Tanker Shipping Market Trends, Size, Share, Growth and Emerging Technologies

Navigating the Waves: A Deep Dive into the Tanker Shipping Market

In the vast expanse of global trade, the Tanker Shipping Market emerges as a critical player, sailing towards a projected CAGR of 6% during the forecast period. As the market is set to reach a staggering US$ 4.74 Bn. by 2029, the journey unfolds with intriguing dynamics and challenges.

Riding the Tides: Overview of Tanker Shipping

Tanker shipping, the lifeblood of bulk chemical and crude oil transportation, spans the globe with its vast carriers navigating the seas. Economically efficient, these vessels seamlessly transport fluids, ensuring a smooth flow of commodities across continents. The market's growth is propelled by increasing commodity trading and a decade-long surge in global economic standing.

Covid's Impact: Navigating Choppy Waters

The Covid pandemic cast its shadow on the tanker shipping market, disrupting global shipping activities. Strict government norms and rising transportation costs created turbulence, slightly impeding market growth. Despite this, the market is set to rebound, propelled by increased demand in the supply chain and the resurgence of commercial activities.

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Segmentation: The Art of Unveiling

by Tanker Type

Tonnage
Ultra Large Crude Carriers (ULCC)
Very Large Crude Carriers (VLCC)
Suezmax
Capacity
Large Range 2
Large Range 1
Medium Range 2
Medium Range 1
Intermediate Tanker
Small tanker

One of the commodities that is most consumed worldwide is crude oil. The revised capacity of crude oil post-pandemic is 8.3 million barrels per day (bpd), according to the US Energy Information Administration. LPG accounted for 3.8 million bpd in 2021 due to rising fuel prices in the same year. Furthermore, the pre-pandemic decline in petroleum prices led to increased exports from major producers, which supported the market's expansion. Due to the growth of the industrial sector in the area, Asia-Pacific (APAC) is the region with the highest consumption of crude oil, accounting for around 39% of all imports.

by Fluid type

Crude Oil
Fuel
Vegetable Oil
CNG
LPG
Wine
Molasses
Others

by Shipment Route

Coastal
Deep sea
Inland

Key Players: Masters of the Market Arena

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

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Regional Revelations:

Asia Pacific Dominance: Asia Pacific claims the lion's share in the tanker shipping market, contributing approximately 53% in 2021. China, India, and Japan lead the pack, buoyed by government support and robust domestic production rates. China, in particular, emerges as the dominant player, exporting a significant share of crude oil and commodities.

European Growth Spurt: Europe emerges as the fastest-growing region, holding approximately 34% market share. Key manufacturers in the region, particularly in the UK, contribute to this growth, making it a vital hub for trading and shipping.

North American Prowess: North America asserts dominance with high trade participation and favorable trade policies. The region's focus on reducing transportation taxes and manufacturing high-capacity carriers like VLCCs further solidifies its position in the global tanker shipping landscape.


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