Bunkering Services Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Fuel Type (Heavy Fuel Oil (HFO), Marine Gas Oil (MGO), Low-Sulfur Fuel Oil (LSFO), Liquefied Natural Gas (LNG), Very Low-Sulfur Fuel Oil (VLSFO), Others), By Vessel Type (Tankers, Container Ships, Bulk Carriers, Cruise Ships, Others), By Bunkering Method (Ship-to-Ship (STS), Port-to-Ship (PTS), Barge-to-Ship (BTS)) By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 201.79 Billion
CAGR (2026-2031)	6.11%
Fastest Growing Segment	Bulk Carriers
Largest Market	Asia Pacific
Market Size (2031)	USD 288.03 Billion

Market Overview

The Global Bunkering Services Market will grow from USD 201.79 Billion in 2025 to USD 288.03 Billion by 2031 at a 6.11% CAGR. Bunkering services entail the supply and refueling of marine fuels to vessels, involving the logistical transfer of energy sources required for propulsion and onboard power generation. The market is primarily propelled by the intensification of international seaborne trade and the expansion of the global merchant fleet, necessitating robust fuel availability at major maritime hubs. According to the International Maritime Organization, in 2023, reported global ship fuel consumption reached 211 million tonnes, reflecting the critical necessity of these services for commerce.

However, a significant barrier to growth is the high cost and complexity associated with mandatory decarbonization and environmental compliance. The requisite shift toward cleaner energy sources demands immense capital investment in new infrastructure and compliant technologies, placing a financial strain on the supply chain. This regulatory pressure creates operational uncertainty and elevated costs that may impede the scalability of services in the developing green energy landscape.

Key Market Drivers

The primary engine propelling the Global Bunkering Services Market is the sustained increase in rising international seaborne trade volumes, which directly dictates the frequency and volume of marine fuel consumption. As global supply chains expand to meet consumer demand, the number of vessel voyages escalates, creating a continuous requirement for refueling at key logistical nodes. This correlation between cargo throughput and energy demand ensures that bunkering remains a critical utility for the shipping industry. According to the United Nations Conference on Trade and Development (UNCTAD), September 2025, in the 'Review of Maritime Transport 2025', maritime trade volumes reached 12,720 million tons in 2024, representing a 2.2 percent annual growth that reinforces the sector's trajectory.

Simultaneously, the industry is witnessing a structural shift driven by the growing orders for dual-fuel and eco-friendly vessels, necessitated by the imperative to reduce greenhouse gas emissions. Shipowners are aggressively renewing fleets with tonnage capable of utilizing alternative fuels like Liquefied Natural Gas (LNG) and methanol, forcing bunkering providers to diversify their supply portfolios and infrastructure. According to DNV, January 2025, in the 'Alternative Fuels Insights' platform update, a total of 515 ships with alternative fuel propulsion were ordered in 2024, highlighting the accelerated transition toward greener marine energy. This operational evolution is further evidenced by activity in major hubs; for instance, according to the Maritime and Port Authority of Singapore, in 2025, the port registered a record high of 54.92 million tonnes in total bunker sales for 2024, underscoring the robust demand for both conventional and alternative fuels.

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Key Market Challenges

The high cost and complexity associated with mandatory decarbonization and environmental compliance constitute a substantial impediment to the Global Bunkering Services Market. As regulatory frameworks increasingly demand a shift toward low-emission energy sources, the industry faces immense financial pressure to overhaul existing infrastructure and adopt sophisticated compliant technologies. This transition requires significant capital expenditure for both retrofitting vessels and developing new supply chains for alternative fuels, which strains the financial liquidity of market players. The uncertainty regarding which alternative fuel will become the industry standard further complicates investment decisions, causing stakeholders to delay necessary expansions and modernization efforts.

This economic burden is acutely demonstrated by the prohibitive price gap between traditional and green fuels. According to the World Shipping Council, in 2025, e-methanol was 626% more expensive than conventional marine fuel alternatives, while bio-methane cost 169% more than fossil LNG. Such extreme cost disparities make the immediate wide-scale adoption of cleaner fuels commercially unviable for many shipping operators. Consequently, this pricing volatility restricts the scalability of green bunkering operations and directly stifles the market's ability to grow in response to the emerging demand for sustainable energy solutions.

Key Market Trends

The Widespread Digitization of Bunkering Operations and Electronic Documentation is fundamentally reshaping market mechanics by replacing manual paper trails with secure digital platforms. This technological shift is designed to enhance operational efficiency, reduce fraud risks, and streamline the data exchange between suppliers, shipowners, and port authorities. Regulatory bodies are actively enforcing this transition to ensure transparency in fuel delivery and compliance with international standards, effectively modernizing the transactional architecture of the industry. According to the Maritime and Port Authority of Singapore, October 2024, in the 'SIBCON 2024' keynote address, the implementation of mandatory digital bunkering services and electronic bunker delivery notes (e-BDN) from April 2025 is projected to save the industry approximately 40,000 man-days annually.

Simultaneously, the Accelerated Expansion of Liquefied Natural Gas Bunkering Infrastructure is establishing LNG as a mature and scalable bridge fuel for the maritime sector. Ports worldwide are heavily investing in specialized storage facilities, liquefaction plants, and bunker barges to accommodate the surging volume of gas-powered tonnage entering the global fleet, ensuring that supply capabilities keep pace with vessel orders. This infrastructure scale-up is critical to ensuring consistent fuel availability and reducing the logistical bottlenecks that previously hindered widespread gas adoption in key trade lanes. According to the Port of Rotterdam Authority, February 2025, in the '2024 Bunker Sales' report, the demand for LNG bunkering recovered significantly, registering a 52 percent annual increase to reach a record 941,366 cubic meters in 2024.

