Tanker Market

The global tanker market is projected to see continued growth with a forecasted CAGR of +18.6% from 2022-2030, reaching 6.3K units in volume and $277.8B in value by the end of 2030. South Korea leads in both tanker production and consumption, with significant market share. Tanker imports and exports also show notable trends, with prices and volumes fluctuating over the years.

Market Forecast

Driven by increasing demand for tankers worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +18.6% for the period from 2022 to 2030, which is projected to bring the market volume to 6.3K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +23.4% for the period from 2022 to 2030, which is projected to bring the market value to $277.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tankers

In 2022, global consumption of tankers totaled 1.6K units, increasing by 8% compared with the previous year's figure. In general, consumption posted a slight expansion. As a result, consumption reached the peak volume of 19K units. From 2021 to 2022, the growth of the global consumption failed to regain momentum.

The global tanker market value fell modestly to $51.6B in 2022, dropping by -2.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $510.2B. From 2021 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The country with the largest volume of tanker consumption was South Korea (476 units), accounting for 30% of total volume. Moreover, tanker consumption in South Korea exceeded the figures recorded by the second-largest consumer, China (151 units), threefold. Liberia (122 units) ranked third in terms of total consumption with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in South Korea totaled +1.8%. In the other countries, the average annual rates were as follows: China (-1.4% per year) and Liberia (+15.9% per year).

In value terms, South Korea ($18B) led the market, alone. The second position in the ranking was taken by China ($5.5B). It was followed by Liberia.

In South Korea, the tanker market expanded at an average annual rate of +2.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (-1.7% per year) and Liberia (+12.6% per year).

In 2022, the highest levels of tanker per capita consumption was registered in Marshall Islands (1,667 units per million persons), followed by Liberia (23 units per million persons), Singapore (15 units per million persons) and Panama (13 units per million persons), while the world average per capita consumption of tanker was estimated at 0.2 units per million persons.

From 2012 to 2022, the average annual rate of growth in terms of the tanker per capita consumption in Marshall Islands totaled +1.1%. In the other countries, the average annual rates were as follows: Liberia (+13.0% per year) and Singapore (+5.0% per year).

Production

World Production of Tankers

In 2022, approx. 1.6K units of tankers were produced worldwide; picking up by 3.2% against the year before. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 3.7% against the previous year. Global production peaked at 1.7K units in 2012; however, from 2013 to 2022, production failed to regain momentum.

In value terms, tanker production reduced modestly to $47.3B in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 10%. Over the period under review, global production hit record highs at $51.4B in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Production By Country

South Korea (739 units) remains the largest tanker producing country worldwide, accounting for 45% of total volume. Moreover, tanker production in South Korea exceeded the figures recorded by the second-largest producer, China (281 units), threefold. Japan (169 units) ranked third in terms of total production with a 10% share.

In South Korea, tanker production remained relatively stable over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: China (+0.4% per year) and Japan (+1.3% per year).

Imports

World Imports of Tankers

In 2022, global tanker imports surged to 810 units, growing by 19% compared with the previous year. In general, imports saw a tangible increase. The pace of growth was the most pronounced in 2020 with an increase of 2,112% against the previous year. As a result, imports attained the peak of 19K units. From 2021 to 2022, the growth of global imports remained at a somewhat lower figure.

In value terms, tanker imports totaled $18.8B in 2022. Overall, total imports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +14.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 24% against the previous year. Over the period under review, global imports reached the peak figure at $23.8B in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, Liberia (126 units), Marshall Islands (115 units), Germany (91 units), Singapore (86 units) and Panama (64 units) represented the key importer of tankers in the world, committing 60% of total import. It was distantly followed by Portugal (38 units), making up a 4.7% share of total imports. Poland (27 units), Cyprus (18 units), Bermuda (17 units), Denmark (15 units), Indonesia (15 units) and India (13 units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +33.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Liberia ($3.6B), Marshall Islands ($3.4B) and Singapore ($3.2B) constituted the countries with the highest levels of imports in 2022, with a combined 54% share of global imports. Panama, Germany, Cyprus, Denmark, India, Poland, Indonesia, Bermuda and Portugal lagged somewhat behind, together accounting for a further 24%.

Among the main importing countries, Cyprus, with a CAGR of +17.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average tanker import price amounted to $23,221,620 per unit, waning by -12.4% against the previous year. Overall, the import price saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 an increase of 2,900% against the previous year. Over the period under review, average import prices attained the peak figure at $35,296,407 per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($37,126,449 per unit), while Portugal ($3.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cyprus (+2.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Tankers

In 2022, shipments abroad of tankers increased by 8% to 836 units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when exports increased by 19%. Over the period under review, the global exports attained the maximum at 880 units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, tanker exports reduced modestly to $21.7B in 2022. In general, exports, however, recorded a slight setback. The pace of growth was the most pronounced in 2014 with an increase of 24% against the previous year. Over the period under review, the global exports attained the peak figure at $28.9B in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, South Korea (275 units) was the largest exporter of tankers, achieving 33% of total exports. It was distantly followed by China (136 units) and Japan (114 units), together constituting a 30% share of total exports. Denmark (30 units), Germany (27 units), India (26 units), Cyprus (24 units), Poland (22 units), Marshall Islands (15 units) and Thailand (14 units) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to tanker exports from South Korea stood at -1.8%. At the same time, India (+38.5%), Denmark (+31.1%), Thailand (+30.2%), Marshall Islands (+9.6%), Germany (+7.6%) and China (+3.4%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of +38.5% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, Cyprus (-1.5%) and Poland (-11.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Denmark, India, Cyprus, Germany and Thailand increased by +4.7, +3.4, +3, +2.9, +1.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest tanker supplying countries worldwide were South Korea ($8.9B), China ($5.2B) and Japan ($2.5B), with a combined 77% share of global exports. Cyprus, India, Poland, Denmark, Marshall Islands, Germany and Thailand lagged somewhat behind, together comprising a further 13%.

India, with a CAGR of +36.9%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average tanker export price stood at $25,921,301 per unit in 2022, which is down by -11.6% against the previous year. Overall, the export price continues to indicate a slight contraction. The growth pace was the most rapid in 2021 when the average export price increased by 19%. The global export price peaked at $34,588,651 per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($38,351,480 per unit), while Thailand ($5,209,825 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform