Singapore Bunker Fuel Market
By Type

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LSFO is projected as the most lucrative segment.

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Singapore bunker fuel market, by commercial distributor

On the basis of commercial distributor, the oil majors segment dominated the Singapore bunker fuel market in 2020, in terms of share, owing to dominance of oil majors in the crude oil tanker chartering business across the globe. In addition, developments adopted by oil majors in the bunker fuel industry such as product launch, agreement, and others, are further anticipated to drive the growth of the market during the analyzed timeframe.

Singapore Bunker Fuel Market
By Commercial Distributor

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Oil Majors is projected as the most lucrative segment.

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Singapore bunker fuel market, by application

By application, the container segment dominated the highest Singapore bunker fuel market share in 2020, and is expected to maintain the same during the forecast period. This is attributed to increase in demand for cargo transportation through ships and rise in trade-related agreements. In addition, rise in number of manufacturing units and factories in the region such as Asia-Pacific, is anticipated to drive the growth of the Singapore bunker fuel market for container shipping in the coming years.

Singapore Bunker Fuel Market
By Application

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Container holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.

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COVID-19 impact on the market

Lockdown imposed due to the outbreak of the COVID-19 pandemic resulted in temporary ban on the import and export, thereby disrupting the supply chain and hampering the Singapore bunker fuel market growth in the second, third, and fourth quarter of 2020. In addition, there will be some impact on the growth of the market in 2021, owing to the second wave of COVID-19 pandemic across the globe. However, the market is expected to recover by the end of 2021, as the production in various industries restarts with rapid vaccination across the globe. In addition, rise in maritime trade activities after the ease of ban on import and export is anticipated to fuel the market growth in the coming years.

Key Benefits For Stakeholders

  • The report includes in-depth Singapore bunker fuel market analysis of different segments and provides market estimations between 2021 and 2030.
  • A comprehensive analysis of the factors that drive and restrict the Singapore bunker fuel market growth is provided.
  • Porter’s five forces model illustrates the potency of buyers & sellers, which is estimated to assist the market players to adopt effective strategies.
  • Estimations and Singapore bunker fuel market forecast are based on factors impacting the growth in terms of value.
  • Key market players are profiled to gain an understanding of the strategies adopted by them.
  • This report provides a detailed analysis of the current Singapore bunker fuel market trends and future estimations from 2021 to 2030, which helps identify the prevailing market Singapore bunker fuel market opportunities.

Key Market Segments

  • By Type
    • High Sulfur Fuel Oil (HSFO)
    • Low Sulfur Fuel Oil (LSFO)
    • Marine Gasoil (MGO)
    • Others
  • By Commercial Distributor
    • Oil Major
    • Large Independent
    • Small Independent
  • By Application
    • Container
    • Bulk Carrier
    • Oil Tanker
    • General Cargo
    • Chemical Tanker
    • Fishing Vessels
    • Gas Tankers
    • Others
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.Key findings
2.2.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key forces shaping the market
3.3.Value chain analysis
3.4.Top investment pockets
3.5.Patent analysis

3.5.1.By region, 2013–2020

3.6.Market dynamics

3.6.1.Drivers

3.6.1.1.IMO regulation on sulfur content in the marine fuel
3.6.1.2.Increase in oil & gas exploration activities

3.6.2.Restraint

3.6.2.1.Competition from regional players
3.6.2.2.Fuel reduction initiatives by the shipping community

3.6.3.Opportunity

3.6.3.1.LNG breakbulk services opportunities
3.6.3.2.LNG bunkering financing opportunities

3.7.Impact of government rules and regulations

3.7.1.Global bunker fuel regulations
3.7.2.Global Adoption of IMO 2020

3.8.List of Bunker Suppliers in port of Singapore
3.9.Impact of COVID-19 outbreak on the market

3.9.1.Changes in Shipping and Port Sector Across the globe due to COVID-19

3.10.Global Bunker Fuel Market

3.10.1.Market size and forecast, by region
3.10.2.Market size and forecast, by type
3.10.3.Market Share Analysis, 2020
3.10.4.List of key players in the global bunker fuel market

