Transportation of fluids, such as gases and liquids, is very important for the global economy. Tankers are ships utilized to transport fluids from one destination to another via the sea route. The fluids transported include oil, chemical, LPG, and CNG. These carriers are significantly large in size so that fluids in bulk could be transported easily. Tanker shipping is a convenient and economical way to transport fluid in bulk across the globe.
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Advancements in technology, tanker modification, and globalization are major factors that are driving the global tanker shipping market, which in turn are fueling the demand for shipping tankers. The global tanker shipping market is projected to expand at a significant pace during the forecast period owing to the increase in demand for fluids, such as chemicals, gases, and oil, across the globe. Increase in demand for crude oil is also a major factor that is projected to drive the tanker shipping market during the forecast period. Major restraints of the tanker shipping market include irregular distribution channels, government norms, oil prices, and increase in prices of customized tankers, which fuel the operating cost of transportation.
The Tanker Shipping Market can be segmented based on tanker type (size), fluid, shipment route, and region. These tanker types (size) are bifurcated on the basis of tonnage and capacity. In terms of tanker type (size), the tanker shipping market can be classified into Ultra Large Crude Carrier (ULCC), Very Large Crude Carrier (VLCC), Suezmax, Large Range 2 (LR2), Large Range 1 (LR1), Medium Range 2 (MR2), Medium Range 1 (MR1), Intermediate tanker, and small tanker.
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VLCCs are utilized to transport around two million barrels of crude oil at a time, twice the capacity of Suezmax tankers. Based on fluid, the global tanker shipping market can be split into vegetable oil, fuel, crude oil, LPG, LNG, CNG, wines, molasses, and fresh water. Increase in demand for crude oil and globalization are key reasons boosting the demand for tanker shipping. In terms of shipment route, the tanker shipping market can be segregated into inland, coastal, and deep sea.
Based on region, the tanker shipping market can be segmented into Europe, North America, Middle East & Africa, Asia Pacific, and Latin America. Asia Pacific is expected to lead the global tanker shipping market due to high population, disposable income, and raised demand for crude oil and chemicals in the region. China accounts for a major share of the market in Asia Pacific as the country is a major exporter across the globe and has a notable shipbuilding industry. The market in Middle East & Africa is expected to expand in the near future, as the region is a major producer and exporter crude oil across the globe.
Key players in the tanker shipping market are IINO KAIUN KAISHA, Nordic Tankers, Odfjell, Tokyo Marine, Stolt-Nielsen, Navig8 Chemicals, and MISC.