Northern America: Tanker Market 2023

Tanker Market Size in Northern America

After two years of growth, the North American tanker market decreased by -48% to $X in 2021. In general, consumption showed a noticeable curtailment. The level of consumption peaked at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Tanker Production in Northern America

In value terms, tanker production rose markedly to $X in 2021 estimated in export price. Overall, production continues to indicate a moderate increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 378%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Tanker Exports

Exports in Northern America

After two years of decline, overseas shipments of tankers decreased by 0% to X units in 2019. Overall, exports continue to indicate a relatively flat trend pattern. The smallest decline of 99.9% was in 2017. Over the period under review, the exports attained the peak figure at X units in 2016; however, from 2017 to 2019, the exports failed to regain momentum.

In value terms, tanker exports amounted to $X in 2019. Over the period under review, exports showed a moderate expansion. The pace of growth appeared the most rapid in 2015 with an increase of 1,117% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2019, the growth of the exports failed to regain momentum.

Export Prices by Country

The export price in Northern America stood at $X per unit in 2019, leveling off at the previous year. Over the period under review, the export price recorded a noticeable expansion. The pace of growth appeared the most rapid in 2017 a decrease of 99.9%. Over the period under review, the export prices hit record highs at $X per unit in 2016; however, from 2017 to 2019, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Bermuda.

From 2014 to 2019, the rate of growth in terms of prices for Bermuda amounted to -32.0% per year.

Tanker Imports

Imports in Northern America

After three years of growth, purchases abroad of tankers decreased by -34.6% to X units in 2021. In general, imports, however, saw a notable expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 120%. The volume of import peaked at X units in 2020, and then declined significantly in the following year.

In value terms, tanker imports dropped markedly to $X in 2021. Over the period under review, imports continue to indicate a pronounced setback. The most prominent rate of growth was recorded in 2014 with an increase of 228%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Canada (X units), followed by Bermuda (X units) represented the key importers of tankers, together generating 100% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Canada (with a CAGR of +6.7%).

In value terms, Bermuda ($X) constitutes the largest market for imported tankers in Northern America, comprising 70% of total imports. The second position in the ranking was taken by Canada ($X), with a 30% share of total imports.

In Bermuda, tanker imports shrank by an average annual rate of -7.3% over the period from 2012-2021.

Import Prices by Country

The import price in Northern America stood at $X per unit in 2021, falling by -17% against the previous year. Over the period under review, the import price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 70%. 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 Bermuda ($X per unit), while Canada stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+5.6%).

Source: IndexBox Market Intelligence Platform

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