Eastern Asia: Tanker Market 2024

Tanker Market Size in Eastern Asia

The East Asian tanker market shrank to $X in 2021, flattening at the previous year. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Tanker Production in Eastern Asia

In value terms, tanker production totaled $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 13%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Tanker Exports

Exports in Eastern Asia

In 2021, shipments abroad of tankers decreased by -4.5% 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 when exports increased by 17%. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, tanker exports reached $X in 2021. Overall, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 34% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

In 2021, South Korea (X units) and China (X units) represented the largest exporters of tankers in Eastern Asia, together amounting to near 80% of total exports. It was distantly followed by Japan (X units), committing a 20% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by China (with a CAGR of +7.9%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest tanker supplying countries in Eastern Asia were South Korea ($X), China ($X) and Japan ($X), together accounting for 100% of total exports.

Among the main exporting countries, China, with a CAGR of +4.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, growing by 9.5% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by 15%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the export prices remained at a 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 ($X per unit), while Japan ($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 Eastern Asia

In 2021, supplies from abroad of tankers increased by 100% to X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports recorded a relatively flat trend pattern. The volume of import peaked at X units in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, tanker imports soared to $X in 2021. Overall, imports saw a mild expansion. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the three major importers of tankers, namely Japan, South Korea and Hong Kong SAR, represented more than two-thirds of total import. It was distantly followed by Taiwan (Chinese) (X units), comprising a 12% share of total imports. China (X units) took a little share of total imports.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +10.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tanker importing markets in Eastern Asia were South Korea ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined 92% share of total imports.

Among the main importing countries, Taiwan (Chinese), with a CAGR of +47.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2021, jumping by 26% against the previous year. Import price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, tanker import price decreased by -24.5% against 2018 indices. The most prominent rate of growth was recorded in 2018 an increase of 32% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+4.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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