(MENAFN– Comserve)

Shibuya-ku, Tokyo, Japan, Japan, May 10, 2022, 05:01 /Comserve / — Crude Oil Carriers Market size, share, growth, trends, segmentation, top key players, strategies, demand, statistics, sales, current scenario, competitive landscape and forecast.

The crude oil carriers market is expected to grow at a CAGR of more than 2.5% during the forecast period. Crude oil carriers or tankers are specialized ships, build to carry hydrocarbon liquids, ranging from crude oil to refined products. The carriers are majorly segregated based upon its deadweight metric tons (dwt) and is classified into Panamax (55,000 – 84,999 dwt), Aframax (85,000 – 124,999 dwt), Suezmax (125,000 – 199,999 dwt), and Very Large Crude Carriers/Ultra Large Crude Carriers (200,000 – 3200,000+ dwt). Crude oil carriers market is expected to grow with increasing crude oil trade around the globe. During 2008-2018, crude oil trade had a CAGR of around 2.76%, which is expected to grow during the forecasting period, with Asia-Pacific as major importer The major factors driving the crude oil carriers market is the increasing crude oil demand in various regions across the globe. Increase in crude oil demand increases crude oil trade within the countries, which are majorly transported by crude oil tankers and thus helps to drive the crude oil carrier market. Though the demand for crude oil drives the market, but the fluctuation of crude oil price act as a restraint for the market. Higher international crude oil price reduces the buying capacity or reduces the buying interest of the buyers or the importers, which is expected to hinder the market growth during the forecasting period.

– Very Large Crude Carriers (VLCC) / Ultra Large Crude Carriers (ULCC) are the major crude oil carrier that has the ability to carry the highest volume of crude. In 2018, VLCC had a demand of 194.8 million dwt.
– With around 71 million barrels per day of crude oil trade in 2018, it is expected to have an increase in trade during the upcoming years. Asia-Pacific, especially India’s domestic crude production is decreasing year on year, which is expected to increase its dependency on the foreign countries and is expected to increase crude trade and thereby crude oil carrier market. Thus, India’s dependence on other nations for crude oil is expected to create an opportunity for the crude oil carrier market in the future.
– During 2018, Europe has dominated the crude oil carrier market and holds more than 26% of the total oil tankers available. Greece is the major country out of Europe that has the maximum market share in the crude oil carrier market.

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Key Market Trends

Very Large Crude Carrier to Dominate the Market

– VLCC have a size rang between 180,000 to 320,000 DWT, and are capable of passing through the Suez Canal in Egypt, for which these carrier are extensively used around the North Sea, Mediterranean and West Africa. Its dimensions is of 470 m in length, beam of up to 60 m, and draught of up to 20 m.
– Among all the crude carriers demand, VLCC has the highest demand, followed by the demand for Suezmax. During 2018, demand for VLCC has taken a growth of around 5% and is expected to grow with decreasing spot rate of VLCC, and increasing demand for crude trade, due to depleting domestic production, specially in Asia-Pacific region.
– During 2018, the highest demand arises between the Asia-Pacific and the Middle East countries. The Middle East is one of the largest producers of crude oil, export its maximum volume to Asia-Pacific, making the Middle East Gulf (MEG)-Asia Pacific as the highest demand for VLCC crude tankers.
– Regarding the crude fleet growth, VLCC has the maximum growth with a 4% growth in 2018, as compared to the preceding year.

Europe to Dominate the Market

– Europe has the maximum number of crude tankers, followed by Asia-Pacific. With around 55% of total crude oil tankers, Europe has the highest dead weight tons of tankers around the globe.
– Greece is the prominent country among the Europe that holds the maximum numbers of the crude fleet company, with 167 crude carriers individually.

– It is expected that, with the growth of trade crude volume around the globe, Europe will expand its crude carriers by around 5%, during the forecast period. Moreover, Europe is more concentrating on having less pollutant crude carrier. It is estimate that Greece is building ten new liquefied natural gas (LNG) crude oil carrier, constructed by Hyundai Heavy Industries, that is expected to create a new milestone in crude oil carrier market.

Competitive Landscape

The crude oil carriers market is consolidated. Some of the key players in the crude oil carrier market include China COSCO Shipping, China Merchants Group, National Iranian Oil Company (NIOC), Bahri, Euronav, Angelicoussis Group, and Teekay Corporation.

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Table of Contents :

1.1 Scope of Study
1.2 Market Definition
1.3 Study Assumptions
1.4 Study Deliverables



4.1 Introduction
4.2 Crude Carrier Forecast in USD billion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Industry Supply Chain Analysis
4.7 Porter’s Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry

5.1 Size
5.1.1 Medium-Range
5.1.2 Panaxax
5.1.3 Aframax
5.1.4 Suezmax
5.1.5 Very Large Crude Carriers and Ultra Large Crude Carriers
5.2 Geography
5.2.1 North America
5.2.2 Europe
5.2.3 Asia-Pacific
5.2.4 South America
5.2.5 Middle-East and Africa

6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 China Cosco Shipping Corporation Limited
6.3.2 China Merchants Group Ltd.
6.3.3 National Iranian Oil Company (NIOC)
6.3.4 The National Shipping Co. Saudi Arabia
6.3.5 Euronav NV
6.3.6 Angelicoussis Shipping Group Ltd.
6.3.7 Teekay Corporation
6.3.8 Tsakos Energy N/SH
6.3.9 Minerva Marine Inc.
6.3.10 Petroliam Nasional Berhad (PETRONAS)


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