Report Update: Apr 1, 2024

Norway - Tankers - Market Analysis, Forecast, Size, Trends and Insights

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Tanker Price in Norway - 2022

Tanker Price in Norway (CIF) - 2022

The average tanker import price stood at $17,848,009 per unit in 2022, declining by -42% against the previous year. Over the period under review, the import price showed a pronounced contraction. The pace of growth was the most pronounced in 2014 an increase of 94% against the previous year. Over the period under review, average import prices reached the maximum at $56,165,844 per unit in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Cyprus ($21,727,632 per unit), while the price for China ($15,393,706 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cyprus (+84.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Tanker Price in Norway (FOB) - 2022

The average tanker export price stood at $18.4M per unit in November 2022, stabilizing at the previous month. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in October 2022 an increase of less than 0.1% month-to-month. As a result, the export price reached the peak level of $18.4M per unit, leveling off in the following month.

As there is only one major export destination, the average price level is determined by prices for Singapore.

From September 2022 to November 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to 0.0% per month.

Tanker Imports in Norway

In 2022, supplies from abroad of tankers decreased by -58.3% to 10 units, falling for the second year in a row after two years of growth. Overall, imports showed a sharp slump. The growth pace was the most rapid in 2020 when imports increased by 70%. As a result, imports attained the peak of 56 units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, tanker imports shrank markedly to $178M in 2022. In general, imports recorded a sharp reduction. The most prominent rate of growth was recorded in 2020 with an increase of 7.9% against the previous year. As a result, imports reached the peak of $1.3B. From 2021 to 2022, the growth of imports remained at a lower figure.

Import of Tanker in Norway (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	124	226	270	94.3	-8.7%
Cyprus	7.6	N/A	N/A	23.7	46.1%
Denmark	N/A	N/A	N/A	18.3	0%
South Korea	950	945	240	N/A	-49.7%
Japan	N/A	111	N/A	N/A	0%
Germany	125	40.0	N/A	N/A	-68.0%
Poland	17.9	7.6	115	N/A	153.5%
Others	12.0	4.5	114	42.2	52.1%
Total	1,236	1,334	739	178	-47.6%

Top Suppliers of Tanker to Norway in 2022:

China (6.0 units)
Denmark (1.0 units)
Cyprus (1.0 units)

Tanker Exports in Norway

After three years of growth, overseas shipments of tankers decreased by -89.5% to 2 units in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when exports increased by 250% against the previous year. Over the period under review, the exports hit record highs at 19 units in 2021, and then fell notably in the following year.

In value terms, tanker exports shrank markedly to $46M in 2022. In general, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 324% against the previous year. Over the period under review, the exports hit record highs at $335M in 2021, and then shrank rapidly in the following year.

Export of Tanker in Norway (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Singapore	8.8	N/A	37.8	27.4	46.0%
Turkey	N/A	4.8	N/A	9.8	42.9%
France	N/A	N/A	N/A	7.3	0%
Hong Kong SAR	8.9	8.0	N/A	N/A	-10.1%
Bermuda	N/A	N/A	138	N/A	0%
Malta	N/A	24.4	N/A	N/A	0%
Indonesia	N/A	N/A	49.5	N/A	0%
Panama	N/A	N/A	17.3	N/A	0%
Others	5.2	59.9	92.0	1.8	-29.8%
Total	22.9	97.1	335	46.3	26.4%

Top Export Markets for Tanker from Norway in 2022:

Turkey (1.0 units)
France (1.0 units)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the tanker market in Norway. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 30112210 - Crude oil tankers
Prodcom 30112230 - Oil product tankers
Prodcom 30112250 - Chemical tankers
Prodcom 30112270 - Gas carriers

Country coverage:

Norway

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Norway
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023