About Crude Oil Carriers
Crude oil carriers are the oil tankers for the transportation of oil and it generally carries one cargo at once. Crude oil varieties like gasoline, diesel, etc are included, it comes naturally from different fields and reservoirs. There are wide range of advantages such as, they can carry a lot of fuel, these tankers are the way to move crude oil across the oceans. The oil carriers range from largest to ultra-large carrier it consists of VLCC/ULCC, Suezmax, Aframax, and Panamax. These can carry from 55,000 DWT to 440,000 DWT. The small crude oil carrier ranges from 10,000 DWT to 80,000 DWT.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 3.3% |
Competition among existing players is due to the stiff market share occupied by leading player. Numerous collaboration and partnership of companies to produce employment. The crude oil trade has grown vast over the past decades. Politics and Economics and related events also played a special role in tanker trade industry, due to strategic nature of the cargo demands and its associated supply in competitive market where energy starving countries relying on crude oil import. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Scorpio tankers (Monaco), Frontline (United Kingdom), Teekay Corporation (United Kingdom), tsakos energy navigation limited (Balkans), Hyundai Samho Heavy Industries (South Korea), Dynacom Tankers Management Ltd. (Greece), AET Tankers (Singapore), Euronav (Belgium), Frontline Ltd. (Bermuda), Maran Tankers Management (Greece), Mitsui O.S.K. Lines, Ltd. (Japan) and National Iranian Tanker Company (Iran) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Nippon Kabushiki Kaisha (Japan), Ocean Tankers Pte Ltd (Singapore), Oman Shipping Company SAOC (Oman), Overseas Shipholding Group, Inc. (United States), Abu Dhabi National Oil Company (UAE), Sovcomflot (Russia) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Crude Oil Carriers market by Type (Gasoline, Diesel, Jet Fuel, Textile Production, Lubricant Oil and Chewing Gum), Application (Transportation, Industrial, Residential, Commercial and Electric Power) and Region.
On the basis of geography, the market of Crude Oil Carriers has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Crude Oil, the sub-segment i.e. Light, Volatile Oils will boost the Crude Oil Carriers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Type, the sub-segment i.e. Very Large Crude Carrier (VLCC) will boost the Crude Oil Carriers market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Price Fluctuations in the Oil and Gas Market and Increasing Utilization of Ultra Large Crude Oil Carriers
Market Growth Drivers:
Growing Oil and Refinery Industry and Demand for the Crude Oil and Requirement of Transportation of Extracted Oil to the Processing Units
Challenges:
Environmental Concerns Associated with the Crude Oil Carriers and improving performance to ensure the valorization of assest
Restraints:
Handling and Maintenance Related Problems with Crude Oil Carriers and High cost price of crude oil and refined products
Opportunities:
Growing Import and Export Activities of Crude Oil will Boost the Crude Oil Carriers Market and Surging Governmental Projects on Crude Oil Transporatation System
Market Leaders and their expansionary development strategies
In November 2021, DHT holdings, an independent crude oil tanker company had acquired the two very large crude carriers. The acquisition will be financed with available liquidity and projected mortgage debt and the line with the industry trend of investing in newer, eco-efficient second-hand tonnage.
On 25th February 2021, ADNOC Logistics & Services the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), announced the acquisition of six Very Large Crude Carriers (VLCCs). Two VLCCs have already been deployed into the company’s fleet. ADNOC L&S has placed an order for three newbuild vessels with options, which will be delivered in 2022 and 2023, and purchased one additional existing vessel that will be joining its fleet shortly. These vessels are the first crude carriers to join the ADNOC L&S fleet, adding a total cargo capacity of 12 million barrels.
"According to MARPOL regulation 13G (regulation 21 in the revised Annex I which entered into force on 1 January 2007) also allows for the continued operation of oil tankers of 5,000 tons dwt and above, carrying crude oil with a density at 15ºC higher than 900 kg/ m3 but lower than 945 kg/ m3, if satisfactory results of the Condition Assessment Scheme warrant that, in the opinion of the Administration, the ship is fit to continue such operation, having regard to the size, age, operational area and structural conditions of the ship and provided that the continued operation shall not go beyond the date on which the ship reaches 25 years after the date of its delivery."
Key Target Audience
Crude Oil Carriers Manufacturers, Crude Oil Carriers International Traders, Crude Oil Carriers Industry Associations, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.