3.11.Pricing Analysis, Singapore Bunker Fuel Market

CHAPTER 4:SINGAPORE BUNKER FUEL MARKET, BY TYPE

4.1.Overview

4.1.1.Market size and forecast
4.1.2.Market size and forecast

4.2.High sulfur fuel oil (HSFO)

4.2.1.Key market trends, growth factors, and opportunities
4.2.2.Market size and forecast, 2020–2030 ($million)
4.2.3.Market size and forecast, 2020–2030 (kilotons)

4.3.Low sulfur fuel oil (LSFO)

4.3.1.Key market trends, growth factors, and opportunities
4.3.2.Market size and forecast, 2020–2030 ($million)
4.3.3.Market size and forecast, 2020–2030 (kilotons)

4.4.Marine gasoil (MGO)

4.4.1.Key market trends, growth factors, and opportunities
4.4.2.Market size and forecast, 2020–2030 ($million)
4.4.3.Market size and forecast, 2020–2030 (kilotons)

4.5.Others

4.5.1.Key market trends, growth factors, and opportunities
4.5.2.Market size and forecast, 2020–2030 ($million)
4.5.3.Market size and forecast, 2020–2030 (kilotons)

CHAPTER 5:SINGAPORE BUNKER FUEL MARKET, BY COMMERCIAL DISTRIBUTOR

5.1.Overview

5.1.1.Market size and forecast
5.1.2.Market size and forecast

5.2.Oil Majors

5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, 2020–2030 ($million)
5.2.3.Market size and forecast, 2020–2030 (kilotons)

5.3.Large independent

5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, 2020–2030 ($million)
5.3.3.Market size and forecast, 2020–2030 (kilotons)

5.4.Small independent

5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, 2020–2030 ($million)
5.4.3.Market size and forecast, 2020–2030 (kilotons)

CHAPTER 6:SINGAPORE BUNKER FUEL MARKET, BY APPLICATION

6.1.Overview

6.1.1.Market size and forecast
6.1.2.Market size and forecast

6.2.Container

6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, 2020–2030 ($million)
6.2.3.Market size and forecast, 2020–2030 (kilotons)

6.3.Bulk Carrier

6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, 2020–2030 ($million)
6.3.3.Market size and forecast, 2020–2030 (kilotons)

6.4.Oil Tanker

6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, 2020–2030 ($million)
6.4.3.Market size and forecast, 2020–2030 (kilotons)

6.5.General Cargo

6.5.1.Key market trends, growth factors, and opportunities
6.5.2.Market size and forecast, 2020–2030 ($million)
6.5.3.Market size and forecast, 2020–2030 (kilotons)

6.6.Chemical Tanker

6.6.1.Key market trends, growth factors, and opportunities
6.6.2.Market size and forecast, 2020–2030 ($million)
6.6.3.Market size and forecast, 2020–2030 (kilotons)

6.7.Fishing Vessels

6.7.1.Key market trends, growth factors, and opportunities
6.7.2.Market size and forecast, 2020–2030 ($million)
6.7.3.Market size and forecast, 2020–2030 (kilotons)

6.8.Gas Tanker

6.8.1.Key market trends, growth factors, and opportunities
6.8.2.Market size and forecast, 2020–2030 ($million)
6.8.3.Market size and forecast, 2020–2030 (kilotons)

6.9.Others

6.9.1.Key market trends, growth factors, and opportunities
6.9.2.Market size and forecast, 2020–2030 ($million)
6.9.3.Market size and forecast, 2020–2030 (kilotons)

CHAPTER 7:COMPETITIVE LANDSCAPE

7.1.Introduction

7.1.1.Market player positioning, 2020

7.2.Top winning strategies

7.2.1.Top winning strategies, by year
7.2.2.Top winning strategies, by development
7.2.3.Top winning strategies, by company

7.3.Product mapping of top 10 players
7.4.Competitive heatmap
7.5.Key developments

7.5.1.Product launch
7.5.2.Collaborations
7.5.3.Agreements
7.5.4.Acquisition
7.5.5.Business Expansions

