What Has Been The Historical And Current Growth Of The Crude Oil Carrier Market?
The crude oil carrier market has seen considerable growth due to a variety of factors.
•The scale of the crude oil carrier market has been steadily expanding in the recent past. It's projected to enlarge from $198.63 billion in 2024 to $205.24 billion in 2025, registering a compound annual growth rate (CAGR) of 3.3%.
The historical growth is attributable to factors such as oil demand and production, geopolitical shifts, economic advancement, regulatory modifications, and variations in oil prices.
What Is The Forecast For The Crude Oil Carrier Market By 2029?
The crude oil carrier market is expected to maintain its strong growth trajectory in upcoming years.
• We anticipate a consistent expansion in the crude oil carrier market over the upcoming years. It is projected to escalate to a worth of "$243.71 billion by 2029, experiencing a compound annual growth rate (CAGR) of 4.4%.
The anticipated growth through this period can be ascribed to factors like developing market demand, predictions on oil prices, investments directed towards carrier fleet expansion, universal trade contracts and growth in oil production. The key trends for the foresight duration involve eco-conscious vessel blueprints, embracing digitalization and automation, LNG-fueled carriers, adoption of dual-fuel technology, and the practice of slow steaming.
Which Drivers Are Accelerating Growth In The Crude Oil Carrier Market?
The burgeoning need for crude oil and its derivatives is projected to spur the expansion of the crude oil carrier market. Composed of hydrocarbons, crude oil naturally exists in a liquid state within subterranean reservoirs and remain liquid at normal pressure, despite going through surface-separation facilities. The derivatives are the end products obtained after the refining process, including materials like gasoline, aviation fuel, diesel, and asphalt. Crude oil carriers are typically tasked with transporting large quantities of crude oil along with the related derivatives from offshore platforms to a transhipment terminal. For instance, the US Energy Information Administration, a federal entity responsible for collecting, processing and distributing energy-related data, reported in March 2023 that the crude oil output in the U.S. rose to 12.4 million b/d in 2023, an increase from an earlier high of 11.7 million b/d in 2022. Furthermore, the consumption of natural gas in the US averaged around 86.6 billion cubic feet every day in 2022. This was incidentally the most the country had ever consumed in a year when compared with previous years. Hence, the growth in the demand for crude oil and its derivatives is fuelling the expansion of the crude oil carrier market.
What Are The Core Segments Of The Global Crude Oil Carrier Market?
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
Subsegments:
1) By Very Large Crude Carrier (VLCC): Conventional VLCC, Modern VLCC, Converted VLCC, Others
2) By Suezmax: Conventional Suezmax, Modern Suezmax, Converted Suezmax, Others
3) By Aframax: Conventional Aframax, Modern Aframax, Converted Aframax, Others
4) By Ultra Large Crude Carrier (ULCC): Conventional ULCC, Modern ULCC, Converted ULCC, Others
5) By Panamax: Conventional Panamax, Modern Panamax, Converted Panamax, Others
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Which Emerging Trends Are Reshaping The Crude Oil Carrier Market Size?
Leading corporations in the crude oil carrier industry are innovating with solutions like crude oil and liquefied natural gas (LNG) carriers, aiming for enhanced fuel conservation and emission reduction. These carriers are distinctive vessels engineered for the conveyance of crude oil and LNG, securing the safe and efficient transport of these energy commodities. In a case in point, the Zvezda shipyard, a shipbuilding company based in Russia, announced the launch of Arc6 Valentin Pikul and Arc6 Sergei Witte in August 2023. These ships, meant for transporting crude oil and LNG, are part of a series of ongoing projects. The ships, especially the Sergei Witte with a capacity of 172,600 cubic meters, are crucial for the Arctic energy projects in Russia due to the increasing demand for LNG and oil exports from the region.
Who Are the Key Players in the Crude Oil Carrier Market?
Major companies operating in the crude oil carrier market include:
• China Shipping Tanker Co. Ltd.
• Maersk Tankers A/S
• Kuwait oil Tanker Company S.A.K
• 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.
What are the Regional Insights into the Crude Oil Carrier Market?
Asia-Pacific was the largest region in the crude oil carrier market in 2024. The regions covered in the crude oil carrier market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
