New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Crude Oil Carrier Global Market Report 2023" - https://www.reportlinker.com/p06479932/?utm_source=GNW
, Shipping Corporation of India, Frontline, Tsakos Energy Navigation Limited, National Iranian Tanker Company, Euronav NV, Tankers International LLC, SFL Corporation Ltd., Nordic American Tankers, and AET Tanker Holdings Sdn Bhd.
The global crude oil carrier market is expected to grow from $184.37 billion in 2022 to $193.14 billion in 2023 at a compound annual growth rate (CAGR) of 4.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The crude oil carrier market is expected to reach $2223.24 billion in 2027 at a CAGR of 3.7%.
The crude oil carrier market consists of sales of shuttle tankers, arctic crude oil tankers, oil storage vessels, oil barges, and deck oil carriers.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A crude oil carrier refers to ocean-going vessel constructed and intended for transporting crude oil or its products. They are used for to transfer massive amounts of crude oil across the seas and oceans.
Asia-Pacific was the largest region in the crude oil carrier market in 2022. The regions covered in crude oil carrier report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of vessels included in crude oil carriers are very large crude carriers (VLCC), suezmax, aframax, ultra large crude carriers (ULCC), and panamax.Very Large Crude Carrier (VLCC) refers to vessels having a capacity of more than 250,000 DWT.
The several types of dead weight tonnage included are 120,000 mt-180,000 mt, 180,000 mt-320,000 mt, 25,000 mt-50,000 mt, 50,000 mt-75,000 mt, 75,000 mt-120,000 mt, and above 320,000 mt. The various hull types are double bottom, double hull, and single bottom, which are used for several applications, such as diesel, gasoline, aviation turbine fuel, and others.
The rising demand for crude oil and its by-products is expected to propel the growth of the crude oil carrier market going forward.Crude oil is a combination of hydrocarbons that occurs in the liquid phase in natural subterranean reservoirs and stays liquid under normal pressure despite passing through surface-separating facilities.
The by-products are products obtained by the extraction process in a refinery, and these products include gasoline, aviation fuel, diesel, and asphalt.The crude oil carriers are used in the transportation of bulk crude oil and related by-products from the offshore platforms to a transshipment terminal.
For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, the U.S. crude oil output increased to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Furthermore, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) in 2022, the highest annual consumption of natural gas in the U.S. as compared to the previous year. Therefore, the rising demand for crude oil and its by-products is driving the crude oil carrier market.
Product innovation is the key trend gaining popularity in the crude oil carrier market.Major companies operating in the crude oil carrier market are focused on developing innovative products to strengthen their position in the market.
For instance, in November 2021, Nippon Y?sen Kabushiki Kaisha, a Japan-based oil shipping and logistics company, launched the substantial crude oil carrier (VLCC) Tateshina.This ship has energy-saving features like ladder fins that control water flow at the stern and lessen energy loss, high-efficiency large-diameter propellers, and low-friction paint applied to the hull.
As a result, the IMO’s phase 2 EEDI requirements are met, and energy efficiency (carbon dioxide emissions per unit of transportation) is anticipated to increase by around 23% in comparison to traditional VLCCs.The Japanese classification body ClassNK has assigned the ship a Cyber Resilience Guideline (CybR-G) mark.
This is the first time a vessel has ever received a cyber notation.
In March 2020, Overseas Shipholding Group, a US-based provider of energy transportation services delivering crude oil and petroleum products acquired Alaska Tanker Company LLC for an undisclosed amount.Through this transaction, Overseas Shipholding Group will create the possibility for significant future income growth and solidifies a long-standing position in the crucial and highly competitive Alaskan crude oil trade.
Alaska Tanker Company LLC is a US-based manufacturer of crude oil carriers.
The countries covered in the Crude Oil Carrier market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The crude oil carrier market research report is one of a series of new reports that provides crude oil carrier market statistics, including crude oil carrier industry global market size, regional shares, competitors with a crude oil carrier market share, detailed crude oil carrier market segments, market trends and opportunities, and any further data you may need to thrive in the crude oil carrier industry. This crude oil carrier market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06479932/?utm_source=GNW
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