CHAPTER 8:COMPANY PROFILES

8.1.BP P.L.C

8.1.1.Company overview
8.1.2.Company snapshot
8.1.3.Operating business segments
8.1.4.Product portfolio
8.1.5.Business performance
8.1.6.Key strategic moves and developments

8.2.EXXON MOBIL CORPORATION

8.2.1.Company overview
8.2.2.Company snapshot
8.2.3.Operating business segments
8.2.4.Product portfolio
8.2.5.Business performance
8.2.6.Key strategic moves and developments

8.3.EQUATORIAL MARINE FUEL MANAGEMENT SERVICES PTE LTD

8.3.1.Company overview
8.3.2.Company Snapshot
8.3.3.Product portfolio

8.4.Glencore Singapore Pte. Ltd. (Parent: Glencore International AG)

8.4.1.Company overview
8.4.2.Company snapshot
8.4.3.Operating business segments
8.4.4.Product portfolio
8.4.5.Business performance

8.5.PetroChina International (Singapore) Pte. Ltd. (Parent: PetroChina Company Limited)

8.5.1.Company overview
8.5.2.Company snapshot
8.5.3.Operating business segments
8.5.4.Product portfolio
8.5.5.Business performance

8.6.ROYAL DUTCH SHELL PLC

8.6.1.Company overview
8.6.2.Company snapshot
8.6.3.Operating business segments
8.6.4.Product portfolio
8.6.5.Business performance
8.6.6.Key strategic moves and developments

8.7.SENTEK MARINE & TRADING PTE LTD

8.7.1.Company overview
8.7.2.Company snapshot
8.7.3.Product portfolio

8.8.SK Energy International Pte. Ltd. (Parent: SK INNOVATION, CO. LTD.)

8.8.1.Company overview
8.8.2.Company snapshot
8.8.3.Operating business segments
8.8.4.Product portfolio
8.8.5.Business performance

8.9.TOTAL ENERGIES

8.9.1.Company overview
8.9.2.Company snapshot
8.9.3.Operating business segments
8.9.4.Product portfolio
8.9.5.Business performance
8.9.6.Key strategic moves and developments

8.10.Vitol Marine Fuels Pte. Ltd. (Parent: Vitol Group)

8.10.1.Company overview
8.10.2.Company snapshot
8.10.3.Product portfolio
8.10.4.Key strategic moves and developments

