Crude Oil Carriers Market Size, Share and Global Trend By Vessel Type (VLCC/ULCC, Suezmax, Aframax, Panamax)and Regional Forecast, 2024-2032

Crude oil carriers are the means of transportation of crude oil. They are commonly known as oil tankers that deliver crude oil in bulk from one place to the other. Crude oil carriers facilitate international boundaries by providing a convenient way for liquid transportation in bulk and are economical. Huge demand from the extraction location of refineries is expected to uplift the crude oil carrier market.

Developed economies such as the US, Germany, and China have driven product demand for fuel generation. Increased crude oil stockpiling due to low prices in Organisation for Economic Co-operation and Development (OECD) and non-OECD regions is anticipated to drive the carrier market. However, high logistics costs and decreasing oil imports from regions that are tapping into renewable resources such as solar power are likely to hamper the market.

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The crude oil carrier market can be bifurcated into ultra large crude carriers (ULCC)/ very large crude carriers (VLCC), Suezmax, Panamax, and Aframax. Among which ULCC and VLCC have extremely high carrying capacity in high oil-exporting countries having the capacity of 250000 DWT and 550000 DWT respectively. Crude oil carriers are also seen as a model of a floating storeroom by most of the energy companies. These tanks are feasible as they help in transportation of a huge quantity of crude oil.

The key market driver for the crude oil carriers market is increasing demand for bulk transportation, rapid industrialization, low cost of bulk fuels, and low global oil prices. In addition, the demand for bulk oil transportation facilities is also facilitating market growth. The increasing demand from the automotive and aviation industry has also uplifted the demand for crude oil.

High logistics expenditure and concerns regarding seasonal variations are hampering the crude oil carriers market growth along with decreasing imports that are beating into solar power. However, the crude oil carrier market has opportunities due to rapid industrialization.

Key Players Covered

Some of the major companies that are present in the global crude oil carrier market are AET, Teekay Corporation, Sovcomflot Group, Overseas Shipholding Group, Oman Shipping Company, Ocean Tankers Ltd., National Iranian Tanker Company, Mitsui OSK Lines Ltd., Maran Tankers Management, Frontline Ltd., Euronav, Dynacom Tankers Management Ltd., and China Shipping Development Corporation

SEGMENTATION

Regional Analysis

The global crude oil carrier market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Due to high crude oil production in North America, especially in the city of Texas, North Dakota, and California, it offers great potential in the region for crude oil carriers. Europe is one of the major markets for crude oil tankers, as it has the highest consumption in the transportation sector. The major crude oil carrier operates in Asia-Pacific, especially from economies such as Japan, China, and India due to rapid industrialization and urbanization. Latin American oil production is dominated by Brazil, Mexico, and Venezuela. Middle Eastern countries such as UAE, Kuwait, Saudi Arabia, and Iraq perform high oil refining, production, and other trade activities as they have large financial resources.

Key Industry Developments

• In June 2019, Sovcomflot and Gazprom Neft signed an agreement to cooperate on LNG fuel bunkering. Agreement enforces the mutual agreement of both the parties towards their cooperation in the bunkering of Sovcomflot's tankers with LNG fuel.
• In May 2019, Teekay Offshore Partners L.P., a leading international midstream services provider announced that it has secured a new $100 million revolving credit facility for the Piranema Spirit, Voyageur Spirit, and Petrojarl Varg FPSO units.
• In Dec 2018, AET Group won the Tanker Operator of the Year at the 2018 Lloyd’s List Global Awards, held at the Hilton Park Lane, London. This recognition is first on an international stage and attributes it to the dedication, passion, and perseverance from the staff both at sea and shore.