Middle East: Tanker Market 2024

Tanker Market Size in the Middle East

In 2022, the Middle Eastern tanker market decreased by X% to $X for the first time since 2019, thus ending a two-year rising trend. The total consumption indicated a perceptible expansion from 2012 to 2022: its value 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. Over the period under review, the market hit record highs at $X in 2021, and then reduced remarkably in the following year.

Tanker Production in the Middle East

In value terms, tanker production expanded to $X in 2022 estimated in export price. The total production indicated measured growth from 2012 to 2022: its value 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, production increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

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Tanker Exports

Exports in the Middle East

In 2022, approx. X units of tankers were exported in the Middle East; reducing by X% against the year before. Overall, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2019 when exports increased by X%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, tanker exports fell remarkably to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Turkey (X units), distantly followed by the United Arab Emirates (X units), Iran (X units), Saudi Arabia (X units), Lebanon (X units) and Oman (X units) were the largest exporters of tankers, together generating X% of total exports.

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

In value terms, the largest tanker supplying countries in the Middle East were Turkey ($X), Saudi Arabia ($X) and Oman ($X), together accounting for X% of total exports.

Saudi Arabia, 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 mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X,924 per unit, which is down by X% against the previous year. Over the period under review, the export price, however, posted a significant expansion. The growth pace was the most rapid in 2013 when the export price increased by X%. Over the period under review, the export prices hit record highs at $X,300 per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X,802 per unit), while Iran ($X per unit) was amongst the lowest.

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

Tanker Imports

Imports in the Middle East

In 2022, after two years of growth, there was significant decline in purchases abroad of tankers, when their volume decreased by X% to X units. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by X%. The volume of import peaked at X units in 2021, and then reduced dramatically in the following year.

In value terms, tanker imports fell dramatically to $X in 2022. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then shrank remarkably in the following year.

Imports by Country

Turkey represented the largest importer of tankers in the Middle East, with the volume of imports accounting for X units, which was near X% of total imports in 2022. Kuwait (X units) held a X% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (X%), Iran (X%) and Oman (X%). The following importers - Iraq (X units) and Lebanon (X units) - each resulted at a X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Turkey (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Kuwait ($X), Turkey ($X) and Iran ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Oman, Iraq, Lebanon and the United Arab Emirates lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Oman, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X,223 per unit, with an increase 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 2019 an increase of X%. Over the period under review, import prices attained the peak figure at $X,600 per unit in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X,286 per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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