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Bunker Fuel Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend

December 18, 2019 GMT
Bunker Fuel Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend
Bunker Fuel Market Procurement Intelligence Report | Increase in Supplier OPEX to Impact Procurement Spend

LONDON--(BUSINESS WIRE)--Dec 18, 2019--

SpendEdge has been monitoring the global bunker fuel market and the market is poised to experience spend growth of more than USD 60 billion between 2019-2024 at a CAGR of over 6% during the forecast period. Request Free Sample Pages.

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SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Bunker Fuel Market - Procurement Intelligence Report. (Graphic: Business Wire)

Read the 126-page research report with TOC and LOE on “The Global Bunker Fuel Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”

Bunker fuel is one of the commonly used fuel types in bulk carriers and general cargo vessels that are used to ferry the majority of domestic and international freight. Such an extensive usage will contribute to spend growth in the bunker fuel market. It is used to run the dual-fuel technology engines to facilitate sustainable and economic operation which will drive demand growth in this market.

In terms of consumption, APAC will account for a substantial share majorly because of the concentration of some of the busiest ports in this region. By virtue of being one of the most favored destinations for the manufacturing of consumer goods, the ports support an increasing frequency of cargo transport between nations. This increase in the frequency of cargo transport will propel spend momentum in the bunker fuel market.

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Insights into the market pricing trends

What are the strategies to adopt to optimize procurement spend in this market?

The bunker fuel price trends imply a substantial increase in service provider’s OPEX which will result in a gradual decline in their profit margin. To compensate for this, suppliers are expected to increase the market price. In view of this, this procurement intelligence report has listed the top bunker fuel suppliers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal procurement in this market.

Engage in long-term contracts with bunker fuel suppliers

Engagement with suppliers over a long-term contract will aid buyers to avail discounts on prices for per unit volume and value-added services such as training for workers regarding handling and use of bunker fuel. Long-term contracts will help buyers to optimize the threshold prices that will result to more cost savings.

Renegotiate prices in case of sharp decline in spot prices

It is advised that buyers constantly analyze spot prices of bunker fuel with contract prices and revisit the pricing terms in case there is a sharp decline in the prices of feedstocks such as crude oil. Suppliers partially pass on the benefit in case of a fall in the price of the product. However, if the price falls sharply, negotiations can result in higher cost savings for buyers.

Buy 1 report and get the second for 50% off. Buy 2 reports and get the third for free. Download the free sample of this report on the bunker fuel market.

Some of the key topics covered in this report are:

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About SpendEdge:

SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal

View source version on businesswire.com:https://www.businesswire.com/news/home/20191218005316/en/

CONTACT: SpendEdge

Anirban Choudhury

Marketing Manager

US: +1 630 984 7340

UK: +44 148 459 9299

https://www.spendedge.com/contact-us

KEYWORD:

INDUSTRY KEYWORD: MARITIME ENERGY TRANSPORT OIL/GAS

SOURCE: SpendEdge

Copyright Business Wire 2019.

PUB: 12/18/2019 10:30 AM/DISC: 12/18/2019 10:31 AM

http://www.businesswire.com/news/home/20191218005316/en