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Bunker Oil Market - Global Trend and Outlook to 2030

Bunker fuel is used by a variety of devices, including ship and aeroplane engines. Compared to other forms of gasoline on the market, bunker fuel is less expensive. Businesses prefer to use the least expensive fuel in order to maximise profit margins because the entirety of the cost of shipping goods is incurred by the cost of gasoline.

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Bunker Oil Market - Global Trend and Outlook to 2030

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  1. Bunker Oil MarketCurrentScenario

  2. Bunkeroilrefersto atypeof fuelthatis commonlyusedinmaritimevesselssuchas shipsandlargeboats.Itisadenseandheavy fuel oilwithhigh viscosityandisobtainedfrom crudeoil througharefiningprocess.Bunkeroilis primarilyusedasfuelfor marineenginesdueto itshighenergycontent. • Herearea fewkeypointsaboutbunkeroil: • GradesandTypes:Bunkeroilisavailablein differentgradesandtypes,whichare categorizedbasedontheirviscosityandsulfur content.Themostcommongradesare IFO (IntermediateFuelOil)180andIFO 380,with thenumbersrepresentingtheviscosityin centistokesat50degreesCelsius.

  3. Marine Fuel Regulations: Bunker oil is subject to various international regulations, particularly those set by the International Maritime Organization (IMO). The IMO has implemented sulfur regulations to reduce air pollution from ships. The global sulfur cap, known as IMO 2020, limits the sulfur content in bunker oil to 0.50% mass/mass (previously 3.50%),leading tothe use oflowersulfur fuels or the installationof exhaust gascleaningsystems(scrubbers). Environmental Impact: Bunker oil, like other fossil fuels, has environmental implications. The combustion of bunker oil releases carbon dioxide(CO2),contributingto greenhousegas emissions and climate change. Additionally, it can contain sulfur compounds and other pollutants that can cause air pollutionand harmmarineecosystemsifnot properlytreated orregulated.

  4. Storage and Handling: Due to its high viscosity, bunker oil needstobe heatedbeforeitcanbe pumpedand usedas fuel. It is usually stored in dedicated tanks aboard ships. The handling and transportation of bunker oil require specialized equipment andsafety precautions. • Price and Market: The price of bunker oil is influenced by variousfactors,including crudeoilprices, refiningcosts, supply and demand dynamics, and geopolitical factors. Bunker oil prices can be subject to significant fluctuations, impactingshipping costsandtheoverall maritimeindustry. • It's worth noting that in recent years, there has been a growing focus on transitioning to cleaner and more sustainable fuels in the maritime sector. This shift includes the adoptionof alternativefuels like liquefied natural gas (LNG), biofuels, and the exploration of new technologies such as hydrogen fuel cells and electric propulsion systems. Thesedevelopments aimtoreduce theenvironmental impact of bunker oil and promote a more sustainable shippingindustry.

  5. BunkerOilMarketByRegions • If opting for the Global version of Bunker Oil Market; then the below country analysiswouldbeincluded: NorthAmerica(theUSA,Canada, and Mexico) Europe (Germany, France, the United Kingdom, Netherlands, Italy,NordicNations, Spain, Switzerland, and the Rest of Europe)Asia-Pacific(China,Japan, Australia, New Zealand, South Korea, India,SoutheastAsia,andtheRest of APAC) South America (Brazil, Argentina, Chile, Colombia, the Rest of thecountries,etc.) TheMiddle East and Africa (Saudi Arabia, United ArabEmirates,Israel,Egypt,Turkey, Nigeria,SouthAfrica,Restof MEA)

  6. BunkerOilMarketGrowth2023-2029is thelatestresearch study released byHTFMIevaluatingthemarketrisk sideanalysis, highlighting opportunities, and leveraging with strategic and tacticaldecision-makingsupport, • https://www.htfmarketintelligence.com/research- store?section=8&q=Bunker+Oil

  7. ContactUs: • CraigFrancis(PR&MarketingManager) • HTFMarketIntelligenceConsultingPrivate Limited • Phone: +14343220091 • sales@htfmarketintelligence.com • Connectwith us • atLinkedIn|Facebook|Twitter

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