openPR Logo
Press release

Crude Oil Carriers Market: Players Focusing on Better Technologies and Carrier Models to Improve Position.

01-03-2017 09:30 AM CET | Energy & Environment

Press release from: Transparency Market Research

Crude Oil Carriers Market: Players Focusing on Better

Prominent players in the global crude oil carriers market are China Shipping Development Corp (CSDC), AET Tanker Holdings Sdn Bhd, Euronav, The National Shipping Company of Saudi Arabia, and Dynacom Tankers Management Ltd. The market is characterized by perfect competition at present, due to a host of similar shipping service providers, proper access to information on freight rate, and dearth of stifling regulations and other economic factors.

To improve their positions, the industry participants are expending a lot of energy on developing better transportation technologies and carrier models. This, in turn, has helped to contribute to the overall development in the market. Further, ship owners have proper procedures in place to ensure secure and environmentally responsible operations. There are, however, obstacles to entry and exit from the global crude oil carriers market. Steep initial upfront investment to acquire new or second hand carrier ships, for example, makes it difficult for aspiring players to foray into the market.

Interpret a Competitive outlook Analysis Report with PDF Brochure : http://bit.ly/2hMrwCY

As per a Transparency Market Research report, the global market for crude oil carriers was valued at US$160 bn in 2015. Exhibiting a CAGR of 3.5% from 2016 to 2024, it is projected to reach US$217 bn by 2023.

Exponential Economic Growth in Asia Pacific Emerging Economies Propels Market

The global crude oil carriers market can be classified on the basis of vessel type into VLCC/ULCC, Aframax, Suezmax, and Panamax. Among them, VLCC and ULCC together accounted for a leading share in the market in 2015 of about 63%. This is because of a substantial number of VLCCs currently operating that far surpass the number of other vessel types.

Geography-wise, the global crude oil carriers market can be segmented into Asia Pacific, North America, Europe, and the rest of the world. Asia Pacific leads the market with maximum share on account of most of the demand for crude oil carriers emanating from the region, particularly China which stores massive quantities of low cost crude oil in spite of its slowing economy. In fact, Japan, China, South Korea, and Malaysia, own and operate majority of the crude oil carriers in the global market. In 2015, the share of Asia Pacific in the market was a sizeable 41%. Besides countries in Asia Pacific, Greece in Europe owns and operates a significant percentage of global crude oil carriers.

Tumbling Crude Oil Prices Drives Market

The demand for crude oil carriers is guided mainly by crude oil production, refining facilities, and consumers of oil products. The report by TMR lists some of the prominent growth drivers in the market. Tanking crude oil prices on account of supply glut and the resultant higher refinery output, according to it, has majorly contributed to the market. Another factor resulting in an upswing in the market is the accelerated pace of globalization and industrialization, fuelling significant economic growth both in developed and developing nations. This has substantially boosted the demand for bulk oil transportation services and facilities, mainly from extraction locations to refineries.

Positive carrier fleet fundamentals as compared to historical averages, along with peaking crude oil stockpiling due to record low prices in OECD and non-OECD regions, is further expected to propel demand for oil carriers in the near future. “Countering the growth in the market are the logistics-related expenses and decreasing demand for oil from regions that are increasing turning to renewable resources for their energy needs,” points out a TMR analyst.

Complete Report with TOC : http://www.transparencymarketresearch.com/crude-oil-carriers-market.html

This review is based on the findings of a TMR report titled “Crude Oil Carriers Market, by Vessel Type - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016–2024.”

Global Crude Oil Carriers Market, by Vessel Type

VLCC/ULCC
Suezmax
Aframax
Panamax

US Office Contact
90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

90 Sate Street, Suite 700
Albany, NY 12207

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Crude Oil Carriers Market: Players Focusing on Better Technologies and Carrier Models to Improve Position. here

News-ID: 404518 • Views:

