ASEAN: Tanker Market 2025

Tanker Market Size in ASEAN

The ASEAN tanker market stood at $X in 2021, almost unchanged from the previous year. The total consumption indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -23.7% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Tanker Production in ASEAN

In value terms, tanker production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 when the production volume increased by 28%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Tanker Exports

Exports in ASEAN

In 2021, shipments abroad of tankers increased by 7.1% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 59% against the previous year. The volume of export peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, tanker exports skyrocketed to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 72%. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Singapore (X units), distantly followed by Thailand (X units), the Philippines (X units), Vietnam (X units) and Indonesia (X units) were the major exporters of tankers, together constituting 100% of total exports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +16.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the largest tanker supplier in ASEAN, comprising 72% of total exports. The second position in the ranking was held by Thailand ($X), with a 9.8% share of total exports. It was followed by Vietnam, with a 6% share.

From 2012 to 2021, the average annual growth rate of value in Singapore amounted to +3.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+13.0% per year) and Vietnam (+0.7% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, rising by 40% against the previous year. In general, the export price continues to indicate resilient growth. The pace of growth appeared the most rapid in 2019 when the export price increased by 274% against the previous year. Over the period under review, the export prices attained the maximum in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+10.1%), while the other leaders experienced more modest paces of growth.

Tanker Imports

Imports in ASEAN

In 2021, overseas purchases of tankers decreased by 0% to X units, falling for the second year in a row after two years of growth. Total imports indicated mild growth from 2012 to 2021: its volume increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -37.9% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 84%. As a result, imports attained the peak of X units. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, tanker imports expanded rapidly to $X in 2021. Total imports indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -31.4% against 2019 indices. The pace of growth was the most pronounced in 2019 when imports increased by 69%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Singapore (X units) was the main importer of tankers, creating 46% of total imports. It was distantly followed by Indonesia (X units), Thailand (X units) and Malaysia (X units), together creating a 47% share of total imports. Vietnam (X units) and the Philippines (X units) held a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Thailand (with a CAGR of +24.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constitutes the largest market for imported tankers in ASEAN, comprising 72% of total imports. The second position in the ranking was held by Indonesia ($X), with a 12% share of total imports. It was followed by Vietnam, with a 7.5% share.

From 2012 to 2021, the average annual growth rate of value in Singapore was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Indonesia (+18.3% per year) and Vietnam (+36.0% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per unit, surging by 11% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+23.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform