Global Tanker Shipping Market

Tanker Shipping Market is expected to grow at a CAGR of 6% during the forecast period. Tanker Shipping Market is expected to reach US$ 5.02 Bn. by 2030.

The Tanker Shipping market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The Global Tanker Shipping report also provides trends by market segments, technology, and investment with a competitive landscape.

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Tanker Shipping Market Overview:

Tanker shipping is basically the transportation of bulk chemicals, goods, crude oil, and other refined chemicals obtained from crude oil. Tanker shipping is mainly carried out through the sea route by using very large-sized transport carriers. It is considered an economical way of fluid transportation from one part of the globe to another. Increasing commodity trading across the globe along with rising economical standout in the past decade are the factors considered to drive the tanker shipping market during the forecast period. Tankers are considered more efficient owing to their capacity to carry large shipments with large amounts of fluids. Due to this large accommodation capacity, commodity products and oil and natural gas shipments generally use tankers to carry out a smooth flow of transportation.

Tanker Shipping Market Dynamics:

Increasing technological advancements in the shipping sector and demand for high volume transportations across the globe are the factors considered to drive the tanker shipping market growth. Moreover, increasing demand for oil and gas in developing countries and thereby, increasing transport ventures by emerging economies is the supporting factor considered to drive the market growth. Increasing shipbuilding across the globe is considered to boost the market demand during the forecast period creating supply opportunities in the tanker shipping market. According to Economic Times, the commodities market have grown 4.5% despite lockdown conditions in the year 2021. Oil and gas prices have sky rocketed in the year 2022-2023 owing to increasing transportation charges levied by the companies and high oil prices levied by gulf countries on fuel production and exports.

Some Environmental regulation norms and increasing supply than demand in the market are the factors considered to hamper the market growth during the forecast period. Furthermore, a high number of tankers and declining demand for transportation for commodities in Covid Pandemic is the key factor considered to restrain the market growth.

Increasing demand for crude oil is the key factor expected to create opportunities in the market for the prominent shipping companies across the globe. On the other hand, fluctuating oil prices across the globe is the key challenge considered to hamper the market growth during the forecast period.

Tanker Shipping Market Segment Analysis:

Very Large Crude Carriers (VLCC) Dominates the Tanker Shipping Market:

VLCC carriers are known for their high transportation capacity and reliability. Owing to the US-China trade, crude oil exports from the Middle East to North America are increasing and millions of gallons of oil and natural gas are expected to go eastwards. The trade regulations and transportation charges levied on VLCCs has been uplifted in 2021 by the Chinese government. Owing to the economic scenario, VLCCs have seen a drastic increase in the supply chain from the year 2021-2022 except 2021 when prices fell drastically owing to the Covid pandemic as VLCC earnings decreased from 100000 USD/day to 15000 USD/day. Suezmax is used as low volume carrying tanker with high technological advancements. Though Suezmax is considered low capacity tanker, shipping companies use the above tankers for small routes owing to their fast pace of transportation.

Crude oil and LPG is the Dominating Fluid Segment in Tanker Shipping Market:

Crude oil is one of the most consumed commodities across the globe. According to US Energy Information Administration, 8.3 million barrels per day (bpd) is the revised capacity of crude oil post-pandemic and LPG was accounted for 3.8 million bpd in the year 2021 owing to increasing fuel prices in the year. Moreover, higher exports from major producers owing to lowering of crude prices pre-pandemic adhered to the market growth. APAC is the most dominating region in terms of consumption of crude oil owing to increasing manufacturing activities in the region and accounted for approximately 39% of imports of crude oil.

Inland sea routes segment is expected to dominate the Tanker Shipping Market:

Many shipping companies prefer the inland sea routes owing to the increasing efficiency of transportation and time-saving capabilities of inland sea routes. For instance, Suez Canal is the world’s busiest inland sea route as more than 53 vessels including VLCCs, ULCCs, LR2 and more than 150 small carriers go through the canal per day. Inland sea routes also provide a ship halting base for the crew as well as shipments which in turn helps to increase the local businesses in the region.

