Oct 27, 2017   SOURCE: BusinessWire

Bunker Fuel Market Procurement Research Report – Forecast and Spend Analysis by SpendEdge

Global procurement intelligence advisory firm, SpendEdge, has announced the release of their 'Bunker Fuel Market Procurement Research Report.' The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the utilities industry. This report breaks down the data and analysis behind the procurement of bunker fuel and acts as an all-inclusive guide for making smart purchasing decisions.

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Global Bunker Fuel Procurement Market Intelligence Report (Graphic: Business Wire)

Global Bunker Fuel Procurement Market Intelligence Report (Graphic: Business Wire)

"The increasing demand for bunker fuel from end-use segments such as container ships and offshore oil and gas rigs is driving the global bunker fuel market," says SpendEdge procurement research analyst Tridib Bora. "The global demand for bunker fuel is expected to register a robust growth during the forecast period due to a substantial increase in seaborne trade activities across the globe," added Tridib.

Key Report Features

Supply Market Insights     Negotiation Strategies
Procurement Best Practices     Category Risk Analysis
Cost Saving Opportunities     Key Supplier Analysis
Pricing Models     Supplier Capability Matrix

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Report Insights

  • The growth of the global bunker fuel market can be attributed to the rise in exports and imports of products across the globe. Manufacturers of products such as electronics, chemicals, and cosmetics are procuring their raw materials using global sourcing to lower the price of products in some regions. This is leading to a rise in volumes of seaborne trade, resulting in higher demand for bunker fuel. Also, an increase in offshore exploration and extraction of oil and gas globally over the past few years has also led to higher consumption of bunker fuel.
  • The buyers should adopt systematic procurement practices which help them manage expenses and the quality of services better. They should engage in long-term contracts with suppliers to procure discounts on prices per unit volume and value-added services such as training for workers regarding handling and use of bunker fuel. Long-term contracts also assist buyers in price forecasting and in achieving higher cost savings.
  • One of the key challenges faced by buyers in the global bunker fuel market includes the constant changes in prices of bunker fuels which leads to difficulty in estimating procurement budgets. Fluctuating prices of bunker fuels are due to factors such as variations in demand and supply of crude oil and volatility in energy prices. This is also leading to buyers hiring consultants to forecast future prices, which further adds to their procurement costs. Therefore buyers need to engage with suppliers who assist them in forecasting the demand and prices of raw materials in the market.

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Bunker Fuel Market Pricing Trends

Spot price and volume-based models are the two most widely adopted pricing models in the bunker fuel industry. Volume-based pricing model minimizes risks associated with shortages in supply by helping buyers in maintaining a constant supply of raw materials in their inventories whereas the spot pricing model helps buyers in procuring varying quantities depending on their requirements. Procuring fuels at a fixed price throughout the contract is another advantage that volume-based pricing model offers the buyers in the bunker fuel market.

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SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.