LIST OF TABLES

TABLE 01.BUNKER FUEL MARKET, BY REGION, 2020–2030 ($MILLION)
TABLE 02.BUNKER FUEL MARKET, BY REGION, 2020–2030 (KILOTONS)
TABLE 03.GLOBAL BUNKER FUEL MARKET, BY TYPE, 2020–2030 ($MILLION)
TABLE 04.BUNKER FUEL MARKET, BY TYPE, 2020–2030 (KILOTONS)
TABLE 05.SINGAPORE BUNKER FUEL MARKET, BY TYPE, 2020–2030 ($MILLION)
TABLE 06.SINGAPORE BUNKER FUEL MARKET, BY TYPE, 2020–2030 (KILOTONS)
TABLE 07.SINGAPORE BUNKER FUEL MARKET, BY COMMERCIAL DISTRIBUTOR, 2020–2030 ($MILLION)
TABLE 08.SINGAPORE BUNKER FUEL MARKET, BY COMMERCIAL DISTRIBUTOR, 2020–2030 (KILOTONS)
TABLE 09.SINGAPORE BUNKER FUEL MARKET, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 10.SINGAPORE BUNKER FUEL MARKET, BY APPLICATION, 2020–2030 (KILOTONS)
TABLE 11.KEY PRODUCT LAUNCH (2016-2021)
TABLE 12.KEY COLLABORATIONS (2016-2021)
TABLE 13.KEY AGREEMENTS (2016-2021)
TABLE 14.KEY ACQUISITION (2016-2021)
TABLE 15.KEY BUSINESS EXPANSIONS (2016-2021)
TABLE 16.BP P.L.C: COMPANY SNAPSHOT
TABLE 17.BP P.L.C: OPERATING SEGMENTS
TABLE 18.BP P.L.C: PRODUCT PORTFOLIO
TABLE 19.OVERALL FINANCIAL STATUS ($MILLION)
TABLE 20.BP P.L.C: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 21.EXXON MOBIL CORPORATION: COMPANY SNAPSHOT
TABLE 22.EXXON MOBIL CORPORATION: OPERATING SEGMENTS
TABLE 23.EXXON MOBIL CORPORATION: PRODUCT PORTFOLIO
TABLE 24.OVERALL FINANCIAL STATUS ($MILLION)
TABLE 25.EXXON MOBIL: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 26.EQUATORIAL MARINE FUEL MANAGEMENT SERVICES PTE LTD: COMPANY SNAPSHOT
TABLE 27.EQUATORIAL MARINE FUEL MANAGEMENT SERVICES PTE LTD: PRODUCT PORTFOLIO
TABLE 28.GLENCORE INTERNATIONAL AG: COMPANY SNAPSHOT
TABLE 29.GLENCORE INTERNATIONAL AG: OPERATING SEGMENTS
TABLE 30.GLENCORE INTERNATIONAL AG: PRODUCT PORTFOLIO
TABLE 31.OVERALL FINANCIAL STATUS ($MILLION)
TABLE 32.PETROCHINA COMPANY LIMITED: COMPANY SNAPSHOT
TABLE 33.PETROCHINA COMPANY LIMITED: OPERATING SEGMENTS
TABLE 34.PETROCHINA COMPANY LIMITED: PRODUCT PORTFOLIO
TABLE 35.OVERALL FINANCIAL STATUS ($MILLION)
TABLE 36.ROYAL DUTCH SHELL PLC: COMPANY SNAPSHOT
TABLE 37.ROYAL DUTCH SHELL PLC: OPERATING SEGMENTS
TABLE 38.ROYAL DUTCH SHELL PLC: PRODUCT PORTFOLIO
TABLE 39.OVERALL FINANCIAL STATUS ($MILLION)
TABLE 40.ROYAL DUTCH SHELL PLC: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 41.SENTEK MARINE & TRADING PTE LTD: COMPANY SNAPSHOT
TABLE 42.SENTEK MARINE & TRADING PTE LTD: PRODUCT PORTFOLIO
TABLE 43.SK INNOVATION, CO. LTD.: COMPANY SNAPSHOT
TABLE 44.SK INNOVATION, CO. LTD.: OPERATING SEGMENTS
TABLE 45.SK INNOVATION, CO. LTD.: PRODUCT PORTFOLIO
TABLE 46.OVERALL FINANCIAL STATUS ($MILLION)
TABLE 47.TOTAL ENERGIES: COMPANY SNAPSHOT
TABLE 48.TOTAL ENERGIES: OPERATING SEGMENTS
TABLE 49.TOTAL ENERGIES: PRODUCT PORTFOLIO
TABLE 50.OVERALL FINANCIAL STATUS ($MILLION)
TABLE 51.TOTAL ENERGIES: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 52.VITOL GROUP: COMPANY SNAPSHOT
TABLE 53.VITOL GROUP: PRODUCT PORTFOLIO
TABLE 54.VITOL GROUP: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 03.MODERATE THREAT OF NEW ENTRANTS
FIGURE 04.MODERATE THREAT OF SUBSTITUTES
FIGURE 05.MODERATE INTENSITY OF COMPETITIVE RIVALRY
FIGURE 06.LOW BARGAINING POWER OF BUYERS
FIGURE 07.VALUE CHAIN ANALYSIS
FIGURE 08.TOP INVESTMENT POCKETS
FIGURE 09.PATENT ANALYSIS, BY REGION
FIGURE 10.SINGAPORE BUNKER FUEL MARKET DYNAMICS
FIGURE 11.LIST OF BUNKER SUPPLIERS IN PORT OF SINGAPORE
FIGURE 12.LIST OF BUNKER SUPPLIERS IN PORT OF SINGAPORE
FIGURE 13.CHANGES IN SHIPPING AND PORT SECTOR ACROSS THE GLOBE DUE TO COVID-19
FIGURE 14.MARKET SHARE ANALYSIS, 2020
FIGURE 15.LIST OF KEY PLAYERS IN THE GLOBAL BUNKER FUEL MARKET
FIGURE 16.PRICING ANALYSIS, SINGAPORE BUNKER FUEL MARKET
FIGURE 17.SINGAPORE BUNKER FUEL MARKET, BY TYPE, 2020–2030
FIGURE 18.SINGAPORE BUNKER FUEL MARKET FOR HSFO, 2020–2030 ($MILLION)
FIGURE 19.SINGAPORE BUNKER FUEL MARKET FOR HSFO, 2020–2030 (KILOTONS)
FIGURE 20.SINGAPORE BUNKER FUEL MARKET FOR LSFO, 2020–2030 ($MILLION)
FIGURE 21.SINGAPORE BUNKER FUEL MARKET FOR LSFO, 2020–2030 (KILOTONS)
FIGURE 22.SINGAPORE BUNKER FUEL MARKET FOR MGO, 2020–2030 ($MILLION)
FIGURE 23.SINGAPORE BUNKER FUEL MARKET FOR MGO, 2020–2030 (KILOTONS)
FIGURE 24.SINGAPORE BUNKER FUEL MARKET FOR OTHERS, 2020–2030 ($MILLION)
FIGURE 25.SINGAPORE BUNKER FUEL MARKET FOR OTHERS, 2020–2030 (KILOTONS)
FIGURE 26.SINGAPORE BUNKER FUEL MARKET, BY COMMERCIAL DISTRIBUTOR, 2020-2030
FIGURE 27.SINGAPORE BUNKER FUEL MARKET FOR OIL MAJORS, 2020–2030 ($MILLION)
FIGURE 28.SINGAPORE BUNKER FUEL MARKET FOR OIL MAJORS, 2020–2030 (KILOTONS)
FIGURE 29.SINGAPORE BUNKER FUEL MARKET FOR LARGE INDEPENDENT DISTRIBUTORS, 2020–2030 ($MILLION)
FIGURE 30.SINGAPORE BUNKER FUEL MARKET FOR LARGE INDEPENDENT DISTRIBUTORS, 2020–2030 (KILOTONS)
FIGURE 31.SINGAPORE BUNKER FUEL MARKET FOR SMALL INDEPENDENT DISTRIBUTORS, 2020–2030 ($MILLION)
FIGURE 32.SINGAPORE BUNKER FUEL MARKET FOR SMALL INDEPENDENT DISTRIBUTORS, 2020–2030 (KILOTONS)
FIGURE 33.SINGAPORE BUNKER FUEL MARKET, BY APPLICATION, 2020–2030 ($MILLION)
FIGURE 34.SINGAPORE BUNKER FUEL MARKET FOR CONTAINER, 2020–2030 ($MILLION)
FIGURE 35.SINGAPORE BUNKER FUEL MARKET FOR CONTAINER, 2020–2030 (KILOTONS)
FIGURE 36.SINGAPORE BUNKER FUEL MARKET FOR BULK CARRIER, 2020–2030 ($MILLION)
FIGURE 37.SINGAPORE BUNKER FUEL MARKET FOR BULK CARRIER, 2020–2030 (KILOTONS)
FIGURE 38.SINGAPORE BUNKER FUEL MARKET FOR OIL TANKER, 2020–2030 ($MILLION)
