Caribbean Islands Bunker Fuel Market by Type (Residential Fuel Oil, Marine Diesel Oil (MDO), Marine Gas Oil (MGO)), Commercial Distributor (Oil Majors, Large Independent, and Small Independent) and End User (Container, Bulk Carrier, Oil Tanker, General Cargo, Chemical Tanker, Fishing Vessel, Gas Tanker, and Others) - Opportunity Analysis and Industry Forecast, 2017-2023
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Bunker fuel is the fuel oil/gas delivered to ships of all states that are engaged in international navigation, which may take place via sea, on inland lakes & waterways, and in coastal waters. The two major bunker fuels used in the marine industry are distillates and residual fuel oils.
Marine distillates are divided into marine gas oil (MGO) and marine diesel oil (MDO). Marine gas oils are used in small, highly rated diesel engines, which are found in many types of ships.
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Residual fuel oil, also known as heavy fuel oil (HFO), is the highest viscosity oil fuel. The most commonly used heavy fuel oils at sea are the intermediate fuel oils, namely, IFO 180 and IFO 380.
The implementation of sulfur limit of 0.50% m/m (mass/mass) in 2020 for marine fuels by the International Maritime Organization (IMO) and increase in ocean-borne trade, especially in ton-km traveled, drive the growth of the global bunker fuel market. However, replacement of obsolete vessels by more competent boats is expected to restrain the market growth.
The Caribbean islands bunker fuel market is segmented based on type, commercial distributor, end user, and geography. Depending on type, the market is classified into residual fuel oil, MDO, and MGO.
Residual fuel oil is further divided into IFO 180 and IFO 380. On the basis of commercial distributor, the market is fragmented into oil majors, large independent, and small independent.
By end user, it is categorized into container, bulk carrier, oil tanker, general cargo, chemical tanker, fishing vessel, gas tanker, and others. Geographically, it is analyzed across St.
Eustatius, Trinidad, Curacao, Jamaica, and rest of Caribbean islands.
- This report provides an extensive analysis of the current trends, emerging estimations, and dynamics in the Caribbean islands bunker fuel market.
- In-depth analysis of the market is conducted and estimations for key segments between 2015 and 2023 are provided.
- Factors that drive and restrain the growth of the market are provided.
- Industry analysis is conducted by following the key product positioning and monitoring the top competitors within the market framework.
- Key players are profiled and their strategies are analyzed thoroughly to provide a competitive outlook of the industry trends.
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