04 August 2022

TFG Marine: All hands on deck for greater transparency in the bunkering industry

Posted by Kenneth Dam

The bunkering industry provides over 200 million metric tonnes of marine fuel annually1 along main shipping thoroughfares, at ports and offshore, to the tens of thousands of commercial vessels that sail the world’s seas. This is a market that was worth USD110 billion globally in 2020 and is projected to reach USD165 billion by 20302.

Yet, despite its scale and the essential role it plays in supporting global maritime trade, much of the industry is still steeped in old-fashioned, outmoded operational practices. There is a continuing lack of transparency in the way marine fuel is delivered. This has to change. It is commercially and reputationally damaging. It is holding back our industry and undermining its prospects for growth.