Impact of Covid pandemic on the Tanker Shipping market:

Covid pandemic is expected to pose a High impact on the Tanker Shipping Market owing to the effects of the pandemic on shipping activities across the globe. Strict government norms and increasing cost of transportation owing to supply chain distortion and lowering of manufacturing activities are the factors considered to slightly declining the market growth of Tanker Shipping services. The market is expected to grow during the forecast period owing to increasing demand in the supply chain and various commercial activities pick up the speed.

According to McKinsy and Co., Tanker Shipping Market is decreased amid the Covid pandemic owing to decreasing economic growth and further deceleration of key bulk commodities. Moreover, oversupply of shipping capacity in past decades is the key factor hampering the prices of transportation and raw materials. Between 2015- 2021, the bulk shipping market grew by 1.5%. But the market is expected to hover from 2021-2029 with a CAGR of 0.7% per annum owing to declining Chinese demand for iron ore and coal. The mismatch between growing supply and weak demand is expected to hamper the market growth.

However, dry bulk shipping is increased by 3-4% in from 2021-2023 owing to an increase in shipbuilding manufacturing and comparatively low rate of ship scrapping.

Tanker Shipping Market Regional Insights:

Asia Pacific holds the major share in the Tanker Shipping Market with approximately 53% of total market share in year 2021 owing to increasing demand for oil and gas as well as commodities sector in the region. China, India, Japan and others are the prominent players in the market owing to increasing government support and high domestic production rates in the respective countries. China is the dominating market in the region in terms of volume share as approximately 63% of crude oil and commodities are export from the Chinese coast to different regions followed by India and Japan. Indian market is expected to pose a relatively high share in the market as the contribution of Power generation and commodities export is relatively high in the GDP growth of the country as prominent player’s investments in the industry is increased by almost 4% during years 2021-2023 despite the lockdown conditions.

Europe is the fastest-growing region in the Tanker Shipping Market with approximately 34% market share. Factors attributing growth in the market are the abundance of key manufacturers of Tanker Shipping in the region. The UK holds the largest market share of approximately 47% owing to shipping routes present in the region and prominent location for trading and shipping of goods.

North America holds the dominant share in the market owing to high trade participation of North America with various regions across the globe and comparatively demanding trade policies including transportation tax reduction and high VLCCs manufacturing in the region.

The objective of the report is to present a comprehensive analysis of the Global Tanker Shipping Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Global Tanker Shipping Market dynamics, structure by analyzing the market segments and project the Global Tanker Shipping Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global Tanker Shipping Market make the report investor’s guide

Tanker Shipping Market Scope: Inquire before buying

Tanker Shipping Market, by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

Tanker Shipping Market, Key Players are:

1. Nordic Tankers
2. Tokyo Marine
3. MISC
4. Navig8 Chemicals
5. IINO KAIUN KAISHA
6. Stolt-Nielson
7. Euronav
8. AET Tankers
9. Mitsui O.S.K. Lines
10.Teekay
11.Odfjell
12.Sinochem
13.Hansa Tankers
14.MTMM
15.Chembulk
16.Koyo Kaiun

Frequently Asked Questions:

1. Which region has the largest share in Tanker Shipping Market?
Ans: North America region holds the highest share in 2023.

2. What is the growth rate of Tanker Shipping Market?
Ans: The Tanker Shipping Market is growing at a CAGR of 6% during forecasting period 2024-2030.

3. What is scope of the Global Tanker Shipping market report?
Ans: Global Tanker Shipping market report helps with the PESTEL, PORTER, COVID-19 impact analysis, recommendations for investors and leaders, and market estimation of the forecast period.

4. Who are the key players in Tanker Shipping market?
Ans: The important key players in the Tanker Shipping Market are Nordic Tankers, Tokyo Marine, MISC, Navig8 Chemicals, IINO KAIUN KAISHA, Stolt-Nielson

5. What is the study period of this market?
Ans: The Tanker Shipping Market is studied from 2023 to 2030.