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Development of Angola Offshore Bunkering Market Post 2020, Towards a Hub for the Sub-Saharan West Africa

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Development of Angola Offshore Bunkering Market Post 2020, Towards a Hub for the Sub-Saharan West Africa World Maritime University The Maritime Commons: Digital Repository of the World Maritime University World Maritime University Dissertations Dissertations 11-3-2019 Development of Angola offshore bunkering market post 2020, towards a hub for the Sub-Saharan West Africa Aguinaldo Antonio Pedro Follow this and additional works at: https://commons.wmu.se/all_dissertations Part of the Growth and Development Commons Recommended Citation Pedro, Aguinaldo Antonio, "Development of Angola offshore bunkering market post 2020, towards a hub for the Sub-Saharan West Africa" (2019). World Maritime University Dissertations. 1170. https://commons.wmu.se/all_dissertations/1170 This Dissertation is brought to you courtesy of Maritime Commons. Open Access items may be downloaded for non-commercial, fair use academic purposes. No items may be hosted on another server or web site without express written permission from the World Maritime University. For more information, please contact [email protected]. WORLD MARITIME UNIVERSITY Malmö, Sweden DEVELOPMENT OF OFFSHORE BUNKERING MARKET IN ANGOLA POST 2020, TOWARDS A HUB FOR SUB-SAHARAN WEST AFRICA. By AGUINALDO ANTONIO PEDRO Angola A dissertation submitted to the World Maritime University in partial fulfilment of the requirement for the award of the degree of MASTER OF SCIENCE In MARITIME AFFAIRS (SHIPPING MANAGEMENT AND LOGISTICS) 2019 Copyright: Aguinaldo Pedro, 2019 Declaration I certify that all the material in this dissertation that is not my own work has been identified and that no material is included for which a degree has previously been conferred on me. The contents of this dissertation reflect my own personal views and are not necessarily endorsed by the University. (Signature): .................................................... (Date): 10/14/2019 Supervised by: Satya Sahoo Supervisor’s affiliation ii Acknowledgements This degree would not be achievable without the support and guidance given by many individuals. First, I would like to thank my wife, Anna-Maria Fahl. Thanks for all the support and encouragement during my time at WMU. Her endless support and constant encouragement were detrimental to achieve this graduate degree. Many thanks to Antonio Rosas in Houston. His knowledge and experience of the bunkering world were essential for my studies. My sincere appreciation goes out to Sonangol Distribuidora, Brazilship ScanBrazil, Dietze, and McQuilling firms. Special thanks to Antonio Carvalho, Flavio Rodrigues, Matthew O'Gorman, and Matthew Corrigan. I am very thankful to all my family and friends in Sweden, Angola, and in the USA. Their unconditional and endless support and encouragement were crucial to complete my studies. Special thanks to Eva and Anders Fahl, Linda Fahl, Josina Gustavsson, Aderito Silva, Adalberto Silva, Antonio Pita, Allarat Frank, and Arlindo Cassoma. I am also very grateful to all staff and students at the World Maritime University. Especially my classmates who have been very helpful in providing their assistance throughout my dissertation. iii Abstract Title of Dissertation: Development of Offshore Bunkering Market in Angola, Towards a Hub for Sub-Saharan West Africa. Degree: Master of Science The Sub-Saharan West Africa bunker markets are affected by many negative factors. These factors include infrastructure constraints, poor practices, illicit activities, piracy, and armed robbery. In turn, the situation is hindering the growth of the bunker activity in the region. However, the new Sulphur regulation starting in January 2020 will impact the bunker fuel Markets globally. It will add more uncertainty to the Sub- Saharan West Africa region. Especially on the availability of low Sulphur fuel at offshore bunker locations. The offshore bunker locations are positively energising the region and delivering most of the bunkers volumes to ships in the area. However, by 2020, only a few offshore markets in west Africa will be able to supply compliant fuels. The Angola off port limit (OPL) market is one of the markets in the region that already supplies these types of fuels. The Sulphur Cap regulation will change the region's bunker supply landscape. It will present challenges but also opportunities for the development of the offshore bunker locations in the region. Hence, this research deals with the development of the Angola offshore bunkering market post-2020. It identifies the factors affecting the selection of offshore bunker locations in West Africa. It studies the implication of these factors for the development of the Angola offshore bunkering market. It analyses the leverage that Angola has by 2020 to become a bunker Hub in the region. It gives an insight into the strategies to be created to increase local bunker market shares. Also, strategies to attract vessels to buy bunkers from the Angola offshore market. iv The methods chosen to evaluate the primary data are questionnaire surveys and Clarkson's Seanet. The secondary data was obtained from articles and books written by other scholars. From the study results, it can be determined that the 2020 IMO Sulphur Cap offers positive leverage to Angola offshore fuel market. Thus, the market could increase its regional share. Also, develop its bunker industry towards a hub in the Sub-Saharan West African region. Keywords: Sulphur, De-Bunkering, Scrubber, Compliant Fuel, Competitive Factors v Table of Contents Declaration ................................................................................................................. ii Acknowledgements ................................................................................................... iii Abstract ...................................................................................................................... iv Table of Figures ........................................................................................................ ix List of Tables .............................................................................................................. x List of Abbreviations ................................................................................................ xi Chapter 1 - Introduction ........................................................................................... 1 1.1. Background of Study .......................................................................................... 1 1.2. Problem Statement ............................................................................................. 2 1.3. Value of the Research ......................................................................................... 3 1.4. Research Objectives ............................................................................................ 3 1.5. Research Questions ............................................................................................ 4 1.6. Limitations of the Research ............................................................................... 4 1.7. Summary of Findings ......................................................................................... 6 1.8. Outline of the Study ............................................................................................ 7 Chapter 2 - Markets and Literature Review ........................................................... 9 2.1. Related Definitions .............................................................................................. 9 2.2. Type of Fuels ....................................................................................................... 9 2.3. Sulphur Emission from Vessels ....................................................................... 10 2.4. The IMO Fuel Sulphur Regulation ................................................................. 11 2.5. IMO 2020 impact on Bunker Market ............................................................. 12 2.5.1. Sulphur Cap Compliance Options for the Demand Side ........................... 13 2.5.2. Compliance Option for the Supply-side ....................................................... 13 2.6. Global Bunker Fuel Market ............................................................................. 14 2.6.1. Bunker Quality ............................................................................................... 14 2.6.2. Bunker Price ................................................................................................... 14 2.7. Regional Bunker Market .................................................................................. 15 2.8. West Africa Bunker Market ............................................................................ 16 2.8.1. Refineries in West Africa .............................................................................. 16 vi 2.9. Offshore West Africa Bunker Market ............................................................ 17 2.10. Offshore West Africa Bunker Suppliers ....................................................... 17 2.11. Angola Offshore Bunker Market Overview ................................................. 17 2.11.1. Group Sonangol ........................................................................................... 18 2.11.2. Angola OPL Locations ................................................................................ 19 2.11.3. Operational Model of the Offshore Bunkering System ............................ 20 2.11.4. Current Perspectives of the Angola Offshore bunker Market ................ 21 2.11.5. Maritime Indicators-Merchant Fleet & National Flag ...........................
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