FIGURE 39.SINGAPORE BUNKER FUEL MARKET FOR OIL TANKER, 2020–2030 (KILOTONS)
FIGURE 40.SINGAPORE BUNKER FUEL MARKET FOR GENERAL CARGO, 2020–2030 ($MILLION)
FIGURE 41.SINGAPORE BUNKER FUEL MARKET FOR GENERAL CARGO, 2020–2030 (KILOTONS)
FIGURE 42.CHEMICAL EXPORT, BY COUNTRY, 2020 (%)
FIGURE 43.SINGAPORE BUNKER FUEL MARKET FOR CHEMICAL TANKER, 2020–2030 ($MILLION)
FIGURE 44.SINGAPORE BUNKER FUEL MARKET FOR CHEMICAL TANKER, 2020–2030 (KILOTONS)
FIGURE 45.SINGAPORE BUNKER FUEL MARKET FOR FISHING VESSELS, 2020–2030 ($MILLION)
FIGURE 46.SINGAPORE BUNKER FUEL MARKET FOR FISHING VESSELS, 2020–2030 (KILOTONS)
FIGURE 47.SINGAPORE BUNKER FUEL MARKET FOR GAS TANKER, 2020–2030 ($MILLION)
FIGURE 48.SINGAPORE BUNKER FUEL MARKET FOR GAS TANKER, 2020–2030 (KILOTONS)
FIGURE 49.SINGAPORE BUNKER FUEL MARKET FOR OTHERS, 2020–2030 ($MILLION)
FIGURE 50.SINGAPORE BUNKER FUEL MARKET FOR OTHERS, 2020–2030 (KILOTONS)
FIGURE 51.MARKET PLAYER POSITIONING, 2020
FIGURE 52.TOP WINNING STRATEGIES, BY YEAR, 2016–2021
FIGURE 53.TOP WINNING STRATEGIES, BY DEVELOPMENT, 2016–2021 (%)
FIGURE 54.TOP WINNING STRATEGIES, BY COMPANY, 2016–2021
FIGURE 55.PRODUCT MAPPING OF TOP 10 PLAYERS
FIGURE 56.COMPETITIVE HEATMAP OF KEY PLAYERS
FIGURE 57.BP P.L.C: REVENUE, 2018–2020 ($MILLION)
FIGURE 58.BP P.L.C: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 59.BP P.L.C: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 60.EXXON MOBIL CORPORATION: REVENUE, 2017–2019 ($MILLION)
FIGURE 61.EXXON MOBIL CORPORATION: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 62.GLENCORE INTERNATIONAL AG: REVENUE, 2018–2020 ($MILLION)
FIGURE 63.GLENCORE INTERNATIONAL AG: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 64.GLENCORE INTERNATIONAL AG: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 65.PETROCHINA COMPANY LIMITED: REVENUE, 2018–2020 ($MILLION)
FIGURE 66.PETROCHINA COMPANY LIMITED: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 67.PETROCHINA COMPANY LIMITED: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 68.ROYAL DUTCH SHELL PLC: REVENUE, 2018–2020 ($MILLION)
FIGURE 69.ROYAL DUTCH SHELL PLC: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 70.ROYAL DUTCH SHELL PLC: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 71.SK INNOVATION, CO. LTD.: REVENUE, 2018–2020 ($MILLION)
FIGURE 72.SK INNOVATION, CO. LTD.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 73.SK INNOVATION, CO. LTD.: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 74.TOTAL ENERGIES: REVENUE, 2018–2020 ($MILLION)
FIGURE 75.TOTAL ENERGIES: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 76.TOTAL ENERGIES: REVENUE SHARE BY REGION, 2020 (%)

