Bunker Fuel Market Share, Trends & Analysis 2028

1. 2018 – 2028 GLOBAL BUNKER FUEL MARKET FORECAST & OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

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13. Market Overview

14. Scope of Report Product of Interest (POI): Bunker Fuel Bunker fuel is commonly referred as the fuel used in the ship bunkers to power the engines of the ship. It is poured into the ship bunkers to keep the engines running. Market Segmentation Review Period 2018 – 2021 Base Year 2022 Estimated Year 2023 Forecast Period 2024 – 2028 Year Range TYPE • High Sulfur Fuel Oil • Low Sulfur Fuel Oil • Marine Gasoil • Others REGION • Asia-Pacific • Europe • North America • South America • Middle East & Africa APPLICATION • Container • Bulk Carrier • Oil Tanker • General Cargo • Chemical Tanker • Fishing Vessels • Gas Tankers • Others COMMERCIAL DISTRIBUTOR • Oil Majors • Large Independent • Small Independent

15. Research Methodology

16. Research Methodology Market Profiling Data Analysis Data Collection Data Validation Developing List of Respondents Formulating Questionnaire In-depth secondary research was conducted to determine top players in the global bunker fuel market, overall market size and segmental market size. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the global bunker fuel market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection Primary Research Desk Research Company Analysis • Recent Developments • Market Changing Aspects/Dynamics • Government Policies • Conclusion • Market Participants • Key Strengths • Identifying Key Opinion Leaders • Questionnaire Design • In-depth Interviews Primary Research Secondary Research Paid Sources • LinkedIn • TechSci Internal Database • Company Websites • Company Annual Reports • White Paper Study • Financial Reports • Investor Presentations • Regulatory Body • Associations, etc. • Factiva • Hoovers

17. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of the global bunker fuel market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as demand for cleaner bunker fuels has increased due to the implementation of stricter environmental regulations, an increase in the use of marine vessels for offshore oil and gas and wind farm developments, and the rising marine transportation of essential commodities. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in the global bunker fuel market. Methodology Followed for Calculation of Market Size: • Market Size by Value: Market size, in terms of Value, for the year 2022 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as bunker fuel companies, end-users, industry experts, and other industry participants. • The team interviewed more than 10 bunker fuel companies, 100 end-users, and 5 industry experts and other value chain stakeholders in the global bunker fuel market to obtain the overall market size from 2018 to 2022, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during 2018-2022.

18. Research Methodology • Respondents were asked about the current and future market growth rates, market shares by type, by commercial distributor, by application, by company and by region. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders. Methodology Followed for Calculation of Market Shares: • Market share by type, by commercial distributor, by application, by company and by region were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of bunker fuel markets. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: • TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software. • Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global bunker fuel market, TechSci Research used various forecast techniques such as: Moving Average Time Series Analysis Regression Analysis Econometric and Judgmental Analysis

19. Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the United States Dollar (USD), with the market size indicated in USD million.

20. Market Overview • The Global Bunker Fuel Market has witnessed remarkable growth driven by the increasing demand of bunker fuel in the shipping industry, growing offshore exploration & production activities, rising international sea born trade activities among others. • Increase in demand for resources such as crude oil, coal, steel and iron, is expected to augment offshore exploration & production activities, thereby positively contributing to the growth of global bunker fuel market. Bunker oil-supplying companies are strategically investing in new bunkering divisions in ports that are close to major offshore hydrocarbon basins in order to enhance their market share. • Based on distributors, the bunker fuel market is categorized into oil majors, large independent distributors, and small independent distributors. Large independent distributors held a significant share in the bunker fuel industry in the historical period. These distributors have multiple physical assets, such as blending facilities, and storage terminals in major bunkering ports. This given them a competitive advantage over small independent distributors. • In terms of region, Asia-Pacific held the largest share in global bunker fuel market in 2022 and is anticipated to maintain its dominance in the forecast period. This is attributed to various factors such as rise in maritime trade activities in the region, presence of developing countries such as China, India, Japan, Singapore, South Korea etc., huge consumer base and growth in exploration & production activities. 20

21. Recent Developments • On 8th August 2023, ScanOcean and Neste unveils a new marine fuel in Sweden that reduces GHG emissions up to 80%. ScanOcean AB and Neste Oyj are strengthening their existing partnership by launching a new lower-emission DMA Gasoil for the Swedish market. Neste Marine 0.1 Co-processed reduces greenhouse gas (GHG) emissions up to 80%, compared to fossil DMA Gasoil. DMA co-processed with renewable raw materials will be available as bunker fuel on the Swedish east coast. • On 3rd August 2023, Independent bulk carrier firm Himalaya Shipping announced that two of its dual-fuel bulk carriers, Mount Norefjell and Mount Matterhorn, have bunkered with LNG in Singapore. • On March 2023, Maresk has signed a Memorandum of Understanding (MOU) with Shanghai International Port Group (SIPG) on strategic cooperation for Shanghai Port methanol marine fuel project. The two parties are expected to join hands to explore green methanol fuel vessel-to-vessel bunkering operation after Maersk’s green methanol container vessels being delivered in 2024. • The International Bunker Industry Association (IBIA) and BIMCO started an online survey in February 2022 to determine if mass flow metering (MFM) and bunker licencing systems are required to improve market conditions in the global maritime sector. The survey's goal was to find out how much the maritime sector thought mass flow metering (MFM) systems and bunker licensing schemes should be adopted more widely in order to improve market conditions. 21

22. Sample Data- Snapshot Global Bunker Fuel Market Size, By Value (USD Million), 2018-2028F CAGR By Value CAGR By Value XX% YY% Global Bunker Fuel Market Share, By Type, By Value, 2018–2028F

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