More Releases from Transparency Market Research

Global Solar Powered Agricultural Dryer Market to Exceed USD 2.4 Billion by 2031 - Transparency Market Research
Global Solar Powered Agricultural Dryer Market to Exceed USD 2.4 Billion by 2031 …
The global solar powered agricultural dryer market, valued at US$ 1.6 billion in 2022, is projected to grow at a CAGR of 5.8% from 2023 to 2031, reaching US$ 2.4 billion by the end of 2031. Rising investments in renewable energy, growing awareness of sustainable agricultural practices, and the rapid expansion of the agricultural sector driven by population growth are key factors fueling market growth. Uncover essential discoveries and trends from
Technetium-99m Market Forecast 2034: Rising Demand for Diagnostic Imaging and Radiopharmaceuticals to Propel Market Expansion | Transparency Market Research, Inc
Technetium-99m Market Forecast 2034: Rising Demand for Diagnostic Imaging and Ra …
The global Technetium‐99m Market was valued at US$ 6.0 Billion in 2023 and is projected to grow at a CAGR of 3.3% from 2024 to 2034, surpassing US$ 8.6 Billion by the end of the forecast period. Advancements in nuclear imaging infrastructure, government-backed healthcare initiatives, and an increasing demand for precise diagnostic procedures are fueling this growth. Discover essential conclusions and data from our Report in this sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77100 Analysts' Viewpoint The Technetium‐99m
Equine Diagnostic Services Market Outlook 2030: From US$ 168 Million in 2019 to US$ 280 Million by 2030, Driven by Rising Equine Diseases and Diagnostic Advancements
Equine Diagnostic Services Market Outlook 2030: From US$ 168 Million in 2019 to …
The global Equine Diagnostic Services Market, valued at approximately US$ 168 million in 2019, is projected to expand at a compound annual growth rate (CAGR) of ~5% from 2020 to 2030, reaching around US$ 280 million by 2030. Equine diagnostic services, encompassing tests like genetic, infectious disease, and imaging diagnostics, are critical for managing horse health in veterinary hospitals, clinics, and mobile settings. The market is driven by increasing equine
Digital Printing Market to Reach USD 54.4 Billion by 2034, Growing at a CAGR of 6.1%
Digital Printing Market to Reach USD 54.4 Billion by 2034, Growing at a CAGR of …
The digital printing market is experiencing strong growth, driven by rapid technological advancements, rising demand for personalized and on-demand printing, and an increasing focus on sustainable solutions. Digital printing allows for the direct transfer of digital files onto a wide range of substrates, offering high-resolution output with greater speed and flexibility. Its adaptability has led to broad adoption across industries such as packaging, textiles, publishing, and advertising-sectors where customization, efficiency,

All 5 Releases


More Releases for TMR

Cancer Diagnostics Market Reviews 2031 | TMR Study
According to a Transparency Market Research (TMR) research report, the global cancer diagnostics Market is likely to expand at a CAGR of 7.4% during the forecast period, 2022 to 2031. This suggests that the market is expected to reach US$ 335.7 Bn by the end of 2031. The study on the cancer diagnostics Market adopts rigorous and systematic research approaches to understand the growth dynamic of the market. The authors have
LED Work Light Market 2029 | TMR Research
LED Work Light Market: Overview The LED work light market may gain good momentum in terms of growth across the forecast period of 2019-2029 due to the growing demand from residential segments and the overwhelming benefits it provides. These high-intensity light fixtures are mainly used by technicians to assist them in their work temporarily. The use of LED work lights is increasing among many end-users due to benefits like longevity, durability,
Dissolved Gas Analyzer Market 2025 | TMR Research
Global Dissolved Gas Analyzer Market: Overview The high electrical and thermal stress leads to decomposition of mineral oils used inside a power transformer. This in turn leads to generation of hydrogen (H2), carbon di-oxide (CO2), carbon mono-oxide (CO), methane (CH4), ethylene (C2H4), and acetylene (C2H2) among others. The formation of these gases depends upon the faults in the transformer. To evaluate the nature of the gases and their potential threats, dissolved gas
Tumblers Market 2028 | TMR Research
The tumblers market is expected to set growth straight with rising demand for new attractive designs for liquors including alcoholic, and non-alcoholic in emerging region of Asia pacific. The rising disposable income, increasing access to quality products, and new product launches customised to suit the taste of the region promise major growth for the tumblers market in near future. Download Brochure of This Market Report at - https://www.tmrresearch.com/sample/sample?flag=B&rep_id=6200 Among regions, North America,
Hyperloop Train Market 2025 | TMR Research
Global Hyperloop Train Market: Snapshot The global market for hyperloop train is likely to exhibit high-speed expansion in the next few years. The demand for cheap and quick modes of transport that incur low base-costs and are built on easier-to-construct infrastructure, are immune to natural calamities such as earthquakes are the key factors expected to work in favor of the global hyperloop train market. Request Sample Copy of the Report @ https://www.tmrresearch.com/sample/sample?flag=B&rep_id=2000 The
Crowdsourced Security Market 2018 - 2028 | TMR Research
Crowdsourced Security Market: Overview The global crowdsourced security market is expected develop at a healthy pace in the coming years of the forecast period of 2018 to 2028. The mobile phone application segment of the crowdsourced security market is expected to develop at a rapid pace in these coming years. The rate of adoption of these mobile application is growing at a great pace and is thus helping the market to