Our COO, Kenny Maclean, attended the S&P Global Bunker Fuel Conference in Barcelona.
On 1-2 December, bunkering leaders, experts, stakeholders and researchers gathered to discuss the current state of the industry given the complex global landscape.
The conference covered global growth in the bunker market with a focus on investing in the shift to alternative and zero-carbon fuels.
The current scenario is akin to a complicated puzzle that will take some time to ‘solve’ or, at least, figure out. With Europe sanctions on Russian oil and gas tightening, bunker prices have increased, reaching the highest numbers seen in the industry’s history. This happened just as the market was recovering after a very volatile COVID-19 period. The speakers discussed how European and American sanctions on Russian energy have and will impact the bunker market and how this could shape the energy transition.
The main topics analysed over the 2 days included:
- Scrutiny over current market conditions against a backdrop of high uncertainly in the global bunker market;
- Revision of bunker fuel supply and demand within the wider oil market and addressing current credit challenges;
- Review of the market trends and pricing as new regulations emerge;
- Inspection of the outlook for the supply chain by reviewing the shipping market;
- Discussion on which future fuels have potential in the bunker market, specifically LNG, Ammonia and Methanol;
- The next wave of regulatory milestones and possible geopolitical scenarios and their impact in the industry.