ECOWAS: Tanker Market 2024

Tanker Market Size in ECOWAS

The ECOWAS tanker market contracted slightly to $X in 2022, with a decrease of X% against the previous year. Overall, consumption, however, posted a buoyant expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Tanker Production in ECOWAS

In value terms, tanker production totaled $X in 2022 estimated in export price. Over the period under review, production continues to indicate a dramatic downturn. The growth pace was the most rapid in 2017 with an increase of X,700%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Tanker Exports

Exports in ECOWAS

In 2022, approx. X units of tankers were exported in ECOWAS; declining by X% on 2021. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, tanker exports dropped dramatically to $X in 2022. Over the period under review, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Liberia prevails in exports structure, finishing at X units, which was approx. X% of total exports in 2022. Ghana (X units) took the second position in the ranking, followed by Nigeria (X units). All these countries together held approx. X% share of total exports.

Liberia was also the fastest-growing in terms of the tankers exports, with a CAGR of X% from 2012 to 2022. Ghana experienced a relatively flat trend pattern. Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Liberia increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Liberia ($X) remains the largest tanker supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports.

In Liberia, tanker exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Nigeria (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X,875 per unit, waning by X% against the previous year. In general, the export price, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2018 when the export price increased by X% against the previous year. The level of export peaked at $X,467 per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Liberia ($X,067 per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced more modest paces of growth.

Tanker Imports

Imports in ECOWAS

Tanker imports dropped to X units in 2022, with a decrease of X% against the year before. Total imports indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2019 when imports increased by X%. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, tanker imports fell to $X in 2022. In general, imports, however, saw perceptible growth. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Liberia dominates imports structure, amounting to X units, which was approx. X% of total imports in 2022. It was distantly followed by Ghana (X units), making up an X% share of total imports. The following importers - Nigeria (X units) and Sierra Leone (X units) - together made up X% of total imports.

Liberia was also the fastest-growing in terms of the tankers imports, with a CAGR of X% from 2012 to 2022. Sierra Leone experienced a relatively flat trend pattern. Ghana (X%) and Nigeria (X%) illustrated a downward trend over the same period. Liberia (X p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Nigeria saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2022, the average annual rate of growth in terms of value in Liberia stood at X%. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Ghana (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X,305 per unit in 2022, with a decrease of X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of X% against the previous year. The level of import peaked at $X,370 per unit in 2016; however, from 2017 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 Liberia ($X,077 per unit), while Ghana ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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