Latin America and the Caribbean: Tanker Market 2023

Tanker Market Size in Latin America and the Caribbean

In 2021, the Latin American tanker market was finally on the rise to reach $X after two years of decline. In general, consumption, however, saw a perceptible decrease. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Tanker Production in Latin America and the Caribbean

In value terms, tanker production contracted modestly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a deep setback. The growth pace was the most rapid in 2014 when the production volume increased by 52% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Tanker Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of tankers increased by 100% to X units, rising for the third consecutive year after three years of decline. In general, exports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2019 when exports increased by 200% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, tanker exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a noticeable setback. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Panama was the main exporting country with an export of around X units, which amounted to 63% of total exports. It was distantly followed by Bahamas (X units), achieving a 38% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Panama (with a CAGR of -3.7%).

In value terms, Panama ($X) remains the largest tanker supplier in Latin America and the Caribbean, comprising 76% of total exports. The second position in the ranking was taken by Bahamas ($X), with a 6.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Panama stood at +8.8%.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, growing by 20% against the previous year. Overall, the export price recorded a strong increase. The pace of growth appeared the most rapid in 2018 an increase of 336%. 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 Panama ($X per unit), while Bahamas totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+12.3%).

Tanker Imports

Imports in Latin America and the Caribbean

After two years of decline, purchases abroad of tankers increased by 26% to X units in 2021. Over the period under review, imports enjoyed a modest expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 50%. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, tanker imports rose markedly to $X in 2021. In general, imports, however, recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 70% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Panama represented the main importer of tankers in Latin America and the Caribbean, with the volume of imports finishing at X units, which was approx. 76% of total imports in 2021. It was distantly followed by Bahamas (X units), creating a 12% share of total imports. Argentina (X units), Cayman Islands (X units) and British Virgin Islands (X units) took a little share of total imports.

Imports into Panama increased at an average annual rate of +8.0% from 2012 to 2021. At the same time, Cayman Islands (+13.0%) and British Virgin Islands (+8.0%) displayed positive paces of growth. Moreover, Cayman Islands emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +13.0% from 2012-2021. By contrast, Argentina (-6.0%) and Bahamas (-10.0%) illustrated a downward trend over the same period. While the share of Panama (+32 p.p.) and Cayman Islands (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Argentina (-4.1 p.p.) and Bahamas (-23.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Panama ($X) constitutes the largest market for imported tankers in Latin America and the Caribbean, comprising 67% of total imports. The second position in the ranking was taken by Bahamas ($X), with a 25% share of total imports. It was followed by Cayman Islands, with a 4% share.

In Panama, tanker imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Bahamas (-5.5% per year) and Cayman Islands (+0.2% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per unit, waning by -11.3% against the previous year. In general, the import price continues to indicate a perceptible slump. The growth pace was the most rapid in 2016 when the import price increased by 46%. Over the period under review, import prices attained the maximum at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahamas (+4.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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