(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 25.​ Alternative fuels are expected to capture 60 percent of the global bunker market by 2050, said Sergey Ivanov, Executive Director of the Marine Bunker Exchange (MABUX), Trend reports.

Speaking at the“Caspian and Central Asia – Refining, Petrochemicals, Trade and Logistics” event in Baku, Ivanov noted that by 2050, the bunker market is expected to be segmented as follows: high-sulfur fuel oil (HSFO) will account for around 4 percent, while low-sulfur marine gasoil (MGO LS) is projected at about 6 percent. Liquefied natural gas (LNG) and low-sulfur fuel oil (LSFO) are each expected to represent roughly 15 percent of the market.

Ivanov highlighted that the largest share, around 60 percent, will belong to alternative fuels, which are set to become the primary segment of the bunker market by mid-century.

“By 2050, the goal is to achieve net-zero emissions for all bunker fuel types. However, this forecast appears overly optimistic, and there are already calls to pause and reassess target levels. Adjustments may be necessary, as current progress lags behind expectations.

Nevertheless, we are witnessing a gradual displacement of traditional fossil-based bunker fuels by alternative options. This trend will undoubtedly continue,” Ivanov said.

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