Russian Federation: Tanker Market 2023

Tanker Market Size in the Russian Federation

The Russian tanker market expanded remarkably to $X in 2021, growing by 8.9% against the previous year. Overall, consumption, however, showed a slight increase. Over the period under review, the market attained the peak level in 2021 and is likely to continue growth in the near future.

Tanker Production in the Russian Federation

In value terms, tanker production rose notably to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a precipitous decrease. The growth pace was the most rapid in 2017 when the production volume increased by 44% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Tanker Exports

Exports from the Russian Federation

In 2021, shipments abroad of tankers increased by 2,500% to X units for the first time since 2017, thus ending a three-year declining trend. Overall, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, tanker exports surged to $X in 2021. In general, exports enjoyed a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Lithuania (X units), Bangladesh (X units) and Malta (X units) were the main destinations of tanker exports from Russia, together comprising 65% of total exports.

From 2012 to 2021, the biggest increases were recorded for Bangladesh (with a CAGR of +71.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Lithuania ($X), Belgium ($X) and Denmark ($X) appeared to be the largest markets for tanker exported from Russia worldwide, together comprising 91% of total exports. These countries were followed by Malta, South Africa, Azerbaijan, Bangladesh, the United Arab Emirates, Turkey and the Netherlands, which together accounted for a further 7.3%.

Among the main countries of destination, Azerbaijan, with a CAGR of +73.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average tanker export price amounted to $X per unit, waning by -27.2% against the previous year. Over the period under review, the export price recorded a pronounced descent. The pace of growth appeared the most rapid in 2017 when the average export price increased by 115%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Bangladesh ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+35.9%), while the prices for the other major destinations experienced mixed trend patterns.

Tanker Imports

Imports into the Russian Federation

In 2021, the amount of tankers imported into Russia contracted to X units, declining by -4.5% against the previous year's figure. In general, imports, however, saw strong growth. The growth pace was the most rapid in 2014 when imports increased by 300%. Imports peaked at X units in 2020, and then shrank slightly in the following year.

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

Imports by Country

In 2021, South Korea (X units) constituted the largest tanker supplier to Russia, with a 81% share of total imports. Moreover, tanker imports from South Korea exceeded the figures recorded by the second-largest supplier, Poland (X units), more than tenfold. The third position in this ranking was held by Germany (X units), with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea amounted to +26.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-66.7% per year) and Germany (0.0% per year).

In value terms, South Korea ($X) constituted the largest supplier of tankers to Russia, comprising 98% of total imports. The second position in the ranking was held by China ($X), with a 1.4% share of total imports. It was followed by Turkey, with a 0.2% share.

From 2012 to 2021, the average annual growth rate of value from South Korea totaled +40.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+1.0% per year) and Turkey (-25.7% per year).

Import Prices by Country

The average tanker import price stood at $X per unit in 2021, growing by 395% against the previous year. In general, the import price recorded a remarkable increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bulgaria (+12.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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