Middle East: Tanker Market 2025

Tanker Market Size in the Middle East

The Middle Eastern tanker market shrank modestly to $X in 2021, therefore, remained relatively stable against the previous year. The total consumption indicated tangible growth 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, consumption increased by +23.5% against 2019 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Tanker Production in the Middle East

In value terms, tanker production contracted to $X in 2021 estimated in export price. The total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +11.4% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 40% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Tanker Exports

Exports in the Middle East

In 2021, shipments abroad of tankers decreased by -7.7% to X units for the first time since 2018, thus ending a two-year rising trend. Overall, exports, however, enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 400%. The volume of export peaked at X units in 2020, and then shrank in the following year.

In value terms, tanker exports skyrocketed to $X in 2021. Over the period under review, exports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of 150% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the near future.

Exports by Country

The United Arab Emirates was the largest exporter of tankers in the Middle East, with the volume of exports recording X units, which was near 50% of total exports in 2021. Saudi Arabia (X units) ranks second in terms of the total exports with a 33% share, followed by Turkey (17%).

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +144.9%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X) were the countries with the highest levels of exports in 2021, together accounting for 84% of total exports.

Among the main exporting countries, the United Arab Emirates, with a CAGR of +40.5%, saw the highest rates of growth with regard to the value of exports, 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 the Middle East amounted to $X per unit, surging by 52% against the previous year. Overall, the export price, however, saw a noticeable reduction. The growth pace was the most rapid in 2016 when the export price increased by 84%. 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 Turkey ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+32.9%), while the other leaders experienced mixed trends in the export price figures.

Tanker Imports

Imports in the Middle East

In 2021, approx. X units of tankers were imported in the Middle East; waning by -38.1% against the previous year. Over the period under review, imports recorded a noticeable decline. The pace of growth appeared the most rapid in 2016 when imports increased by 244% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, tanker imports amounted to $X in 2021. Total imports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +3.8% 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 -9.4% against 2017 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 93% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Turkey represented the major importing country with an import of about X units, which recorded 62% of total imports. Kuwait (X units) ranks second in terms of the total imports with a 31% share, followed by the United Arab Emirates (7.7%).

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +8.0%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Turkey ($X) constitutes the largest market for imported tankers in the Middle East, comprising 67% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 17% share of total imports.

In Turkey, tanker imports increased at an average annual rate of +8.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Kuwait (-6.3% per year) and the United Arab Emirates (+1.0% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per unit, surging by 78% against the previous year. Overall, the import price saw resilient growth. The most prominent rate of growth was recorded in 2017 when the import price increased by 489% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the near future.

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 Turkey ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :