The bunker industry is waiting for a recovery from COVID-19 in 2022 that seemed to stall last year, reports Ship & Bunker.
Challenge for the bunker industry
From the point of view of public announcements from shipping and bunkering firms, last year was a year of decarbonisation, and with the challenge of IMO 2020 firmly behind it the industry shifted focus to emissions reduction efforts, alternative fuels and more efficient systems.
But behind the scenes in the conventional fuel market that still dominates bunker demand, the story was of a slow increase in sales with little signs of life in profit margins despite significant price rises.
The challenge for the bunker industry in 2022 will be to manage its growth during the market’s recovery while not overextending itself as fuel-efficiency measures and the shift to alternative bunkers drive the continued secular decline in bunker demand. The hope will also be that the climb in crude prices does not lead to an overheated market in which restricted access to credit drives some out of business.
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Source: Ship & Bunker
