Insight
IMO 2060: Outlook for global marine fuels
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Report summary
This insight presents our latest base case outlook for marine fuels to 2060 and explores some of the emerging issues as the International Maritime Organisation seeks to decarbonise international shipping Oil bunkers is now entering structural decline, with marine LNG becoming the main source of market growth during the next decade, displacing 0.6 million b/d of oil bunkers by 2035. The global marine fuel market is expected to start declining in the early 2030s as improving fuel efficiency arising from IMO regulations erodes demand despite rising global trade. Growth in marine LNG slows post-2040 as Renewable Fuels of a Non -Biological Origin become more widespread, supported by the increasing availability of green hydrogen capacity, and tightening environmental regulations, particularly in Europe.
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