TFG Marine, the bunkering joint venture between Trafigura and John Fredriksen, has said 2022 will be a year of "accelerating consolidation".

The company said the current bunker market is unsustainable and it expects more players to exit for various reasons, including insufficient access to financial liquidity.

"The market is also becoming more transparent and more focused on managing the climate transition, with all the costs that will entail," the company said.