Global Crude Oil Carriers Market

By Author: Rupali Dagade
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Global Crude Oil Carriers Market size was valued US$ XX Bn in 2019 and the total revenue is expected to grow at 4.2% through 2020 to 2027, reaching US$ 291.77 Bn. The report has covered region wise market trends with competitive landscape

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Global Crude Oil Carriers Market Drivers and Restrains:

Crude oil carriers are mostly referred to as oil tankers that is transport crude oil from one location to another. Oil tankers have become an essential part of the transportation process of crude oil around the world. Crude oil carriers are intended for the majority transport of crude oil. The different vessel sizes have enlarge the volume of crude oil that can be transported to several locations across the global. In terms of exports, crude oil heads across the Atlantic to Europe are reducing North America dependency on crude oil from other regions like the Middle East. Intensification of crude oil extraction activities are augmented the demand for the crude oil carrier market globally. The upsurge in the production of crude oil in the Middle East ...
... Africa region is anticipated to boost the crude oil carrier market growth during the forecast period.

The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.

The global crude oil carriers market is driven by such as crude oil production, refining facilities, and consumers of oil products. The augmented pace of industrialization and globalization, growing a significant economic growth both in developing and urbanized countries has increased the demand for majority oil transportation facilities and services, which is likely to fuel the market growth during the forecast period. However, Fluctuation in crude oil price, cost of capital required to obtain new or second hand carrier ships are restraining the market growth at the global level. Fewer triangulation and Longer hauls options or backhaul routes to decrease ballasting are expected to create beneficial opportunities for industry participants.
Global Crude Oil Carriers Market Segmentation Analysis:

Based on the vessel type, the very large crude carriers (VLCC) segment has led the crude oil carriers market in 2019 and is estimated to generate more than US$ XX Mn market revenue by 2027, with a CAGR of XX%. VLCC have a size range between 180,000 to 320,000 DWT and are capable of passing through the Suez Canal in Egypt, therefore, these carriers are widely used across the North Sea, the Mediterranean and West Africa. Demand for VLCC has increased by around 5% and is projected to grow with decreasing spot rate of VLCC due to reduced domestic production, especially in the Asia-Pacific region.

VLCC and ULCC together held about XX% market share in 2019 owing to large number of VLCCs are presently in operation than other vessels type. Tanker vessel with a capacity of approximately 2 Mn barrels of crude oil, which is used to transport crude oil over long distances in inter-regional trade.

Suezmax accounted for around 14% of the crude oil carriers market in 2019. Tanker vessel with a capacity of approximately 1 Mn barrels of crude oil that is used to ship crude oil and has the flexibility to do longer haul cargo as well as shorter regional trades.

Aframax accounted for about 21% and Panamax accounted for the rest 2% of the crude oil carriers market share in 2019. Tanker vessel with a capacity of approximately 0.7 Mn barrels of crude oil, and is used to carry crude oil or dirty products (fuel oil) in mainly regional trades.
Global Crude Oil Carriers Market Regional Analysis:

Geographically, the crude oil carriers market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe held the prominent market share of XX% in 2019 and is expected to reach US$ Mn by the end of 2027, with a CAGR of XX%. Europe has the maximum number of crude tankers with around XX% of total crude oil tankers, Europe has the highest deadweight tons of tankers across the world. In Europe, Greece is the dominant country that presents the maximum numbers of the crude fleet company, with XXX crude oil carriers independently. Europe is expected to expand its crude oil carriers by around 7% during the forecast period. Also, Europe is more focused on having less pollutant crude oil carriers. It is estimated that Greece is constructing ten new liquefied natural gas (LNG) crude oil carriers, constructed by Hyundai Heavy Industries, which are expected to generate a new milestone in the crude oil carrier market.

The market in Asia Pacific is expected to grow at a high CAGR of XX% during the forecast period. Especially China has store huge amounts of low cost crude oil in spite of its emerging economy. Asia-Pacific, particularly India's domestic crude production is declining from the past decade, which is anticipated to increase its dependency on the overseas nations and is likely to increase crude trade and thereby crude oil carrier market.

Therefore, India's dependence on other countries for crude oil is estimated to create an opportunity for the crude oil carrier market in the coming years. Japan, China, South Korea, and Malaysia, has operate and own majority of the crude oil carriers and these countries are the major contributors in the overall crude oil carriers market. The Middle East is one of the largest producers of crude oil and is export its maximum volume of crude oil to Asia-Pacific. Moreover, the rising investments in research and development activities for the introduction of advanced crude oil carriers are predicted to accelerate the growth of this region in the near future.

A report cover the recent development in market for the global crude oil carriers market e.g., 20 June 2019, Bermuda-based oil tanker shipping company Frontline has purchased a scrubber-equipped very large crude carrier (VLCC) resale under construction at Hyundai Samho Heavy Industries (HSHI). Frontline has placed an order for two LR2 newbuildings from Shanghai Waigaoqiao Shipbuilding (SWS) in China. According to the agreement, SWS is likely to deliver the two LR2 in January and March 2021 respectively.

In 2018, the Maersk Tankers Company invested US$ 146.7 Mn for the order of six LR2 newbuildings.The objective of the report is to present a comprehensive analysis of the Global Crude Oil Carriers Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Crude Oil Carriers Market dynamics, structure by analyzing the market segments and project the Global Crude Oil Carriers Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Crude Oil Carriers Market make the report investor’s guide.

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Scope of the Global Crude Oil Carriers Market: Inquire before buying

Global Crude Oil Carriers Market, by Hull Type:

• Single Bottom
• Double Hull
• Double Bottom
Global Crude Oil Carriers Market, by Vessel Type:

• Suezmax
• Panamax
• Aframax
• Small
• Medium
• Very large crude carriers
• Ultra Large crude carriers
Global Crude Oil Carriers Market, by Region:

• Asia Pacific
• North America
• Europe
• Latin America
• Middle East Africa
Global Crude Oil Carriers Market, Major Players:

• Maersk Tankers
• China Shipping Tanker Co.
• Essar Shipping
• Kuwait Oil Tankers Co.
• Tankers International LLC.
• OSG Ship Management Inc.
• Keystone Alaska LLC
• Alaska Tanker Co.
• Shipping Corporation of India
• Teekay Corporation
• Frontline
• Tsakos Energy Navigation Limited
• Nordic American Tankers
• Ship Finance International Limited
• Taiyo Cabletec Corporation
• 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.
• Minerva Marine Inc.
• Petroliam Nasional Berhad (PETRONAS)
• Sovcomflot Group
• Dynacom Tankers Management Ltd.
• Maran Tankers Management Inc.

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