Blog Details

Escalating Oil Demand Boosted the Crude Tanker Market

Date: 8th Sep 2020 | Category: Transportation & Logistics

The global crude tanker fleet size is anticipated to reach 423 million dead weight tonnes (DWT) in 2020, as compared to 389 million dead weight tonnes (DWT) in 2018. The growth in the crude tanker market has been driven by fluctuating crude oil prices, rising oil demand and increasing urban population. The market faced challenges like fluctuating crude oil production and the US shale revolution. The global crude tanker market would also experience certain trends like rise in seaborne crude oil traded volume and geopolitical developments.

The global crude tanker fleet by tanker type can be segmented as follows: VLCC, Suezmax and Aframax. In 2019, the highest share was generated by VLCC, followed by Suezmax and Aframax. The global crude tanker fleet by country of build can be segmented as follows: South Korea, Japan and China PR. The dominant share of the market was held by South Korea in 2019. 

Scope of the report:

• The report provides a comprehensive analysis of the global crude tanker market with potential impact of COVID-19.

• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth. 

• The competitive landscape of the market, along with the company profiles of leading players (Teekay Tankers, Frontline Ltd, DHT Holdings, Nordic American Tankers Ltd, Euronav and Tsakos Energy Navigation Ltd) are also presented in detail.

Key Target Audience:

• Crude Tanker/Crude Oil Manufacturers 

• Raw Material Providers

• End Users 

• Investment Banks

• Government Bodies & Regulating Authorities