Asia demand for marine fuel expected to rise 2%

[SINGAPORE] Asian demand for marine fuel is expected to grow up to 2 per cent in 2014 after stagnating for five years, as more goods and raw materials are shipped in the region, though returns on the most common ship fuel are unlikely to improve due to ample supplies.

A strengthening global economy this year is seen feeding through to Asian trade and will drive growth in marine or bunker fuel consumption, three oil and gas research firms forecast.

The need for more fuel oil - the most common bunker product - comes as refiners in the region cut back on output of the residual end of the barrel, though this is likely to be balanced by lower demand from the power sector in Japan and North Asia.