MENA: Tanker Market 2023

Tanker Market Size in MENA

In 2021, the MENA's tanker market increased by 2.4% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +26.6% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Tanker Production in MENA

In value terms, tanker production fell to $X in 2021 estimated in export price. The total production indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +11.0% against 2019 indices. The pace of growth appeared the most rapid in 2016 with an increase of 32%. 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 MENA

In 2021, overseas shipments of tankers decreased by -7.7% to X units for the first time since 2018, thus ending a two-year rising trend. In general, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 400%. The volume of export peaked at X units in 2020, and then contracted in the following year.

In value terms, tanker exports surged to $X in 2021. Over the period under review, exports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 145% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

The United Arab Emirates represented the major exporter of tankers in MENA, with the volume of exports accounting for X units, which was approx. 50% of total exports in 2021. It was distantly followed by Saudi Arabia (X units) and Turkey (X units), together achieving a 50% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the United Arab Emirates (with a CAGR of +144.9%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 81% of total exports.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +40.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in MENA stood at $X per unit in 2021, picking up by 49% against the previous year. In general, the export price, however, continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2016 when the export price increased by 128% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, 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 Turkey ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+32.9%), while the other leaders experienced mixed trends in the export price figures.

Tanker Imports

Imports in MENA

In 2021, the amount of tankers imported in MENA dropped notably to X units, with a decrease of -28% against 2020. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 250% against the previous year. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, tanker imports amounted to $X in 2021. Overall, imports, however, saw a perceptible expansion. The most prominent rate of growth was recorded in 2016 with an increase of 110%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Turkey was the key importer of tankers in MENA, with the volume of imports recording X units, which was approx. 44% of total imports in 2021. Kuwait (X units) ranks second in terms of the total imports with a 22% share, followed by Tunisia (17%), Algeria (11%) and the United Arab Emirates (5.6%).

From 2012 to 2021, the biggest increases were recorded for Tunisia (with a CAGR of +13.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported tankers in MENA, comprising 58% of total imports. The second position in the ranking was held by Kuwait ($X), with a 15% share of total imports. It was followed by Algeria, with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey stood at +8.7%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (-6.3% per year) and Algeria (-0.2% per year).

Import Prices by Country

The import price in MENA stood at $X per unit in 2021, with an increase of 41% against the previous year. Overall, the import price continues to indicate a measured expansion. The pace of growth appeared the most rapid in 2017 when the import price increased by 169%. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Market Intelligence Platform

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