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Bunker One reviews European bunker markets for 2025 and outlines 2026 outlook

Company highlighted its review of 2025 and its outlook for 2026 at how consolidation, larger tonnage, and daily biofuel operations are shaping the next phase.

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Bunker One

Bunker One on Friday (19 December) outlined its review of 2025 and its outlook for 2026 at how consolidation, larger tonnage, and daily biofuel operations are shaping the next phase:

2025 was a defining year for Bunker One Europe, marked by a clear focus on consolidation, scale, and readiness for change. Against a backdrop of evolving market conditions and accelerating sustainability requirements, the organization focused on strengthening its foundation – ensuring that growth, flexibility, and innovation could be delivered consistently across Northern Europe.

Three themes stood out:

  • Continued consolidation of the organization
  • The chartering of larger tonnage, most notably MT Sagafjord
  • The rapid integration of new fuels into daily operations

Together, these developments reinforced Bunker One Europe’s ability to turn complexity into clarity while remaining commercially agile.

Operational Resilience Across Northern Europe

Operating conditions can change quickly across Northern Europe. Bunker One Europe is structured to respond immediately when they do.

A key strength is the cross-border delivery capability. With operations spanning Denmark, Sweden, Germany, UK and surrounding markets, deliveries can be shifted between ports with minimal effort. This flexibility allows Bunker One Europe to adapt quickly to disruptions – whether operational, logistical, or external, and maintain reliable supply.

Market Developments: Consolidation and Larger Tonnage

Across Sweden, Denmark, Germany, and the UK, 2025 continued to reflect a trend toward market consolidation. For Bunker One Europe, this reinforced the importance of scale, integrated operations, and strong logistics control.

At the same time, customer demand increasingly pointed toward larger tonnage and higher-capacity solutions, both to improve efficiency and to support evolving fuel strategies.

MT Sagafjord: Increased Capacity and Scale

The chartering of MT Sagafjord was a strategic step to increase cargo capacity and support larger volumes.

With its larger size, the vessel strengthens Bunker One Europe’s ability to handle higher throughput and serve customers more efficiently. At the same time, it provides a robust platform capable of supporting both conventional and alternative fuels, aligning capacity today with future fuel requirements.

New Fuels & Sustainability: From Concept to Daily Operations

2025 marked a turning point in Bunker One Europe’s New Fuels journey. Biofuels became an integral part of daily operations, with demand increasing steadily month by month.

During parts of 2025, our bunker tanker MT Amak Swan operated on B30 MGO and B100 biofuel. As MT Amak Swan is below 5,000 GT and therefore not subject to FuelEU Maritime requirements, this decision was driven by internal ESG agenda. While volumes were modest, the initiative demonstrates Bunker One Europe’s commitment to actively participating in the green transition.

Significant progress was made by:

  • Optimizing logistics and shortening lead times from enquiry to supply
  • Supplying biofuels by both barge and truck, depending on customer needs
  • Embedding low-carbon fuels into routine bunker operations rather than treating them as niche products

Customer Demand

Within Scandinavia and Northern Europe, the Ferry and RoRo segment clearly led the transition. Operating primarily on intra-EU routes with high fuel consumption, these customers face direct pressure to meet FuelEU Maritime GHG intensity targets, making low-carbon fuels a commercial necessity rather than a future ambition.

Innovation, Trials, and Alternative Fuel Development

In parallel with scaling biofuel supply, Bunker One Europe invested significant resources in identifying more economically viable alternatives to standard EN14214 FAME products.

Large marine diesel engines are typically designed for heavy residual fuels, while EN14214 was developed primarily for road transport engines. To reduce the cost of low-carbon compliance, Bunker One Europe explored options such as:

  • FAME distillation bottoms
  • Recycled Carbon Fuels

While confident that EN14214 will remain an essential fuel for shipping, the focus remains on expanding the solution set, balancing technical compatibility, regulatory acceptance, and commercial viability.

