Africa: Tanker Market 2023

Tanker Market Size in Africa

The African tanker market soared to $X in 2021, with an increase of 26% against the previous year. Over the period under review, consumption, however, enjoyed resilient growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Tanker Production in Africa

In value terms, tanker production expanded sharply to $X in 2021 estimated in export price. Over the period under review, production, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2019 with an increase of 57% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Tanker Exports

Exports in Africa

In 2021, the amount of tankers exported in Africa soared to X units, picking up by 140% compared with the previous year. Overall, exports showed slight growth. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, tanker exports skyrocketed to $X in 2021. In general, exports enjoyed a buoyant increase. The growth pace was the most rapid in 2018 with an increase of 391%. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

In 2021, Liberia (X units) represented the main exporter of tankers in Africa, making up 100% of total export.

Liberia experienced a relatively flat trend pattern with regard to volume of exports of tankers. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Liberia ($X) also remains the largest tanker supplier in Africa.

From 2012 to 2021, the average annual growth rate of value in Liberia totaled +11.6%.

Export Prices by Country

In 2021, the export price in Africa amounted to $X per unit, picking up by 29% against the previous year. In general, the export price recorded buoyant growth. The most prominent rate of growth was recorded in 2018 an increase of 251% against the previous year. Over the period under review, the export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the rate of growth in terms of prices for Liberia amounted to +10.7% per year.

Tanker Imports

Imports in Africa

In 2021, purchases abroad of tankers decreased by -43.3% to X units, falling for the third consecutive year after three years of growth. Overall, imports, however, showed prominent growth. The growth pace was the most rapid in 2017 with an increase of 383% against the previous year. The volume of import peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, tanker imports surged to $X in 2021. In general, imports, however, saw a measured increase. The growth pace was the most rapid in 2016 with an increase of 97%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

South Africa represented the key importing country with an import of around X units, which recorded 61% of total imports. It was distantly followed by Liberia (X units), mixing up a 34% share of total imports. Nigeria (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Africa (with a CAGR of +61.7%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Liberia ($X) constitutes the largest market for imported tankers in Africa, comprising 96% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 0.6% share of total imports.

In Liberia, tanker imports expanded at an average annual rate of +4.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (-5.4% per year) and South Africa (+197.5% per year).

Import Prices by Country

The import price in Africa stood at $X per unit in 2021, picking up by 140% against the previous year. Overall, the import price, however, saw a abrupt curtailment. The growth pace was the most rapid in 2019 an increase of 164%. The level of import peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Liberia ($X per unit), while South Africa ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+86.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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