Crude Oil Carrier Global Market Report 2024

The primary categories of vessels within the crude oil carrier sector include Very Large Crude Carriers (VLCC), Suezmax, Aframax, Ultra Large Crude Carriers (ULCC), and Panamax. VLCCs, for instance, are characterized by a capacity exceeding 250,000 Deadweight Tonnage (DWT). Various ranges of Deadweight Tonnage are utilized, such as 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, and above 320,000 mt. Additionally, different hull types, including double bottom, double hull, and single bottom, are employed for diverse applications such as transporting diesel, gasoline, aviation turbine fuel, and other petroleum products.

The crude oil carrier market research report provides crude oil carrier market statistics, including crude oil carrier industry global market size, regional shares, competitors with a crude oil carrier market share, detailed crude oil carrier market segments, market trends and opportunities, and any further data you may need to thrive in the crude oil carrier industry. This crude oil carrier market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The crude oil carrier market has grown steadily in recent years. It will grow from $193.14 billion in 2023 to $201.54 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The expansion observed during the historical period can be attributed to various factors, including oil demand and production dynamics, geopolitical influences, economic growth and its correlation with oil consumption, regulatory changes affecting the industry, and the impact of fluctuations in oil prices.

The crude oil carrier market is expected to see steady growth in the next few years. It will grow to $233.32 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The anticipated growth in the forecast period can be ascribed to factors such as rising demand in emerging markets, oil price projections, investments in expanding carrier fleets, global trade agreements, and the expansion of oil production. Notable trends expected during the forecast period encompass the adoption of eco-friendly vessel designs, the increasing role of digitalization and automation, the use of LNG-powered carriers, the adoption of dual-fuel technology, and the implementation of slow steaming practices.

The anticipated expansion of the crude oil carrier market is underpinned by a growing demand for crude oil and its derivatives. Crude oil, composed of hydrocarbons in a liquid state found in natural underground reservoirs, maintains its liquidity under normal pressure even after undergoing surface-separating processes. The by-products, acquired through the refining process in a refinery, encompass essential products such as gasoline, aviation fuel, diesel, and asphalt. Crude oil carriers play a pivotal role in transporting substantial volumes of crude oil and associated by-products from offshore platforms to transshipment terminals. Notably, in March 2023, the U.S. Energy Information Administration reported an increase in U.S. crude oil output to 12.4 million b/d, up from the previous record of 11.7 million b/d in 2022, reflecting the market's responsiveness to heightened demand.

The escalating demand in the transportation sector is poised to propel the growth of the crude oil carrier market. Transportation, involving the movement of people, goods, or animals between locations, spurs fuel consumption, thereby intensifying the reliance on crude oil carriers. As evidenced in June 2023, the American Trucking Association reported that the U.S. trucking industry achieved an annual revenue of $875.5 billion in 2021, representing a significant 80.4% of the country's freight bill. This underscores the market's growth trajectory driven by the expanding transportation sector.

Demonstrating a prevailing trend in the crude oil carrier market, major industry players are actively engaged in product innovation endeavors to fortify their market positions. An exemplary case is the November 2021 introduction of the Tateshina, a substantial crude oil carrier (VLCC), by Nippon Yusen Kabushiki Kaisha. This vessel integrates advanced energy-saving features, including ladder fins for stern water flow control, high-efficiency large-diameter propellers, and low-friction hull paint. As a result, the Tateshina aligns with the International Maritime Organization's (IMO) phase 2 Energy Efficiency Existing Ship Index (EEDI) requirements, projecting a noteworthy 23% enhancement in energy efficiency compared to conventional VLCCs. Noteworthy is the recognition by the Japanese classification body ClassNK, which bestowed the ship with a Cyber Resilience Guideline (CybR-G) mark, marking a historic milestone as the first vessel to receive a cyber notation.

Major companies operating in the crude oil carrier market are strategically engaging in partnerships and collaborations to enhance their market profitability. These strategic alliances involve collaborative relationships established between two or more organizations with the aim of achieving specific business objectives or goals. A notable instance occurred in December 2023 when China Merchants Energy Shipping (CMES), a China-based shipping company, entered into contracts with Dalian Shipbuilding, a China-based shipbuilding company. The agreement pertains to the construction of two LNG (liquefied natural gas) carriers and two Aframax crude oil tankers. The LNG carriers, built at Dalian Shipbuilding Industry Co., Ltd. (DSIC) for a total cost of $470 million, and the Aframax crude oil tankers, designed by DSIC, measure 243 meters in length and 44 meters in width, with a capacity of 115,000 deadweight tons (dwt).

In May 2023, DHT Holdings Inc., a Bermuda-based crude oil tanker company, executed the acquisition of a Very Large Crude Carrier (VLCC) from Hyundai Heavy Industries for a sum of $94.5 million. This strategic acquisition is anticipated to enhance the efficiencies of DHT's fleet, including metrics such as the Annual Efficiency Ratio (AER) and Energy Efficiency Operational Index (EEOI). Hyundai Heavy Industries, a South Korea-based company, is actively involved in the production and operation of crude oil carriers, contributing to the overall dynamics of the market.

Major companies operating in the crude oil carrier market report are China Shipping Tanker Co. Ltd., Maersk Tankers A/S, Kuwait oil Tanker Company S.A.K, Essar Global Fund Limited, 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.

Asia-Pacific was the largest region in the crude oil carrier market in 2023. The regions covered in the crude oil carrier market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the crude oil carrier market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The crude oil carrier market consists of sales of shuttle tankers, arctic crude oil tankers, oil storage vessels, oil barges, and deck oil carriers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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