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Global Crude Oil Carriers Market (2020 to 2025) – Growth, Trends, and Forecast – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Crude Oil Carriers Market – Growth, Trends, and Forecast (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.

The crude oil carriers market is expected to register a CAGR of over 2.5% during the forecast period.

Crude oil carriers or tankers are specialized ships, build to carry hydrocarbon liquids, ranging from crude oil to refined products. The carriers are majorly segregated based upon its deadweight metric ton (dwt) and is classified into Panamax (55,000 – 84,999 dwt), Aframax (85,000 – 124,999 dwt), Suezmax (125,000 – 199,999 dwt), and Very Large Crude Carriers/Ultra Large Crude Carriers (200,000 – 3200,000+ dwt).

Companies Mentioned

China Cosco Shipping Corporation Limited
China Merchants Group Ltd
National Iranian Oil Company (NIOC)
The National Shipping Co. Saudi Arabia
Euronav NV
Angelicoussis Shipping Group Ltd
Teekay Corporation
Tsakos Energy N/SH
Minerva Marine Inc.
Petroliam Nasional Berhad (PETRONAS)

Key Market Trends

Very Large Crude Carrier to Dominate the Market

VLCC have a size rang between 180,000 to 320,000 DWT, and are capable of passing through the Suez Canal in Egypt, for which these carrier are extensively used around the North Sea, Mediterranean and West Africa. Its dimensions is of 470 m in length, beam of up to 60 m, and a draught of up to 20 m.

Among all the crude carriers demand, VLCC has the highest demand, followed by the demand for Suezmax. During 2018, demand for VLCC has increased around 5% and is expected to grow with decreasing spot rate of VLCC, and increasing demand for crude trade, due to depleting domestic production, especially in the Asia-Pacific region.
During 2018, the highest demand arises between the Asia-Pacific and the Middle Eastern countries. The Middle East is one of the largest producers of crude oil, export its maximum volume to Asia-Pacific, making the Middle East Gulf (MEG)- Asia-Pacific as the highest demand for VLCC crude tankers.
Regarding the crude fleet growth, VLCC has experienced the maximum growth, with a 4 % growth in 2018, in comparison to the preceding year.

Europe to Dominate the Market

Europe has the maximum number of crude tankers, followed by Asia-Pacific. With around 55% of total crude oil tankers, Europe has the highest deadweight tons of tankers around the world.

Greece is the prominent country among the Europe that holds the maximum numbers of the crude fleet company, with 167 crude carriers individually.
It is expected that, with the growth of trade crude volume around the world, Europe is likely to expand its crude carriers by around 5%, during the forecast period. Moreover, Europe is more concentrated on having less pollutant crude carrier. It is estimated that Greece is building ten new liquefied natural gas (LNG) crude oil carriers, constructed by Hyundai Heavy Industries, that is expected to create a new milestone in the crude oil carrier market.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Crude Carrier Forecast in USD billion, till 2025

4.3 Recent Trends and Developments

4.4 Government Policies and Regulations

4.5 Market Dynamics

4.5.1 Drivers

4.5.2 Restraints