India: Tanker Market 2025

Tanker Market Size in India

In 2021, the Indian tanker market increased by 286% to $X, rising for the third consecutive year after two years of decline. Overall, consumption recorded a significant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Tanker Production in India

In value terms, tanker production reduced markedly to $X in 2021 estimated in export price. In general, production, however, saw significant growth. The most prominent rate of growth was recorded in 2020 when the production volume increased by 188% against the previous year. As a result, production reached the peak level of $X, and then shrank dramatically in the following year.

Tanker Exports

Exports from India

After five years of growth, overseas shipments of tankers decreased by -67.9% to X units in 2021. In general, exports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 267% against the previous year. The exports peaked at X units in 2020, and then declined significantly in the following year.

In value terms, tanker exports plummeted to $X in 2021. Overall, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2016 when exports increased by 3,697,284%. The exports peaked at $X in 2020, and then dropped rapidly in the following year.

Exports by Country

Singapore (X units), the United Arab Emirates (X units) and Sri Lanka (X units) were the main destinations of tanker exports from India, together accounting for 89% of total exports. Moreover, tanker exports in Singapore exceeded the figures recorded by the second-largest exporter, the United Arab Emirates, twofold.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +58.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the key foreign market for tankers exports from India, comprising 35% of total exports. The second position in the ranking was held by Indonesia ($X), with a 15% share of total exports. It was followed by Sri Lanka, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value to Singapore totaled +30.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+21.0% per year) and Sri Lanka (+33.0% per year).

Export Prices by Country

The average tanker export price stood at $X per unit in 2021, increasing by 26% against the previous year. Overall, the export price, however, saw a pronounced reduction. The growth pace was the most rapid in 2018 an increase of 54% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+4.4%), while the prices for the other major destinations experienced a decline.

Tanker Imports

Imports into India

In 2021, the amount of tankers imported into India skyrocketed to X units, picking up by 171% compared with the previous year's figure. Over the period under review, imports posted a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, tanker imports surged to $X in 2021. Overall, imports saw a significant increase. Imports peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

Turkey (X units), South Korea (X units) and China (X units) were the main suppliers of tanker imports to India, together comprising 95% of total imports.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +34.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X) constituted the largest supplier of tankers to India, comprising 12% of total imports. The second position in the ranking was taken by China ($X), with a 1.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from South Korea stood at +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+61.6% per year) and Turkey (+14.2% per year).

Import Prices by Country

The average tanker import price stood at $X per unit in 2021, declining by -4.4% against the previous year. In general, the import price continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2015 when the average import price increased by 9.6% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+21.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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