Australia and Oceania: Tanker Market 2023

Tanker Market Size in Australia and Oceania

The tanker market in Australia and Oceania shrank sharply to $X in 2021, waning by -32% against the previous year. Overall, consumption, however, recorded a modest expansion. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Tanker Production in Australia and Oceania

In value terms, tanker production shrank slightly to $X in 2021 estimated in export price. Overall, production, however, showed a slight slump. The most prominent rate of growth was recorded in 2019 when the production volume increased by 6.2% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Tanker Exports

Exports in Australia and Oceania

In 2021, exports of tankers in Australia and Oceania skyrocketed to X units, growing by 575% compared with the year before. Over the period under review, exports recorded a prominent expansion. The growth pace was the most rapid in 2019 when exports increased by 1,600%. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, tanker exports skyrocketed to $X in 2021. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 1,523%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Marshall Islands dominates exports structure, reaching X units, which was near 96% of total exports in 2021. New Zealand (X units) followed a long way behind the leaders.

Marshall Islands was also the fastest-growing in terms of the tankers exports, with a CAGR of +17.7% from 2012 to 2021. New Zealand experienced a relatively flat trend pattern. While the share of New Zealand (+3.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Marshall Islands (-3.7 p.p.) displayed negative dynamics.

In value terms, Marshall Islands ($X) remains the largest tanker supplier in Australia and Oceania, comprising 98% of total exports. The second position in the ranking was held by New Zealand ($X), with a 1.9% share of total exports.

In Marshall Islands, tanker exports expanded at an average annual rate of +24.3% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Australia and Oceania amounted to $X per unit, surging by 5% against the previous year. Overall, the export price enjoyed prominent growth. The pace of growth was the most pronounced in 2018 when the export price increased by 71% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Marshall Islands ($X per unit), while New Zealand stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Marshall Islands (+5.6%).

Tanker Imports

Imports in Australia and Oceania

Tanker imports fell rapidly to X units in 2021, with a decrease of -19.9% against 2020. Overall, imports, however, showed modest growth. The growth pace was the most rapid in 2014 when imports increased by 118%. The volume of import peaked at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, tanker imports shrank rapidly to $X in 2021. In general, imports, however, showed temperate growth. The pace of growth appeared the most rapid in 2014 with an increase of 61%. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

The countries with the highest levels of tanker imports in 2021 were Marshall Islands (X units), together accounting for 100% of total import.

Marshall Islands was also the fastest-growing in terms of the tankers imports, with a CAGR of +2.4% from 2012 to 2021. From 2012 to 2021, the share of Marshall Islands increased by +4.2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Marshall Islands ($X) constitutes the largest market for imported tankers in Australia and Oceania.

In Marshall Islands, tanker imports expanded at an average annual rate of +2.9% over the period from 2012-2021.

Import Prices by Country

The import price in Australia and Oceania stood at $X per unit in 2021, growing by 5.1% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 40%. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Marshall Islands.

From 2012 to 2021, the rate of growth in terms of prices for Marshall Islands amounted to +0.5% per year.

Source: IndexBox Market Intelligence Platform

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