Bunker Fuel Market Poised 460 million tons by 2020
Transparency Market Research launched its latest study on the global bunker fuel market, in terms of revenue and volume. The report predicts that the global bunker fuel market is likely to reach an estimated volume of 460 million tons by 2020. The market, therefore, is poised to exhibit a moderate 3.1% CAGR during 2014-2020, expanding from 372.30 million tons in 2013. Bunker fuel is a fractionally distilled liquid fuel derived from crude oil. Also known as fuel oil, the substance can be classified on the basis of its chemical composition, intended purpose, and boiling point. Unlike other petroleum products, bunker fuel is more polluting and highly unrefined. Apart from fuel oil, there are other middle distillate fuels, which are also used as bunker fuels.
Chemoil CEO Dies in Helicopter Crash
The Board of Directors of Chemoil Energy announced that the company’s CEO and Executive Chairman, Robert V Chandran passed away January 7, 2008 from injuries sustained when a helicopter he was traveling in crashed in the Riau Province of Indonesia. In the aircraft with Chandran was Terence Gidlow, Chemoil’s Vice President of Business Development, who was injured but is in stable condition. Chandran built Chemoil Energy into one of the world’s leading independent suppliers of marine fuels since he founded the company in 1981.
