- the dual impact of Covid-19 and IMO 2020 has permanently changed the global marine fuels market, but it’s affected individual bunkering regions in different ways
- transparent marine fuels provider who successfully navigate the compliance challenges of IMO 2020 and are in a strong position to lead owners and operators
- having partnership-based relationships built on trust will unlock greater opportunities for all stakeholders
As the maritime industry turns its attention to 2030 and 2050, the lessons learned from 2020 have created a new dynamic that requires a consultative approach to bunkering says an article on KPI Oceanconnect.
Approaching 2030 and 2050
If the past year has taught us anything it’s that fuel buyer, shipowners and operators need trusted, expert marine fuel counterparties. IMO 2020 changed the way that ships manage differing fuel products and created an inherently more complex procurement landscape, but there are exciting years ahead of us in terms of exploring different propulsion pathways and developing our marine fuels mix.
Challenges
It’s clear that compliance, compatibility, and safety have become more interlinked than ever before. Sourcing the right fuel, at the right time, and for the right vessel has become substantially more challenging – especially outside the major hubs, and it takes an innovative partner with global reach to do this efficiently and effectively.
There will be major challenges in the years to come for the bunkering industry, but counterparty risks shouldn’t be one of them. As the industry faces mounting pressure on credit, time invested in fully assessing what would and wouldn’t work for your business model is crucial.
We expect to see more consolidation in the industry as the transition towards future fuels and alternative sources grows. Delivering in this transitional period requires expert local and technical knowledge, financial strength, and global coverage as part of this new norm for the marine fuels ecosystem.
Transparent partnership
The industry will naturally call for more transparency, so having partnership-based relationships built on trust will unlock greater opportunities for all stakeholders. Modern bunker traders need to act transparently and collaboratively with customers and stakeholders to implement marine energy strategies that meet a shipowner’s needs today and tomorrow.
KPI OceanConnect is well positioned for the current changes and challenges in the marine fuels supply chain by providing solutions in response to the increasingly diverse and complex nature of the market and to meet the more rigorous needs of our business partners.
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Source: KPI Oceanconnect