Outlook 2026: Scaling Alternative Fuels with Agility

Fuel Priorities

Looking ahead to 2026, demand for biofuels and LNG/bio-methane is expected to remain strong as shipowners seek to meet FuelEU Maritime GHG intensity requirements. At the same time, interest in bio-and e-methanol continues to grow.

Bunker One Europe has, over several years, built the operational capability to supply methanol by both barge and truck. The primary obstacle to wider adoption remains the price gap between low-carbon methanol and biofuels, which continues to influence customer decision-making.

Infrastructure and Partnerships

Rather than waiting for future infrastructure, Bunker One Europe has positioned itself one step ahead of the curve by:

  • Leveraging existing biofuel and methanol infrastructure
  • Building strong partnerships with fuel suppliers
  • Maintaining an agile operational setup that can adapt quickly as demand evolves

As volumes grow, infrastructure will be adapted in line with market needs — ensuring scalability without sacrificing reliability.

Regulation as a Market Driver in 2026

From 1 January 2026, EU ETS will move to 100% implementation, significantly increasing emission compliance costs for shipowners.

With current EUA prices above USD 100/mt:

  • HSFO users face roughly a 100% increase in effective fuel costs
  • MGO users face an increase of approximately 50%

These economics are expected to accelerate interest in biofuels, as EU ETS costs are incorporated into overall fuel decision making.

At the same time, FuelEU Maritime compliance mechanisms are expected to mature. A more transparent pooling market will likely emerge, allowing over achievers to monetize surplus compliance and enabling others to manage shortfalls more efficiently. As with all new market mechanisms, the first phase is the most challenging — but clarity is expected to improve rapidly.

Ready for What Comes Next

The strategic choices made in 2025 – consolidation, larger tonnage, and the operational integration of new fuels, have positioned Bunker One Europe to meet 2026 with confidence. Agility remains the guiding principle: anticipating change, adapting quickly, and continuing to turn complexity into clarity for customers across Northern Europe.

 

Photo credit: Bunker One
Published: 22 December, 2025

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Bunker Fuel

Alkagesta highlights key insights of Malta bunkering market in 2026

Darren Lee Axisa discusses the key trends influencing Malta’s bunkering market and the factors that will determine Malta’s long-term competitiveness as a regional bunkering hub.
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July 22, 2026

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Alkagesta highlights key insights of Malta bunkering market in 2026

In an article published on Alkagesta Market Insights, Darren Lee Axisa, Malta Country Manager of Alkagesta, on Monday (20 July) discussed the key trends influencing Malta’s bunkering market and the factors that will determine Malta’s long-term competitiveness as a regional bunkering hub: 

Malta’s bunkering and energy market is moving through a period of structural adjustment. The disruptions that defined the first half of 2026 have accelerated shifts in product demand, terminal strategy, and the competitive dynamics of one of the Mediterranean’s most strategically positioned bunkering hubs. For Alkagesta, whose storage footprint on the island approaches 300,000 cubic metres, the period has tested operational flexibility while reinforcing the value of diversified infrastructure access.

A Market Shifting in Two Directions

Malta’s broader economy has remained resilient — GDP growth reached 3.9% in Q1 2026 — but the bunkering market has undergone a significant product mix shift, the roots of which predate the current geopolitical disruption.

The Mediterranean Emission Control Area, which came into force on 1 May 2025, triggered an immediate and measurable realignment in fuel demand across the region. VPS data covering the first six months post-ECA implementation shows that across the top ten Mediterranean bunkering ports, VLSFO volumes fell 23%, MGO more than doubled, ULSFO quadrupled, and biofuels increased fivefold. In Valletta specifically, the shift was even more pronounced: VLSFO dropped 57% from 111,641 mt to 47,732 mt, while MGO volumes more than tripled from 33,299 mt to 103,445 mt, and ULSFO rose from 2,821 mt to 34,535 mt over the same period.

This structural rotation has been further accelerated by the broader regulatory environment. FuelEU Maritime and EU ETS requirements are pushing shipowners toward cleaner, verifiable fuel options at every port call — a direction Alkagesta had already positioned itself ahead of, having been among the first movers in the Mediterranean to support the transition to 0.1% sulphur fuel oil following the ECA’s introduction.

Layered on top of this regulatory shift has been a period of reduced terminal capacity affecting bunkering market availability across the island. Fuel oil volumes dropped roughly 35% year-on-year between January and May 2026, falling from approximately 382,000 mt in 2025 to 247,000 mt. DMA demand moved sharply in the opposite direction, rising from around 150,000 mt in January to April 2025 to 247,000 mt over the same period in 2026 — a trend consistent with both the ECA-driven product mix shift and the disruption to heavier fuel availability during the constrained period.

Note: The full article can be read here. 

 

Photo credit: Alkagesta
Published: 22 July, 2026

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Alternative Fuels

ENGINE on Fuel Switch Snapshot: LSMGO surges to greater premium over biofuel

B100 discount to LSMGO widens to $541/mt in Rotterdam; Singapore’s B100 drops to $106/mt below LSMGO; Rotterdam LBM at $639-833/mt discounts to LSMGO.
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July 21, 2026

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ENGINE on Fuel Switch Snapshot: LSMGO surges to greater premium over biofuel

Once a week, bunker intelligence platform ENGINE will publish a snapshot of alternative and conventional bunker fuel prices in the world’s two biggest bunkering hubs. The following is the latest snapshot:

20 July 2026

  • B100 discount to LSMGO widens to $541/mt in Rotterdam
  • Singapore’s B100 drops to $106/mt below LSMGO
  • Rotterdam LBM at $639-833/mt discounts to LSMGO

B100’s premium over HSFO in Rotterdam has narrowed by $50/mt over the past week to $64/mt, while its discount to VLSFO has widened by $83/mt to $105/mt.

B100 has become far more competitive against LSMGO in Rotterdam, with its discount widening by $180/mt over the past week to $541/mt, as a surge in conventional fuel prices left B100 broadly unchanged by comparison.

B100’s price has risen by $109/mt in Singapore, but its discount to LSMGO has still widened by $102/mt to $106/mt, as LSMGO surged by an even greater $211/mt.

Rotterdam’s LNG premium over VLSFO has widened by $35/mt to $201/mt for vessels with Otto medium speed (Otto MS) engines. For vessels with diesel slow speed (diesel SS) engines, LNG has flipped to a $15/mt premium over VLSFO, from a $22/mt discount the prior week.

Liquefied biomethane (LBM) discounts to VLSFO in Rotterdam have narrowed by $50-52/mt to $203-396/mt over the past week. Against LSMGO, LBM discounts have widened by $45-47/mt to $639-833/mt, depending on engine type.

In Singapore, LNG is now $42/mt cheaper than LSMGO for vessels with Otto MS engines, and $134/mt cheaper for vessels with diesel SS engines.

ENGINE on Fuel Switch Snapshot: LSMGO surges to greater premium over biofuel

Liquid fuels

HSFO and VLSFO prices in Rotterdam have jumped by $66/mt and $99/mt respectively over the past week, while LSMGO has surged by an even steeper $196/mt. A $9.69/bbl ($71/mt) rise in front-month ICE Brent futures, to $87.94/bbl ($645/mt), drove bunker prices sharply higher across the board.

Bunker fuel availability is tight for prompt delivery dates in the ARA ports, with buyers advised to enquire about stems between 5-7 days ahead to get good coverage, a trader said.

Rotterdam’s B100 price has risen by $16/mt over the past week. Dutch ZRE A ticket prices were unchanged at €107.50/mtCO2e.

