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The global bunker fuel market was valued at US$ 123.9 Billion in 2020.
The increasing number of seaborne trade activities due to elevating levels of globalization represents one of the key factors driving the global bunker fuel market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary restriction on sea trade activities, thereby hampering the global bunker fuel market.
Based on the fuel type, the global bunker fuel market has been bifurcated into high sulfur fuel oil (HSFO), very low sulfur fuel oil (VLSFO), marine diesel oil (MDO), and liquefied natural gas (LNG). Among these, high sulfur fuel oil (HSFO) holds the largest market share.
Based on the vessel type, the global bunker fuel market can be categorized into containers, tankers, general cargo, bulk carrier, and others. Currently, container exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global bunker fuel market include 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, and TOTAL S.A.
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