Albany, NY, May 20, 2015 (GLOBE NEWSWIRE) -- According to a new publication by Transparency Market Research (TMR), the global bunker fuel market was valued at 372.30 million tons in the year 2013. It is estimated that this market will reach a total volume of 460 million tons by the end of 2020, rising at a compound annual growth rate of 3.1% between 2014 and 2020. This research report is prepared based on an extensive study of the global market for bunker fuel. It offers a comparative analysis of the industry by assessing the market quantitatively as well as qualitatively.
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The publication provides detailed information about the past performance, the existing condition, and the future prospects of the bunker fuel industry across the globe. The report is titled "Bunker Fuel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020".Bunker fuel is a form of liquid fuel distilled fractionally from crude oil. Also called fuel oil, this substance can be broken down into various categories on the basis of its chemical composition, boiling temperature, and intended purpose. Bunker fuel is highly unrefined and much more polluting than other petroleum products.
Browse Press Release of Global Bunker Fuel Industry: http://www.transparencymarketresearch.com/pressrelease/bunker-fuel-market.htm
Apart from fuel oil, various middle distillate fuels are also used as bunker fuels. The price of the fuel accounts for around 70% of the entire voyage expenses of a vessel. Ship operators prefer buying bunker fuel directly from ports, where the rates are low. Many operators prefer buying a large part of the total fuel required for the entire trip at once, from a port that offers bunker fuel at reasonable rates.In the global bunker fuel market, there are two main kinds of fuel being utilized at present: residual fuel and distillate fuel. Between the two, residual fuel comprised a majority of bunker fuel consumption across the globe in 2013. However, with major transit routes being ruled out as emission control areas (ECAs), this trend is expected to gradually modify in future. The vessel operators operating in ECAs need to shift to middle distillate and low-sulfur fuels to fulfill the sulfurous emission limits enforced in these areas.
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Bunker fuels sold by the suppliers need to meet the specifications defined in ISO 8217. There are several bunker fuel testing agencies that enforce these regulations and make sure that the shipping firms meet the fuel specifications. Maintaining bunker fuel of an approved quality is dependent on various factors such as the choice of suppliers, the bunkering port, and the blending facilities present in the port.
Other Reports Published by Transparency Market Research :
- LNG Bunkering Market: http://www.transparencymarketresearch.com/lng-bunker-fuel-market.html
- Marine Lubricants Market: http://www.transparencymarketresearch.com/marine-lubricants-market.html
At present, Asia Pacific is a key market for the global bunker fuel industry, China and Singapore being the main contributors to this industry. Europe follows the Asia Pacific bunker fuel market in terms of consumption. Russia is the largest supplier of bunker fuel oil. As Russia lies within the political boundaries of Europe, Russian bunker fuel providers are able to sell at comparatively lower prices within Europe.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research