Segmental Insights

The Bulk Carriers segment represents the fastest-growing category in the Global Bunkering Services Market, primarily driven by the escalating global demand for dry bulk commodities like iron ore, coal, and grains. This expansion is supported by rapid industrialization and infrastructure development in emerging economies, which necessitates frequent long-haul maritime transport. Consequently, the rising fleet size of bulk vessels has led to a surged requirement for fuel. Additionally, strict adherence to sulfur cap mandates by the International Maritime Organization (IMO) has prompted fleet operators to secure reliable, compliant bunkering services to maintain uninterrupted global supply chains.

Regional Insights

Asia Pacific holds a dominant position in the Global Bunkering Services Market due to its extensive maritime trade volume and strategic location along major shipping routes. The presence of key maritime hubs, such as the Port of Singapore, significantly contributes to the high demand for bunker fuel in the region. Furthermore, rapid industrialization and rising export activities in emerging economies drive consistent shipping traffic. Adherence to sulfur cap regulations established by the International Maritime Organization also fosters market expansion by necessitating the adoption of compliant low-sulfur fuels across these busy trade corridors.

Recent Developments

• In July 2025, TotalEnergies and CMA CGM announced the launch of a new joint venture focused on liquefied natural gas (LNG) bunkering logistics to accelerate the maritime industry's decarbonization. This strategic collaboration, established in Marseille, aimed to strengthen the supply chain for LNG as a marine fuel and support the growing fleet of dual-fuel vessels. The partnership combined the energy company's expertise in LNG supply and bunkering operations with the shipping group's extensive fleet and logistics capabilities. The initiative was designed to enhance the availability of LNG bunkering services in key strategic ports, thereby facilitating the transition towards cleaner marine fuels for global shipping operations.
• In December 2024, Titan Clean Fuels signed a significant agreement with United European Car Carriers (UECC) to supply biomethane for the shipping company's multi-fuel vessel fleet. Under this collaboration, the vast majority of the liquefied gas supplied to the carrier's ships was set to be biomethane (bio-LNG) for the remainder of 2024 and throughout 2025. This deal marked a major step in the carrier’s sustainability strategy, as the use of mass-balanced biomethane was projected to avoid substantial greenhouse gas emissions. The partnership utilized established supply infrastructure in the Port of Zeebrugge, demonstrating the commercial viability and scalability of renewable bunkering solutions for roll-on/roll-off vessels.
• In September 2024, Peninsula, through its shipping division Hercules Tanker Management, signed an agreement with Hyundai Mipo Dockyard in South Korea to construct a new 18,000 cubic meter LNG bunkering vessel. This newbuild was designed to supply both liquefied natural gas and bio-LNG to vessels, significantly expanding the company's alternative fuel supply capabilities. The vessel, scheduled for delivery in 2027, was commissioned to meet the rising demand for lower-carbon marine fuels from the global shipping fleet. This investment underscored the company's commitment to modernizing its fleet and securing a leading position in the physical supply of transitional and renewable marine fuels.
• In May 2024, X-Press Feeders, Global Energy Trading, and PSA Singapore successfully completed the first simultaneous methanol bunkering and cargo operation (SIMOPS) in Singapore. The operation took place at Tuas Port and involved the refueling of a container vessel with bio-methanol while cargo handling was simultaneously underway. This milestone was achieved with the support of the Maritime and Port Authority of Singapore and utilized a mass flow metering system to ensure accurate fuel measurement. The successful execution of this procedure demonstrated the port's readiness for commercial-scale methanol bunkering, enhancing operational efficiency for container lines adopting alternative fuels.

Key Market Players

• Peninsula Group Limited
• Bunker Holding Group
• Bomin Bunker Holding GmbH & Co. KG
• ExxonMobil Corporation
• Shell plc
• TotalEnergies SE
• Chevron Corporation
• KPI OceanConnect A/S

By Fuel Type	By Vessel Type	By Bunkering Method	By Region
Heavy Fuel Oil (HFO) Marine Gas Oil (MGO) Low-Sulfur Fuel Oil (LSFO) Liquefied Natural Gas (LNG) Very Low-Sulfur Fuel Oil (VLSFO) Others	Tankers Container Ships Bulk Carriers Cruise Ships Others	Ship-to-Ship (STS) Port-to-Ship (PTS) Barge-to-Ship (BTS)	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Bunkering Services Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Bunkering Services Market, By Fuel Type:

• Heavy Fuel Oil (HFO)
• Marine Gas Oil (MGO)
• Low-Sulfur Fuel Oil (LSFO)
• Liquefied Natural Gas (LNG)
• Very Low-Sulfur Fuel Oil (VLSFO)
• Others

• Bunkering Services Market, By Vessel Type:

• Tankers
• Container Ships
• Bulk Carriers
• Cruise Ships
• Others

• Bunkering Services Market, By Bunkering Method:

• Ship-to-Ship (STS)
• Port-to-Ship (PTS)
• Barge-to-Ship (BTS)

• Bunkering Services Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE