Europe: Tanker Market 2023

Tanker Market Size in Europe

For the third year in a row, the Europe tanker market recorded growth in sales value, which increased by 13% to $X in 2021. In general, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked in 2021 and is likely to continue growth in the near future.

Tanker Production in Europe

In value terms, tanker production shrank markedly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a noticeable slump. The most prominent rate of growth was recorded in 2014 with an increase of 26%. The level of production peaked at $X in 2020, and then contracted sharply in the following year.

Tanker Exports

Exports in Europe

In 2021, overseas shipments of tankers were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, showed a pronounced shrinkage. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, tanker exports skyrocketed to $X in 2021. Overall, exports saw a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Poland (X units), Russia (X units) and Norway (X units) was the key exporter of tankers in Europe, comprising 82% of total export. It was distantly followed by the Netherlands (X units) and Denmark (X units), together constituting a 10% share of total exports. Belgium (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +23.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Poland ($X), Russia ($X) and Norway ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 81% of total exports.

Russia, with a CAGR of +19.0%, 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 more modest paces of growth.

Export Prices by Country

The export price in Europe stood at $X per unit in 2021, reducing by -21.8% against the previous year. Overall, the export price, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2020 an increase of 71%. As a result, the export price reached the peak level of $X per unit, and then fell significantly in the following year.

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 Denmark ($X per unit), while Norway ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+11.6%), while the other leaders experienced more modest paces of growth.

Tanker Imports

Imports in Europe

Tanker imports stood at X units in 2021, flattening at the year before. Overall, imports saw a mild decline. The most prominent rate of growth was recorded in 2020 with an increase of 49%. Over the period under review, imports attained the peak figure at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, tanker imports soared to $X in 2021. Over the period under review, imports continue to indicate a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Denmark (X units), Norway (X units), Belgium (X units) and Russia (X units) represented roughly 71% of total imports in 2021. Poland (X units) held a 7.9% share (based on physical terms) of total imports, which put it in second place, followed by Finland (5%). Spain (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 Belgium (with a CAGR of +41.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) constitutes the largest market for imported tankers in Europe, comprising 51% of total imports. The second position in the ranking was taken by Denmark ($X), with an 11% share of total imports. It was followed by Norway, with a 10% share.

In Russia, tanker imports increased at an average annual rate of +27.4% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Denmark (+18.3% per year) and Norway (-5.3% per year).

Import Prices by Country

The import price in Europe stood at $X per unit in 2021, picking up by 116% against the previous year. In general, the import price showed prominent growth. The level of import peaked at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Russia ($X per unit), while Spain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+16.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :