Bunker Fuel - HSFO: Market Size & Forecast 2026

The global High Sulfur Fuel Oil bunker market sits at approximately USD 95.2 billion in 2025 (base year), held in a structurally complex balance between persistent scrubber-fitted vessel demand, Middle East supply corridor disruptions, and a regulatory architecture that preserves HSFO as a compliant fuel option through exhaust gas cleaning systems. The market is anchored by heavy crude oil at roughly 75% of finished cost, with delivered bunker pricing in the order of USD 420 per metric ton in our base case [Claight estimate: weighted average of regional benchmarks]. Demand is concentrated in container shipping (42% share) and bulk carriers (28% share), with Asia-Pacific consuming roughly 38% of global bunker volumes. > **Analyst Take.** Our view: the bunker fuel market is structurally tighter than consensus pricing implies. Roughly 25% of the global fleet has returned to HSFO as primary

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