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Crude Oil Carrier Market Size, Analysis, Segments, Drivers And Trends To 2033
Crude Oil Carrier Market Size
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Increasing Crude Oil Demand Drives Expansion In The Crude Oil Carrier Market
The rising demand for crude oil and its by-products is expected to propel the growth of the crude oil carrier market going forward. Crude oil is a combination of hydrocarbons that occurs in the liquid phase in natural subterranean reservoirs and stays liquid under normal pressure despite passing through surface-separating facilities. The by-products are products obtained by the extraction process in a refinery, and these products include gasoline, aviation fuel, diesel, and asphalt. The crude oil carriers are used in the transportation of bulk crude oil and related by-products from the offshore platforms to a transshipment terminal. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, the U.S. crude oil output increased to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Furthermore, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) in 2022, the highest annual consumption of natural gas in the U.S. as compared to the previous year. Therefore, the rising demand for crude oil and its by-products is driving the crude oil carrier market.
Nippon Yusen Kabushiki Kaisha's Pioneering Vlcc Tateshina Sets New Standards In Crude Oil Carrier Technology
Product innovation is the key trend gaining popularity in the crude oil carrier market. Major companies operating in the crude oil carrier market are focused on developing innovative products to strengthen their position in the market. For instance, in November 2021, Nippon Yusen Kabushiki Kaisha, a Japan-based oil shipping and logistics company, launched the substantial crude oil carrier (VLCC) Tateshina. This ship has energy-saving features like ladder fins that control water flow at the stern and lessen energy loss, high-efficiency large-diameter propellers, and low-friction paint applied to the hull. As a result, the IMO's phase 2 EEDI requirements are met, and energy efficiency (carbon dioxide emissions per unit of transportation) is anticipated to increase by around 23% in comparison to traditional VLCCs. The Japanese classification body ClassNK has assigned the ship a Cyber Resilience Guideline (CybR-G) mark. This is the first time a vessel has ever received a cyber notation.
The crude oil carrier market covered in this report is segmented -
1) By Vessel Type: Very Large Crude Carrier (VLCC), Suezmax, Aframax, Ultra Large Crude Carrier (ULCC), Panamax
2) By Dead Weight Tonnage: 120,000 MT-180,000 MT, 180,000 MT -320,000 MT, 25,000 MT-50,000 MT, 50,000 MT-75,000 MT, 75,000 MT-120,000 MT, Above 320,000 MT
3) By Hull Type: Double Bottom, Double Hull, Single Bottom
4) By Application: Diesel, Gasoline, Aviation Turbine Fuel, Other Applications
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Major companies operating in the crude oil carrier market report are China Shipping Tanker Co. Ltd., Maersk Tankers A/S, Kuwait oil Tanker Company S.A.K, Essar Global Fund Limited, OSG Ship Management Inc., Alaska Tanker Company LLC, Keystone Shipping Co., Shipping Corporation of India Ltd., Frontline Ltd., Tsakos Energy Navigation Limited, National Iranian Tanker Company, Euronav NV, Tankers International LLC, SFL Corporation Ltd., Nordic American Tankers Limited, AET Tanker Holdings Sdn Bhd, Teekay Corporation, Angelicoussis Shipping Group Limited., Mitsui OSK Lines Ltd., Scorpio Tankers Inc., DHT Holdings Inc., Ardmore Shipping Corp., Oman Shipping Company S.A.O.C., Ocean Tankers Ltd., Diamond S Shipping Inc., Dynacom Tankers Management Ltd., Gener8 Maritime Inc., Hafnia Limited, International Seaways Inc., PAO Sovcomflot, Maran Tankers Management Inc., Navios Maritime Partners L.P.
Contents of the report:
1. Executive Summary
2. Crude Oil Carrier Market Report Structure
3. Crude Oil Carrier Market Trends And Strategies
4. Crude Oil Carrier Market - Macro Economic Scenario
5. Crude Oil Carrier Market Size And Growth
…..
27. Crude Oil Carrier Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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