Thanks to the advancement in shipbuilding technologies 

(especially those for large ships), low transport cost, and 

high carrying capacity, maritime transport is now the 

backbone of international trade, accounting for 80% of 

the global market. According to UNCTAD’s Review of 

Maritime Transport 2019, the volume of global maritime

trade was 11 billion tons in 2018. Total world fleet capacity 

stood at 95,402 ships, amounting to 1.97 billion deadweight tons (dwt) of capacity. The consumption of marine 

fuel has reached 280 million tons in recent years and is 

expected to rise to 300 million tons in 2020.

There are four major marine fuel markets in the world: 

Asia (Singapore, China, South Korea, and Japan), 

Europe’s ARA (Amsterdam, Rotterdam, and Antwerp), the 

Mediterranean Sea region (Fujairah), and the Americas 

(US East Coast). Singapore is the largest among them by 

consumption volume, which reached 47.46 million metric 

tons in 2019, followed by Northern Europe and the Middle 

East. In 2018, Zhoushan, Zhejiang, became the largest 

bunkering hub in China and a global top-ten bunkering 

hub for the first time. In 2019, Zhoushan supplied 4.1027 

million metric tons of bonded marine fuel, becoming the 

eighth largest bunkering hub in the world.

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