We use cookies for a better user experience. Read our Privacy Policy

I Agree

Crude Oil Carriers Market

Crude Oil Carriers Market, by Vessel Type (VLCC/ULCC, Suezmax, Aframax, and Panamax) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 - 2024

Crude Oil Carriers Market: Snapshot

Crude oil carriers are used in transportation of crude oil from production location to refineries. Pipelines, rail tank cars, tank trucks, and barges are some of the means through crude oil transported. However, crude oil carriers, commonly known as oil tankers, are mainly used in bulk transport from one place to another. Based on vessel type, the global crude oil carriers market is segmented into Suezmax, VLCC/ULCC, Panamax, and Aframax.

The global crude oil carriers market demonstrates high competition levels owing to a range of factors. Presence of many vendors providing alike shipping services and lack of stringent rules in the market are some of the factors making the competitive landscape intense. Besides, availability of freight rates on the Baltic Index is one of the key reasons that intensify this competition.

Diverse Business Strategies by Vendors Driving Market Growth

Key vendors are coming up with new ways to strengthen their position in the global crude oil carriers market. Incorporation of advanced transportation technologies is one such move that is helping major players. Some of them are focusing on utilizing improved carrier models.

Growing crude oil demand from developed and developing countries in pushing the crude oil carriers market. This increased demand can be attributed to need for fuel generation and as a feedstock for chemical production. Swift industrialization in many worldwide economies is one of the key factors projected to push demand for crude oil and its by-products.

As crude oil is explosive nature, following all safety measures during its transport is of high priority. Taking this aspect in to consideration, many ship owners have created appropriate procedures to complete their operation in environmental-friendly manner. All these aspects are supporting for the growth of the global crude oil carriers market. With present increased supply from OPEC countries and low prices of oil, the demand for tankers or carriers is estimated to grow during upcoming period.

Global Crude Oil Carriers Market: Snapshot

Crude oil can be transferred from production spots to refineries by using crude oil carriers. Other means of transporting them are rail tank cars, pipelines, barges, and tank trucks. Crude oil carriers, better known as oil tankers in common parlance, deliver crude oil in bulk from one location to another. Perfect competition prevails at present in the global crude oil carriers market on account of numerous providers of similar shipping services, absence of strict rules, and most importantly information on freight rates on the Baltic Index.

In order to further their positions in the global crude oil carriers market, savvy players are coming up with improved transportation technologies and carrier models. This has served to catalyze growth in the market. Further, ship owners have proper procedures in place to ensure secure and environmentally responsible operations and this is also upping demand in market.

A factor posing a roadblock to the global crude oil carriers market, on the other hand, is the massive initial investment needed to acquire brand new and even second hand carrier ships. This has particularly hampered many aspiring players from foraying into the market.

A report by Transparency Market Research predicts the global market for crude oil carriers to expand at  a tepid CAGR of 3.5% during the period between 2016 and 2024 to become worth US$217 bn by 2023 from US$160 bn in 2015.

VLCC and ULCC Together Account for Dominant Share

The two main kinds of oil carriers are crude oil carriers and product carriers. Crude oil carriers, typically, transfer unrefined crude oil from exploration and production facilities to crude oil refineries. Product carriers, on the other hand, ship refined products to points close to consuming markets. Coastal tank vessel trades are carried out using crude carriers, tank barges, and product tankers. Crude oil carriers serve the West/Alaska coast crude oil trades.

Depending upon the type of vessels, the global crude oil carriers market can be segmented into Suezmax, VLCC/ULCC, Aframax, and Panamax. Of them, the combined share of VLCC and ULCC was about 63.0% in 2015 mainly on account of a significant number of VLCCs operating. In 2015, these two large carriers are said to have transported worth over US$90,000 a day to Asia Pacific. Crude oil carriers are also treated as a medium of floating storage by some energy traders and companies stored wanting to hedge against higher future price.

Aframax held about 21.0% share in the global crude oil carriers market in 2015. Suezmax accounted for nearly 14.0% and Panamax accounted for the rest 2% of the market.    

