Republic of Korea - Tankers - Market Analysis, Forecast, Size, Trends and Insights
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View PricingTanker Price in South Korea - 2022
Contents:
- Tanker Price in South Korea (FOB) - 2022
- Tanker Price in South Korea (CIF) - 2022
- Tanker Exports in South Korea
- Tanker Imports in South Korea
Tanker Price in South Korea (FOB) - 2022
The average tanker export price stood at $14.0M per unit in December 2022, approximately mirroring the previous month. Over the period under review, the export price showed a abrupt decline. The pace of growth appeared the most rapid in August 2022 an increase of less than 0.1% m-o-m. The export price peaked at $29.6M per unit in December 2021; however, from January 2022 to December 2022, the export prices failed to regain momentum.
Average prices varied noticeably for the major overseas markets. In December 2022, the highest price was recorded for prices to Malaysia ($14.1M per unit) and Singapore ($14.0M per unit), while the average price for exports to the UK ($14.0M per unit) and Belgium ($14.0M per unit) were amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.
Tanker Price in South Korea (CIF) - 2022
In November 2022, the average tanker import price amounted to $25.4M per unit, which is down by -39.5% against the previous month. In general, the import price recorded a abrupt descent. The pace of growth appeared the most rapid in August 2022 when the average import price increased by 270% against the previous month. The import price peaked at $83.8M per unit in November 2021; however, from December 2021 to November 2022, import prices stood at a somewhat lower figure.
As there is only one major supplying country, the average price level is determined by prices for Japan.
From November 2021 to November 2022, the rate of growth in terms of prices for Panama amounted to +30.3% per month.
Tanker Exports in South Korea
After two years of decline, shipments abroad of tankers increased by 8.9% to 268 units in 2022. Overall, exports, however, showed a abrupt downturn. Over the period under review, the exports hit record highs at 323 units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.
In value terms, tanker exports reached $9.9B in 2022. Over the period under review, exports, however, continue to indicate a abrupt contraction. Over the period under review, the exports attained the maximum at $12.4B in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.
| Export of Tanker in South Korea (Billion USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Marshall Islands | 3.4 | 3.5 | 2.0 | 2.6 | -8.6% |
| Malta | 0.2 | 1.7 | 1.8 | 1.7 | 104.1% |
| Greece | 1.1 | 0.6 | 1.6 | 1.5 | 10.9% |
| Singapore | 1.8 | 1.1 | 0.6 | 1.0 | -17.8% |
| Liberia | 1.1 | 0.8 | 0.6 | 0.8 | -10.1% |
| Panama | 0.4 | 0.3 | 0.7 | 0.6 | 14.5% |
| Bahamas | 1.5 | 0.3 | 0.4 | 0.6 | -26.3% |
| Norway | 0.9 | 0.9 | 0.2 | 0.6 | -12.6% |
| Others | 1.8 | 0.9 | 1.8 | 0.5 | -34.8% |
| Total | 12.4 | 10.3 | 9.6 | 9.9 | -7.2% |
Top Export Markets for Tanker from South Korea in 2022:
- Marshall Islands (83.0 units)
- Malta (34.0 units)
- Greece (33.0 units)
- Singapore (28.0 units)
- Liberia (26.0 units)
- Panama (22.0 units)
- Norway (21.0 units)
- Bahamas (12.0 units)
Tanker Imports in South Korea
In 2022, approx. 4 units of tankers were imported into South Korea; declining by -42.9% against the year before. Over the period under review, imports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2021 with an increase of 250% against the previous year. As a result, imports attained the peak of 7 units, and then reduced markedly in the following year.
In value terms, tanker imports declined sharply to $140M in 2022. Overall, imports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of 387% against the previous year. As a result, imports reached the peak of $233M, and then dropped significantly in the following year.
| Import of Tanker in South Korea (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 50.4 | 10.2 | 50.4 | 64.2 | 8.4% |
| China | 27.8 | 3.7 | 34.9 | 44.5 | 17.0% |
| Vietnam | 34.8 | 1.4 | 24.9 | 31.7 | -3.1% |
| Marshall Islands | N/A | N/A | 70.2 | N/A | 0% |
| Qatar | 60.3 | 6.9 | N/A | N/A | -88.6% |
| Indonesia | 10.4 | N/A | 2.1 | N/A | -55.1% |
| Panama | 35.8 | N/A | 14.8 | N/A | -35.7% |
| Saudi Arabia | N/A | 10.2 | N/A | N/A | 0% |
| Others | 9.6 | 15.4 | 35.8 | N/A | 93.1% |
| Total | 229 | 47.8 | 233 | 140 | -15.1% |
Top Suppliers of Tanker to South Korea in 2022:
- Japan (3.0 units)
- Vietnam (1.0 units)
- China (1.0 units)
This report provides an in-depth analysis of the tanker market in Republic of Korea. 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:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- 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
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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