Bunker Fuel Market: Global Trade Growth, Marine Fuel Demand & Growth Ahead

Growing world seaborne commerce and international commercial fleet, expanding port and bunkering infrastructure and further shipping emissions regulations will continue to drive bunker fuels demand. The growth of the demand for higher value low-sulfur and alternative fuels is expected to feature in medium-term growth in the bunker fuels market in the major trade corridors and energy-intensive shipping systems of the world, fuelled by economic growth, increasing exports from emerging markets and expansion in long-distance trade routes. According to IMARC Group's latest research publication, The global bunker fuel market size was valued at USD 168.59 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 268.92 Billion by 2033, exhibiting a CAGR of 5.06% during 2025-2033.

How AI is Reshaping the Future of Bunker Fuel Market

• Predictive Fuel Price Forecasting & Cost Optimization: AI tools like MarineFuelAI harness historical price data, economic indicators, and port attributes for forecasting bunker fuel prices up to two months ahead, with explainable AI and model outputs uncovering hidden factors like geopolitical disruptions and regional demand shifts.
• Real-Time Fuel Quality Analysis and Supplier Selection. AI services analyze global fuel quality databases in real-time and provide information on the energy content of fuels by port. Energy Beacon helps operators to select suppliers based on price and energy content for real fuel savings (e.g., by selecting for high-energy content) and voyage planning using the more accurate fuel consumption forecast.
• Fuel Consumption Prediction and Route Optimization: Ships' fuel consumption can be predicted and is a core area of research. Advanced bidirectional networks and deep learning-based AI can predict ship fuel consumption with 1% accuracy. Route optimization is achieved with real-time sensor data, operational data and weather data, reducing unnecessary maneuvers and fuel consumption (35% of operational costs).

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Bunker Fuel Industry Overview:

The bunker fuel sector is experiencing changes also due to environmental regulations and technological developments. The International Maritime Organization mandated reducing to 0.5% the sulfur content of bunker fuel from 2020. This has effectively changed historic fuel specs and resulted in Very Low Sulfur Fuel Oil obtaining a larger market share. LNG bunker sales in Singapore increased to 463,948 metric tonnes for 2024, growing over fourfold. Worldwide, 198 ports offered LNG bunkering and 56 LNG bunkering vessels were active. Big energy businesses invest in compliant fuel production and supply.

Bunker Fuel Market Trends & Drivers

Decarbonization is reshaping fuel demand in the global shipping industry. Under the IMO’s Carbon Intensity Indicator (CII), ships rated “D” or “E” face higher operating risks, including up to a 30% increase in insurance premiums. As a result, shipowners are accelerating the shift toward cleaner fuels, particularly LNG. In 2024, 264 new LNG-fueled vessels were ordered—more than twice the number in 2023. The active LNG-fueled fleet reached 642 ships in 2024 (excluding LNG carriers) and is expected to double by the end of the decade.

Port infrastructure and fuel supply systems are also improving. Singapore’s Maritime and Port Authority has invited proposals for offshore LNG reloading solutions to support onshore capacity and enable future use of bio-methane and other alternative fuels. Rotterdam bunkered 941,366 cubic meters of LNG in 2024, a 52% increase year over year, and Europe now accounts for about 85% of the global LNG bunkering market. In China, major players such as Shanghai International Port Group, CNOOC, and PetroChina are rapidly expanding LNG bunkering facilities across key ports including Shanghai, Ningbo, Shenzhen, Guangzhou, and Zhoushan.

Interest in alternative fuels continues to grow, especially bio-LNG and liquefied biomethane. In 2024, SEA-LNG members plan to bunker biomethane at around 70 ports worldwide. A major milestone was achieved when the Rotterdam–Singapore Green and Digital Shipping Corridor completed the world’s first biomethane bunkering pilot, following its announcement at COP26. Alongside these efforts, companies such as SABIC, Lamb Weston, and OpackGroup are collaborating on sustainable packaging made from bio-renewable materials, reinforcing broader circular-economy goals.

Leading Companies Operating in the Global Bunker Fuel Market:

• Bomin Bunker Holding GmbH & Co. KG (Marquard & Bahls AG)
• BP Plc
• Chevron Corporation
• Exxon Mobil Corporation
• Gazprom Neft PJSC (Gazprom)
• LUKOIL
• Neste Oyj
• Petroliam Nasional Berhad (PETRONAS)
• Royal Dutch Shell Plc
• TOTAL S.A.

Bunker Fuel Market Report Segmentation:

By Fuel Type:

• High Sulfur Fuel Oil (HSFO)
• Very Low Sulfur Fuel Oil (VLSFO)
• Marine Diesel Oil (MDO)
• Liquefied Natural Gas (LNG)

Very Low Sulfur Fuel Oil, with a market share of approximately 43.2%, has been the most dominant fuel specification due to its compatibility with existing marine engines and the lack of retrofitting scrubbers required for IMO 2020 compliance.

By Vessel Type:

• Containers
• Tankers
• General Cargo
• Bulk Carrier
• Others

Containers account for around 40.0% of global freight transport, driven by the rise in e-commerce and the high fuel consumption of entire container ships which serve fixed international routes.

By Seller:

• Major Oil Companies
• Leading Independent Sellers
• Small Independent Sellers

Oil majors have 55.6% of market share. Their businesses are vertically integrated and have well-established supply chains, refining capacity, bunkering barges, storage terminals, distribution networks and digital road fuel systems.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Across Asia Pacific is the leading market with a share of 45.6%. Singapore, Shanghai, Hong Kong, and Busan represent important ports of call. High trade volume within the Strait of Malacca supports regional market growth. Fast growth of export-oriented industries supports it as well.Recent News and Developments in Bunker Fuel Market

• In May 2025, Cargill and Hafnia formed a joint venture called Seascale Energy. The company will supply about 7.5 million metric tons of marine fuel each year, helping shipping companies buy bunker fuel more efficiently and with greater price transparency worldwide.
• In April 2025, Vitol started supplying FuelEU Maritime–compliant very low sulfur fuel oil (VLSFO) from its Fujairah refinery in the UAE. This fuel is made using sustainable raw materials and produces over 70% lower greenhouse gas emissions than traditional fossil fuels. Emissions data is verified using DNV’s digital monitoring platform.
• In March 2025, Bunker One USA acquired Element Alpha’s New York Harbor operations, expanding its presence beyond the U.S. Gulf Coast. The company now operates a full bunker fuel service in New York Harbor, including storage and barge facilities, with fuel supplied from Brazil and the Caribbean.
• In February 2025, Wallenius Wilhelmsen used biofuel for the first time at the Port of Yokohama, Japan. The vessel bunkered 400 metric tons of Bio Bunker B24, supplied by Mitsubishi Corporation Energy, supporting the company’s goal of reaching net-zero emissions by 2040.
• In January 2025, KPI OceanConnect, Neste, and Global Energy Trading completed a biofuel bunkering operation in Singapore, supplying HVO100 to a cruise ship. This fuel can reduce emissions by up to 90% compared to conventional diesel, marking an important step toward cleaner marine fuels.

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