Western Africa: Tanker Market 2024

Tanker Market Size in Western Africa

The West African tanker market dropped to $X in 2022, falling by X% against the previous year. Overall, consumption, however, showed a prominent expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Tanker Production in Western Africa

In value terms, tanker production amounted to $X in 2022 estimated in export price. In general, production showed a sharp reduction. The growth pace was the most rapid in 2017 when the production volume increased by X,700%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Tanker Exports

Exports in Western Africa

In 2022, the amount of tankers exported in Western Africa declined markedly to X units, which is down by X% on the year before. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, tanker exports declined significantly to $X in 2022. Overall, exports, however, enjoyed buoyant growth. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Liberia dominates exports structure, accounting for X units, which was near X% of total exports in 2022. Ghana (X units) held the second position in the ranking, followed by Nigeria (X units). All these countries together took approx. X% share of total exports.

Liberia was also the fastest-growing in terms of the tankers exports, with a CAGR of X% from 2012 to 2022. Ghana experienced a relatively flat trend pattern. Nigeria (X%) illustrated a downward trend over the same period. While the share of Liberia (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Liberia ($X) remains the largest tanker supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Ghana ($X), with a X% share of total exports.

In Liberia, tanker exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Nigeria (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X,875 per unit, falling by X% against the previous year. In general, the export price, however, continues to indicate a buoyant increase. The pace of growth appeared the most rapid in 2018 an increase of X%. Over the period under review, the export prices reached the peak figure at $X,467 per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Liberia ($X,067 per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced more modest paces of growth.

Tanker Imports

Imports in Western Africa

In 2022, the amount of tankers imported in Western Africa reduced to X units, declining by X% compared with the year before. Total imports indicated perceptible growth from 2012 to 2022: its volume 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2019 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, tanker imports reduced to $X in 2022. Over the period under review, imports, however, saw a moderate expansion. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Liberia dominates imports structure, reaching X units, which was approx. X% of total imports in 2022. It was distantly followed by Ghana (X units), making up an X% share of total imports. Nigeria (X units) and Sierra Leone (X units) followed a long way behind the leaders.

Liberia was also the fastest-growing in terms of the tankers imports, with a CAGR of X% from 2012 to 2022. Sierra Leone experienced a relatively flat trend pattern. Ghana (X%) and Nigeria (X%) illustrated a downward trend over the same period. Liberia (X p.p.) significantly strengthened its position in terms of the total imports, while Ghana and Nigeria saw its share reduced by X% and X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Liberia ($X) constitutes the largest market for imported tankers in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Nigeria ($X), with a X% share of total imports. It was followed by Ghana, with a X% share.

In Liberia, tanker imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Nigeria (X% per year) and Ghana (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X,305 per unit, with a decrease of X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum at $X,370 per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Liberia ($X,077 per unit), while Ghana ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :