Crude Oil Carriers Market Expected to Reach USD 357.68 Bn. by 2032

►Global Crude Oil Carriers Market to Soar with USD 257.37 Bn in 2024, Expected to Reach USD 357.68 Bn by 2032 at 4.2% CAGR

The global crude oil carriers market is on an impressive trajectory, valued at USD 257.37 billion in 2024 and projected to climb to USD 357.68 billion by 2032, registering a compound annual growth rate (CAGR) of 4.2% from 2025 to 2032. Rising crude production, refinery expansions, and increased energy needs are fueling demand for large marine transport fleets, especially VLCCs and ULCCs.

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►Competitive Landscape

Key players shaping the market include China COSCO Shipping Energy, Euronav NV, and Teekay Corporation, leveraging scale, sustainability strategies, and global networks . Asian importers-particularly China and India-are driving the highest regional demand, with the Middle East acting as a primary crude exporter.

►Regional Insights

♦ United States - Growth & Opportunity
The U.S. market is witnessing steady expansion as North America shifts export routes away from the Middle East . Double-hull VLCCs dominate due to tight safety regulations. The opportunity lies in fleet modernization and LNG/dual-fuel vessels, as International Seaways, Overseas Shipholding, Nordic American Tankers, and DHT Holdings compete fiercely.

Consolidation & Updation
The U.S. market shows increasing consolidation. Strategic alliances among operators aim to optimize routes and efficiency. New LNG-fueled carriers align with both decarbonization goals and IMO regulations.

Mergers & Acquisitions
North American mergers have focused on fleet consolidation, though fewer headline deals compared to Europe. U.S. companies are aligning globally through alliances rather than outright M&A.

♦ Asia Pacific - Trends & Growth
Asia Pacific led global demand in 2024, driven by import dependence from China and India. VLCC utilization rose ~5%, with improved spot rates amid falling domestic production .

Opportunity
Emerging demand and modernization present opportunities for expansion. Investment in R&D and new, eco-friendly carriers is growing notably in Japan, South Korea, and China.

Consolidation & Updation
China COSCO Shipping Energy is investing in dual-fuel LNG VLCCs, enhancing regional fleet scope. Japanese, Korean, and Indian shipyards upgrade their fleets to meet IMO emissions standards.

Mergers & Acquisitions
Regional strategic deals are underreported but growing: joint ventures and partnerships, such as those between shipbuilders and logistics firms, aim to consolidate supply chains.

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♦ Middle East & Africa - Consolidation & Trends
Middle East, a primary oil-export region, is increasing crude carrier capacity to Asia Pacific . Double-hull VLCCs and Suezmax tankers are in high demand, reflecting compliance with safety rules.

Opportunity
High crude output and export growth create investment opportunities in fleet expansion and modernization.

Consolidation & Updation
Regional players like Bahri and Oman Shipping Company are partnering with international firms to deploy modern, environmentally compliant vessels.

Mergers & Acquisitions
Noteworthy collaborations include cross-border joint ventures, enhancing logistics infrastructure and vessel upkeep standards.

♦ Europe - Updation & Opportunity
Europe holds the largest crude carrier deadweight tonnage share, with Greek companies leading fleet capacity. Growing regulations drive new LNG-fuelled VLCC builds via shipyards in South Korea and China.

Opportunity
Europe benefits from retrofitting older fleets and investing in green shipping initiatives.

Consolidation & Updation
Leading operators like Euronav NV and Frontline are upgrading fleets with dual-fuel tankers to stay competitive and compliant.

Mergers & Acquisitions
June 2023: Frontline acquired 24 VLCCs from Euronav for USD 2.35 billion, significantly consolidating European fleet control .

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► Market Segmentation: In-Depth Analysis:

by Hull Type

Single Bottom
Double Hull
Double Bottom

There are three types of hulls for crude oil carriers: single bottom, double bottom, and double hull. Due to stringent international safety and environmental standards, especially in the wake of events like the Exxon Valdez oil disaster, Double Hull carriers dominated the global market in 2024. By adding an additional layer between the cargo and the sea, double hulls greatly lower the possibility of spillage during mishaps. Single bottom vessels, which offer minimal protection, are now largely outdated and phased out.

by Vessel Type

Suezmax
Panamax
Aframax
Small
Medium
Very Large Crude Carriers
Ultra Large Crude Carriers

In 2024, the market for crude oil carriers was headed by the Very Large Crude Carriers (VLCC) sector. VLCCs are utilized extensively in the North Sea, the Mediterranean, and West Africa because of their size range of 180,000 to 320,000 DWT and their ability to travel through Egypt's Suez Canal. Due to lower domestic production, particularly in the Asia-Pacific area, the demand for VLCC has grown by around 5% and is expected to continue growing as the spot rate of VLCC declines. Due to a greater number of VLCCs currently in service than other vessel types, VLCC and ULCC combined controlled the market share in 2024.

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► Learn about the top players driving innovation in the Market :

North America
1. Teekay Corporation (Canada)
2. International Seaways, Inc. (U.S.)
3. Overseas Shipholding Group (U.S.)
4. Nordic American Tankers Limited (U.S.)
5. DHT Holdings, Inc. (U.S.)

Europe
6. Frontline Ltd. (Bermuda)
7. Euronav NV (Belgium)
8. Tsakos Energy Navigation Ltd. (Greece)
9. Scorpio Tankers Inc. (Monaco)
10. International Seaways, Inc. (Bermuda)
11. SFL Corporation Ltd. (Bermuda)

Asia-Pacific
12. China COSCO Shipping Energy (China)
13. Mitsui O.S.K. Lines, Ltd. (MOL) (Japan)
14. Hyundai Merchant Marine Co., Ltd. (South Korea)
15. AET Tanker Holdings Sdn Bhd (Malaysia)
16. Vela International Marine (Bahri) (UAE)
17. Essar Shipping Ports & Logistics Ltd. (India)
18. China Merchants Group (China)

Middle East & Africa
19. Bahri (Saudi Arabia)
20. Oman Shipping Company S.A.O.C. (Oman)

South America
21. Minerva Marine Inc. (Brazil)
22. Petrobras (Brazil)
23. Braskem S.A. (Brazil)
24. Yemen LNG (Yemen)

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