Global Tanker Market 2023

Tanker Market Size

The global tanker market amounted to $X in 2021, remaining relatively unchanged against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the global market remained at a somewhat lower figure.

Tanker Production

In value terms, tanker production dropped modestly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 14% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, global production growth remained at a somewhat lower figure.

Tanker Exports

Exports

After two years of decline, shipments abroad of tankers increased by 5.6% to X units in 2021. Overall, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 20% against the previous year. The global exports peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, tanker exports skyrocketed to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when exports increased by 19%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the global exports remained at a somewhat lower figure.

Exports by Country

South Korea (X units) and China (X units) represented roughly 60% of total exports in 2021. It was distantly followed by Japan (X units), making up a 15% share of total exports. The following exporters - Russia (X units), Marshall Islands (X units), Poland (X units), Norway (X units) and Liberia (X units) - together made up 15% of total exports.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +23.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest tanker supplying countries worldwide were South Korea ($X), China ($X) and Japan ($X), together comprising 74% of global exports. These countries were followed by Marshall Islands, Poland, Russia, Liberia and Norway, which together accounted for a further 16%.

Marshall Islands, with a CAGR of +24.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average tanker export price stood at $X per unit in 2021, with an increase of 12% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average export price increased by 16%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Marshall Islands ($X per unit), while Norway ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+11.6%), while the other global leaders experienced more modest paces of growth.

Tanker Imports

Imports

In 2021, supplies from abroad of tankers decreased by -17.9% to X units, falling for the fourth year in a row after four years of growth. Over the period under review, imports, however, saw measured growth. The growth pace was the most rapid in 2017 with an increase of 1,133%. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of global imports remained at a somewhat lower figure.

In value terms, tanker imports surged to $X in 2021. Overall, total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -10.6% against 2019 indices. Global imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

South Africa (X units), Marshall Islands (X units), Liberia (X units), Panama (X units) and Singapore (X units) represented roughly 57% of total imports in 2021. The following importers - Indonesia (X units), Denmark (X units), Norway (X units), Belgium (X units), Thailand (X units), Russia (X units), India (X units) and Cyprus (X units) - together made up 23% of total imports.

From 2012 to 2021, the biggest increases were recorded for South Africa (with a CAGR of +61.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest tanker importing markets worldwide were Russia ($X), Marshall Islands ($X) and Singapore ($X), with a combined 46% share of global imports. Liberia, Panama, Denmark, Norway, India, Indonesia, Belgium, Cyprus, Thailand and South Africa lagged somewhat behind, together comprising a further 34%.

In terms of the main importing countries, South Africa, with a CAGR of +197.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average tanker import price stood at $X per unit in 2021, picking up by 59% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 410% against the previous year. Global import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+86.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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