Powered by China and Japan, Asia Pacific Dominates Market

Depending upon geography again, the global crude oil carriers market can be segmented into Europe, Asia Pacific, North America, and the Rest of the World. Of them, Asia Pacific accounted for share of 41.0% in 2015. This is because, many countries in Asia Pacific, namely South Korea, China, Malaysia, and Japan, own and operate most of the crude oil carriers. Crude oil from West Africa and South America is mainly transported to Asia Pacific, owing to lesser demand from the U.S. which has been witnessing a boom in shale oil and gas and hence requires lesser crude oil.

Europe is another key market for crude oil carriers, in which Greece is said to have owned and operated almost 17.0% of the worldwide crude oil carriers in 2015.     

Improved transportation technologies are driving the growth of the crude oil carriers market

Crude oil carriers, also commonly known as oil tankers are used in transporting crude oil from the production location to refineries. Bargers, pipelines, tank trucks and rail tank cars are some of the means through which crude oil is transported from one place to another. Depending on the geographical aspects, the global crude oil carriers market is widely segmented into North America, Asia Pacific, and Europe. Of them, some countries in the Asia Pacific, have the most demand for crude oil carriers.

Broadly, the crude oil carriers market is divided based on region and vessel type. Back in 2015, two large carriers of VLCC/ULCC were transported to the Asia Pacific, which is attributed to the increasing adoption of crude oil carriers. The medium-sized crude tanker, Aframax, and the largest ship Suezmax have the capacity to transport large number of crude oil barrels. Hence, this will help in transporting more crude oils, from place to place, and increase the demand of the carriers.

The development of crude oil carriers is a key factor spurring the crude oil carriers market. The improved transportation technologies and advancements in carrier models have been served by the industry players to infuse the growth in the market. The product has been witnessing a huge demand to serve the growing need for fuel generation and as a feedstock for chemical production. Additionally, rapid growth in industrialization is another key factor that is surging the need of crude oil carriers. These strategies are pushing the growth of crude oil carriers market in the developed and developing countries.

Geographically, Asia Pacific is at the forefront among other key regions in the crude oil carriers market. Since crude oil is volatile in nature, following safety measures during its transport is particularly important. Considering this aspect, ship owners in this region are following proper processes to ensure environmentally responsible and secure operations. This strengthens crude oil carriers market in the region. In addition to this, presence of some large players reinforces the growth in the crude oil carriers market in this region.

Crude Oil Carriers Market

Interested in this report?
Get a FREE Brochure now!

Get Free Brochure

*Get Brochure Report (PDF) sent to your email within minutes

Section 1 Preface

  • Report Description
  • Market Segmentation
  • Research Scope
  • Research Methodology

Section 2 Executive Summary

  • Executive Summary

Section 3 Industry Analysis

  • Introduction
  • Value Chain Analysis
  • Market Dynamics
    • Market Drivers
    • Market Restrains
    • Market Opportunities
  • Porter’s Five Forces Analysis
    • Bargaining Power of Suppliers
    • Bargaining Power of Buyers
    • Threat of Substitutes
    • Threat of New Entrants
    • Degree of Competition
  • Company Market Share- Crude Oil Carriers Market, 2014
  • Market Attractiveness Analysis- Crude Oil Carriers Market, By Region 

Section 4 Global Crude Oil Carriers Market – Vessel Type, by Volume and Revenue, 2014 – 2024 (Units) (US$ Bn)

  • Overview
  • VLCC/ULCC
  • Suezmax
  • Aframax
  • Panamax

Section 6 Global Crude Oil Carriers Market – Regional Analysis by Volume and Revenue, 2014 – 2024 (Units) (US$ Bn)

