Eastern Asia: Tanker Market 2024

Tanker Market Size in Eastern Asia

The East Asian tanker market dropped modestly to $X in 2022, waning by X% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Tanker Production in Eastern Asia

In value terms, tanker production declined modestly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Tanker Exports

Exports in Eastern Asia

In 2022, overseas shipments of tankers were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, tanker exports contracted to $X in 2022. Overall, exports, however, saw a mild shrinkage. The pace of growth was the most pronounced in 2016 when exports increased by X%. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

South Korea was the main exporting country with an export of around X units, which resulted at X% of total exports. China (X units) ranks second in terms of the total exports with a X% share, followed by Japan (X%).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, the largest tanker supplying countries in Eastern Asia were South Korea ($X), China ($X) and Japan ($X), with a combined X% share of total exports.

China, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Eastern Asia stood at $X,938 per unit in 2022, dropping by X% against the previous year. Over the period under review, the export price saw a slight descent. The pace of growth appeared the most rapid in 2016 an increase of X%. Over the period under review, the export prices hit record highs at $X,854 per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X,204 per unit), while Japan ($X,656 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced a decline in the export price figures.

Tanker Imports

Imports in Eastern Asia

After two years of growth, purchases abroad of tankers decreased by X% to X units in 2022. Over the period under review, imports, however, showed measured growth. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, tanker imports contracted remarkably to $X in 2022. In general, imports, however, showed a pronounced expansion. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021, and then contracted markedly in the following year.

Imports by Country

South Korea was the key importing country with an import of about X units, which accounted for X% of total imports. Hong Kong SAR (X units) ranks second in terms of the total imports with a X% share, followed by Japan (X%). Taiwan (Chinese) (X units) and Macao SAR (X units) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X) constitutes the largest market for imported tankers in Eastern Asia, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by Taiwan (Chinese), with a X% share.

In South Korea, tanker imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Japan (X% per year) and Taiwan (Chinese) (X% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X,157 per unit in 2022, waning by X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. The level of import peaked at $X,239 per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X,716 per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Macao SAR (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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