Crude Oil Carriers Market is expected to rise at a remarkable CAGR By 2024.

Shipping of petroleum liquids such as crude oil comprises many different operations, each of which signifies a potential source of evaporation loss. Crude oil is transported from production facilities to refineries by crude oil carriers, rail tank cars, barges, pipelines, and tank trucks. Coastal tank vessel trades are functioned by crude carriers, tank barges, and product tankers. Crude oil carriers are generally referred to as oil tankers which transport crude oil from one location to another. Oil tankers are designed for bulk transportation of oil. Tanker shipping provides a convenient way of transporting bulk liquid for international seaborne trade. Transportation rates in the shipping industry are determined by time charter equivalent. Oil tankers have become an integral part of the transportation process.

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Safe marine transportation involves several factors. Among these include crew training and competencies, management policies and procedures, vessel design and maintenance, port regulatory and infrastructure oversight. The supply of crude oil carrier shipping operates under perfect competition is characterized by several conditions such as number of shipping service providers and availability of information. Numerous ship owners operate crude oil carriers and offer petroleum liquids shipping services. In the crude oil carriers market, information on freight rate can be examined through the Baltic Index. Therefore, shipping service providers cannot influence freight rates. Obstacles to entry to and exit from the crude oil shipping industry exist as these challenges can be managed. Ship owners have additional procedures in place to ensure secure, reliable and environmentally responsible operations.

The crude oil carriers market has been segmented on the basis of vessel type and region. In terms of vessel type, VLCC and ULCC together held about 63% share in 2015; a large number of VLCCs are in operation compared to rest of the vessel types. Suezmax accounted for nearly 14% of the crude oil carriers market in 2015. Aframax accounted for nearly 21% and Suezmax accounted for the rest 2% of the crude oil carriers market in that year.

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The crude oil carriers market has been segmented into four regions: North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific held the largest share of 41% of the crude oil carriers market in 2015. Several countries in Asia Pacific, such as China, Japan, Malaysia, and South Korea, own and operate majority of crude oil carriers. In Europe, Greece alone owns and operates 17% of the crude oil carriers globally in 2015.

In 2015, shipping rates for the some of the largest carriers, including ULCCs and VLCCs, transporting crude oil to Asia Pacific peaked at just above US$ 90,000 a day. This was a result of countries such as China storing low cost crude oil. Crude oil carriers also became a medium of floating storage as some energy traders and companies stored their crude oil supplies, in case the futures price was higher than the spot price. Majority of the demand for crude oil carriers is generated from Asia Pacific, particularly China despite its slowing economy. Crude oil from South America or West Africa is transported to Asia Pacific, as the consumption in the U.S. has reduced due to less imported crude oil due to the shale oil boom.

Demand for crude oil carrier majorly depends on oil product consumers, crude oil production, and refining facilities. The cargo carrying capacity of a crude oil carrier is 90%–95% of its deadweight capacity, depending on the distance to the succeeding bunkering port. Long haul crude oil generates an incentive to build large-sized crude oil carriers. This is expected to lower shipping costs through economies of scale up to the largest carrier such as ultra large crude carriers (ULCC).

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