Singapore’s HSFO and VLSFO prices have risen by $130/mt and $132/mt respectively, while its LSMGO price has gained an even steeper $211/mt over the past week.

VLSFO availability in Singapore has been tight, with several suppliers reporting low stock levels. Recommended lead times have widened from 13–17 days last week to 14–19 days now.

Liquid gases

Rotterdam’s LNG prices have surged by $134-136/mt over the past week, while its LBM prices have climbed by $149-151/mt.

LBM discounts to LNG in Rotterdam have narrowed by $15/mt to $404-411/mt.

Singapore’s LNG bunker benchmarks have surged by $196-197/mt over the past week.

By Erik Hoffmann

 

Photo credit and source: ENGINE
Published: 21 July, 2026

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Alternative Fuels

Repsol and Maersk wrap up first bioethanol bunkering operation in Port of Barcelona

Repsol supplied 2,800 mt of bioethanol to a Maersk container vessel, “Antonia Maersk”, in the first bunkering operation of its kind in the Port of Barcelona and one of the first in the Mediterranean.
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July 20, 2026

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Repsol and Maersk wrap up first bioethanol bunkering operation in Port of Barcelona

Spanish energy company Repsol and shipping giant A.P. Moller – Maersk (Maersk) completed the first bioethanol bunkering operation in the Port of Barcelona, according to the port authority on Wednesday (15 July). 

Repsol successfully supplied 2,800 metric tonnes (mt) of bioethanol to a Maersk container vessel, Antonia Maersk, in the first bunkering operation of its kind in the Port of Barcelona and one of the first in the Mediterranean. 

The operation demonstrates growing demand for alcohol-based marine fuels, as well as the readiness of the infrastructure, logistics, and operational capabilities required to support their deployment at commercial scale. 

Juan Abascal, Repsol’s Executive Managing Director of Industrial Transformation and Circular Economy, said: “With this supply, we reaffirm our commitment to the decarbonization of maritime transport through solutions that are available today and ready to scale in the future. 

“At Repsol, we provide shipping companies with a reliable supply chain and a multi-energy strategy that combines different renewable fuels to support the sector in a safe, competitive, and sustainable transition.”

The supply took place in the Port of Barcelona under fully commercial conditions, bringing together key players across the maritime value chain and demonstrating how collaboration can accelerate the adoption of lower-emission solutions in shipping. 

The delivery was carried out by Bahía Candela, Repsol’s newest bunker vessel, operated by Mureloil and designed to supply both conventional marine fuels and next-generation energy products. 

During the bunkering operation, Bahía Candela operated using its battery system, enabling the fuel transfer to be completed with zero local emissions, and further reducing the environmental footprint of the operation. 

Prior to the bunkering, Maersk tested ethanol on one of its smaller vessels, the 1,800 TEU feeder vessel Laura Maersk, which in 2023 became the world’s first dual-fuel container vessel able to operate on methanol. Today, Maersk has 23 dual-fuel container vessels designed to operate on methanol; however, the company continues to explore ethanol as an alternative fuel for its methanol-enabled vessels. Laura Maersk has performed sailings on 100% ethanol as well as blends of ethanol and methanol. 

Emma Mazhari, Vice President Energy Markets at Maersk, said: “Following the successful ethanol trials conducted on Laura Maersk, this latest bunkering of Antonia Maersk marks another important step in our efforts to explore scalable low-emission fuel solutions. 

“As the first ethanol trial on one of our large dual-fuel vessels, with a capacity of 16,000 TEU, it allows us to deepen our understanding of ethanol’s operational potential at scale. 

“Building on the experience we have gained with methanol, we are working closely with port authorities and industry partners to develop the infrastructure and procedures needed to support ethanol bunkering. Ethanol is one of several pathways we are pursuing to diversify our future fuel portfolio and help accelerate the development of new, viable liquid marine fuel markets.”

 

Photo credit: Port of Barcelona
Published: 20 July, 2026

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