Asia: Tanker Market 2024

Tanker Market Size in Asia

The Asian tanker market rose slightly to $X in 2021, surging by 1.8% against the previous year. Over the period under review, consumption saw a mild expansion. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Tanker Production in Asia

In value terms, tanker production declined slightly to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 17% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Tanker Exports

Exports in Asia

In 2021, shipments abroad of tankers decreased by -7.2% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 20%. The volume of export peaked at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, tanker exports expanded modestly to $X in 2021. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 35% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

In 2021, South Korea (X units) and China (X units) represented the largest exporters of tankers in Asia, together reaching near 74% of total exports. It was distantly followed by Japan (X units), comprising a 19% share of total exports. India (X units) took a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +27.7%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest tanker supplying countries in Asia were South Korea ($X), China ($X) and Japan ($X), with a combined 93% share of total exports. These countries were followed by India, which accounted for a further 0.9%.

India, with a CAGR of +24.4%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, growing by 13% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The level of export peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+0.2%), while the other leaders experienced a decline in the export price figures.

Tanker Imports

Imports in Asia

In 2021, the amount of tankers imported in Asia expanded significantly to X units, surging by 6.1% against the previous year's figure. Overall, imports showed a slight increase. The pace of growth was the most pronounced in 2017 when imports increased by 3,190%. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, tanker imports soared to $X in 2021. Total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -21.6% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 34%. As a result, imports reached 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), distantly followed by Indonesia (X units), Thailand (X units), India (X units), Cyprus (X units) and Malaysia (X units) were the major importers of tankers, together comprising 74% of total imports. Japan (X units), Turkey (X units), South Korea (X units), Bangladesh (X units), Vietnam (X units), Hong Kong SAR (X units) and Kuwait (X units) took a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +24.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constitutes the largest market for imported tankers in Asia, comprising 47% of total imports. The second position in the ranking was taken by India ($X), with an 8.6% share of total imports. It was followed by Indonesia, with an 8.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Singapore was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: India (+21.0% per year) and Indonesia (+18.3% per year).

Import Prices by Country

The import price in Asia stood at $X per unit in 2021, growing by 18% against the previous year. Over the period under review, the import price showed modest growth. The pace of growth appeared the most rapid in 2018 when the import price increased by 3,543% against the previous year. The level of import peaked at $X per unit in 2015; however, from 2016 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 ($X per unit), while Hong Kong SAR ($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

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