DUBLIN, Nov. 22, 2022 /PRNewswire/ — The “Singapore Bunker Fuel Market By Type (High Sulfur Fuel Oil, Low Sulfur Fuel Oil, Marine Gas Oil, and Others), By Commercial Distributor (Oil Majors, Large Independent, and Small Independent), By Application, By Region, Competition, Forecast & Opportunities, 2027” report has been added to ResearchAndMarkets.com’s offering.
Singapore bunker fuel market is anticipated to witness a growth of steady CAGR in the forecast period, 2023-2027
The market growth can be attributed to the rise in marine trade activities and increased oil & gas exploration activities in offshore sites. Besides, new regulations by the International Maritime Organization (IMO) on sulfur content in marine fuel and offshore oil and gas developments are expected to boost the demand for the Singapore bunker fuel market for the next five years.
The International Maritime Organization (IMO) has adopted a new global sulfur quota of 0.5% on fuel composition, which is lower than the previous limit of 3.5% . The increased release of hazardous pollutants from the ship has a negative influence on the environment.
Strict sulfur limitations have compelled shipowners and operators to use bunker fuel that complies with IMO requirements. This allows industry participants to engage in low-sulfur fuel production to meet for the expanding market demand. trade…