 
 

Singapore bunker fuel market has registered the dynamic growth over the past few years and still acquired the position as leading bunkering hub across the globe owing to the low cost of bunkers and high level of service providing than other ports across the globe. In addition, the International Maritime Organization (IMO) regulations over reduction of sulfur cap from 3.5% to 0.5% to reduce the marine pollution are expected to drive the growth of the bunker fuel market. As these stringent environmental regulations might enhance the reduction of marine pollution. The lower sulfur cap regulation in bunker fuel is anticipated to reduce the marine pollution, which led to increase in demand for bunker fuel among the shipping companies. According to some CXOs, with increase in oil and gas exploration activities, the bunker fuel market is expected to witness growth in emerging oil-producing regions, especially in the Indo-Pacific region.

New oil-producing regions have vast unexplored reserves, which are enough to meet the growing energy demand in future. Exploration of these untapped reserves will affect the demand for shipping vessels, as increase in exploration, drilling, and production of oil & gas will require more shipping vessels to transport oil & gas to desired destinations, which will boost the growth of the bunker fuel market.

The previously predicted HSFO surplus amid carriage ban introduction and high refining runs will not materialized during initial quarter of 2020. In addition, the sharp drop in topline refinery throughput due to COVID-19 has meant a sharp decrease in sour residue supply and therefore, absolute HSFO production. But the refining industry has done better than expected job minimizing its HSFO fraction - and increasing its VLSFO yield.

Regardless, the narrower VLSFO-HSFO differential and overall lack of a supply crunch for low-sulfur bunker fuel is not likely to change anytime soon. Refinery throughput and global demand are negatively affected by COVID-19.

  • The impact of IMO specification change on reduction of sulfur cap will depend on the different strategies adopted by the ship owners. There are three main options for ship owners:
  • Purchasing compliant bunker fuel without making any changes in the vessel.
  • Installation of exhaust cleaning systems on board, known as scrubbers. These scrubbers will remove sulfur dioxide emissions from the exhaust and allow the ship owners to continue burning high sulfur bunker.
  • Switching to alternative fuel such as liquefied natural gas (LNG) by making modifications in the vessel.

The first option will increase the demand for low sulfur content fuel. The second option would be less disruptive for refining industry but comes up with the high initial investment for vessel owner. Third option will reduce the demand for both fuel oil and gas oil. Overall IMO specification changes eroded high sulfur fuel consumption and is expected to increase for various types of low sulfur bunker fuels.

In addition, increase in hydrocarbon exploration activities in Asia-Pacific and rise in sea borne trade are expected to drive the growth of the Singapore bunker fuel market in the near future. However, regional players such as China made available surplus reserve of marine compliant fuels is expected to attract key shipping players from Singapore to Chinese ports, which in turn is anticipated to restrain the growth of the Singapore bunker fuel market in the coming years.

Furthermore, due to stringent government regulations, shipping companies has decided to reduce usage of bunker fuel such as residual fuel oil (RFO). They are focusing toward the adoption of alternative fuels such as LNG (Liquified Natural Gas), biodiesel, kerosene, and others. LNG is expected to be put in newly build vessels particularly to those that operate within a geographic area, particularly emission control area (ECA). It is expected that with the rise in investment toward building & construction of LNG bunkering infrastructure there will be rise in lucrative opportunities for key players in the Singapore bunker fuel market from 2021 to 2030.

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FREQUENTLY ASKED QUESTIONS?
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A. The potential customers of the Singapore bunker fuel are shipping applications such as container, bulk carrier, general cargo, gas tanker, chemical tanker and others.

A. The key growth strategies of Singapore bunker fuel market players are acquisition, agreement, collaboration, partnership and product launch.

A. To get latest version of Singapore bunker fuel market report can be obtained on demand from the website.

A. The key benefits of the Singapore bunker fuel market are information on key trends, market size & forecast, top players and their development strategies, and others.

A. IMO regulation on sulfur content, increase in oil & gas exploration activities, and rise in international maritime trade are expected to be the driving factors and opportunities in the Singapore bunker fuel market.

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. On the basis of type, LSFO segment will drive the Singapore bunker fuel growth during the forecast period. By commercial distributor, oil majors will fuel the Singapore bunker fuel growth. On the basis of application, container segment will fuel the Singapore bunker fuel growth.

A. Top players in the Singapore bunker fuel are BP Plc, Exxon Mobil Corporation, Equatorial Marine Fuel Management Services Pte. Ltd., Glencore Singapore Pte. Ltd., PetroChina International (Singapore) Pte. Ltd., Royal Dutch Shell Plc, Sentek Marine & Trading Pte. Ltd., SK Energy International Singapore Pte. Ltd., Total Energies, and Vitol Marine Fuels Pte. Ltd.

A. In terms of revenue, the market size of the Singapore bunker fuel is anticipated to reach $24.6 billion by 2030, growing at CAGR of 3.5% from 2021 to 2030.

A. Development and adoption of low sulfur bunker fuels and rapid growth of LNG bunkering is expected to influence the Singapore bunker fuel market in the next few years.

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