  • Regional Overview
  • North America
    • Overview
    • Countries
      • U.S. Crude Oil Carriers Market by Vessel Type Segment
      • Rest of North America Crude Oil Carriers Market by Vessel Type Segment
  • Europe
    • Overview
    • Countries
      • Greece Crude Oil Carriers Market by Vessel Type Segment
      • Belgium Crude Oil Carriers Market by Vessel Type Segment
      • Rest of Europe Crude Oil Carriers Market by Vessel Type Segment
  • Asia Pacific
    • Overview
    • Countries
      • China Crude Oil Carriers Market by Vessel Type Segment
      • South Korea Crude Oil Carriers Market by Vessel Type Segment
      • Singapore Crude Oil Carriers Market by Vessel Type Segment
      • Japan Crude Oil Carriers Market by Vessel Type Segment
      • Malaysia Crude Oil Carriers Market by Vessel Type Segment
      • Rest of Asia Pacific Crude Oil Carriers Market by Vessel Type Segment
  • Rest Of World
    • Overview
    • Countries
      • Iran Crude Oil Carriers Market by Vessel Type Segment
      • Saudi Arabia Crude Oil Carriers Market by Vessel Type Segment
      • Others Crude Oil Carriers Market by Vessel Type Segment

Section 7 Company Profiles

  • AET
  • Bahri
  • China Shipping Development Corp (CSDC)
  • Dynacom Tankers Management Ltd
  • Euronav
  • Frontline Ltd.
  • Maran Tankers Management Inc.
  • Mitsui O.S.K. Lines, Ltd. (MOL).
  • National Iranian Tanker Company
  • NYK line, Ocean Tankers (pte) Ltd.
  • OMAN SHIPPING COMPANY S.A.O.C.
  • Overseas Shipholding Group (OSG)
  • Sovcomflot Group
  • Teekay Corporation

List of Figures

Figure 1. Global Crude Oil Carriers Market, Estimates and Forecast, by Volume and Revenue, 2014–2024 (US$ Bn)
Figure 2. Global Crude Oil Carriers Market, Global Market Share
Figure 3. Global Crude Oil Carriers Market, Company Market Share (%) (2014)
Figure 4. Market Attractiveness, Crude Oil Carriers Market
Figure 5. Global Crude Oil Carriers, Market Share by Vessel Type Segment, 2014
Figure 6. Global Crude Oil Carriers, Market Share by Vessel Type Segment, 2024
Figure 7. Global Crude Oil Carriers Market, Vessel Type Segment, By Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 8. Global Crude Oil Carriers Market, VLCC/ULCC, By Volume and Revenue, 2014–2024  (Units) (US$ Bn)
Figure 9. Global Crude Oil Carriers Market, Suezmax, By Volume and Revenue, 2014–2024  (Units) (US$ Bn)
Figure 10. Global Crude Oil Carriers Market, Aframax, By Volume and Revenue, 2014–2024  (Units) (US$ Bn)
Figure 11. Global Crude Oil Carriers Market, Panamax, By Volume and Revenue, 2014–2024  (Units) (US$ Bn)
Figure 12. Global Crude Oil Carriers Market, By Region, 2014 and 2024
Figure 13. North America Crude Oil Carriers Market Share, by Country, 2014 and 2024
Figure 14. North America Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 15. U.S. Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 16. U.S. Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 17. Rest of North America Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 18. Rest of North America Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 19. Europe Crude Oil Carriers Market, By Country, 2014 and 2024
Figure 20. Europe Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 21. Greece Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 22. Greece Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 23. Belgium Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 24. Belgium Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 25. Rest of Europe Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 26. Rest of Europe Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 27. Asia Pacific Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 28. China Crude Oil Carriers Market, by Volume and Revenue, 2013–2024 (Units) (US$ Bn)
Figure 29. China Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 30. South Korea Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 31. South Korea Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 32. Singapore Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 33. Singapore Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 34. Japan Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 35. Japan Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 36. Malaysia Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 37. Malaysia Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 38. Rest of Asia Pacific Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 39. Rest of Asia Pacific Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 40. Rest of the World Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 41. Iran Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 42. Iran Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 43. Saudi Arabia Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 44. Saudi Arabia Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)
Figure 45. Others Crude Oil Carriers Market, by Volume and Revenue, 2014–2024 (Units) (US$ Bn)
Figure 46. Others Crude Oil Carriers Market, by Vessel Type, 2014–2024 (Units) (US$ Bn)

Transparency Market Research Plus
  • We offer 100% free customisation with our Enterprise License!!
  • Get a free copy if the report you purchased is updated within 90 days
  • Regardless from where you have purchased the report, you can request an updated version of the report from us.

Complete the form below and we'll get back to you shortly.

720

Your personal details are safe with us. Privacy Policy*

Copyright © Transparency Market Research, Inc. All Rights reserved