Report Update Nov 1, 2024

Philippines - Tankers - Market Analysis, Forecast, Size, Trends and Insights

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Philippines: Tanker Market 2024

Tanker Market Size in the Philippines

In 2021, after two years of growth, there was significant decline in the Philippine tanker market, when its value decreased by -7.7% to $X. In general, consumption, however, continues to indicate modest growth. Tanker consumption peaked at $X in 2020, and then fell in the following year.

Tanker Production in the Philippines

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 +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the production volume increased by 16%. As a result, production attained the peak level of $X, and then dropped in the following year.

Tanker Exports

Exports from the Philippines

In 2021, shipments abroad of tankers decreased by 0% to X units, falling for the third year in a row after three years of growth. Overall, exports saw a dramatic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 157%. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, tanker exports reduced to $X in 2021. In general, exports saw a sharp contraction. The most prominent rate of growth was recorded in 2016 when exports increased by 299%. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X units) and South Korea (X units) were the main destinations of tanker exports from the Philippines.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of 0.0%).

In value terms, Belgium ($X) remains the key foreign market for tankers exports from the Philippines, comprising 61% of total exports. The second position in the ranking was taken by South Korea ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Belgium stood at -21.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-1.3% per year) and Indonesia (+29.2% per year).

Export Prices by Country

The average tanker export price stood at $X per unit in 2021, approximately mirroring the previous year. Overall, the export price saw a abrupt decrease. The growth pace was the most rapid in 2019 when the average export price increased by 253%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Indonesia ($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 Liberia (+1,671.1%), while the prices for the other major destinations experienced more modest paces of growth.

Tanker Imports

Imports into the Philippines

Tanker imports into the Philippines fell remarkably to X units in 2021, waning by -20% against the previous year. Overall, imports showed a deep setback. The growth pace was the most rapid in 2015 with an increase of 22% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, tanker imports dropped dramatically to $X in 2021. Over the period under review, imports recorded a sharp contraction. The pace of growth was the most pronounced in 2015 when imports increased by 133%. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

Japan (X units), Panama (X units) and South Korea (X units) were the main suppliers of tanker imports to the Philippines, with a combined 75% share of total imports. Singapore lagged somewhat behind, comprising a further 25%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of 0.0%), while purchases for the other leaders experienced a decline.

In value terms, South Korea ($X), Panama ($X) and Japan ($X) appeared to be the largest tanker suppliers to the Philippines, together accounting for 99% of total imports.

Among the main suppliers, South Korea, with a CAGR of -31.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average tanker import price amounted to $X per unit, waning by -85.1% against the previous year. In general, the import price showed a precipitous contraction. The most prominent rate of growth was recorded in 2016 when the average import price increased by 123%. As a result, import price attained the peak level of $X per unit. From 2017 to 2021, the average import prices remained at a somewhat 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 China ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Liberia (+19.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for tankers in the world?

The countries with the highest volumes of in 2021 were China, Germany and Indonesia, together accounting for 54% of global consumption. Poland, Brazil, Belgium and France lagged somewhat behind, together accounting for a further 34%.

What are the largest producers of tankers in the world?

The countries with the highest volumes of in 2021 were China, Germany and South Korea, with a combined 90% share of global production.

What are the leading suppliers of tankers to the Philippines?

In value terms, Japan constituted the largest supplier of tanker to the Philippines.

What are the leading importers of tankers from the Philippines?

In value terms, South Korea remains the key foreign market for tanker exports from the Philippines.

What is the average export price for tankers in the Philippines?

The average tanker export price stood at $11,900,000 per unit in 2021, with an increase of 311% against the previous year.

What is the average import price for tankers in the Philippines?

The average tanker import price stood at $3,984,101 per unit in 2021, rising by 10% against the previous year.

This report provides an in-depth analysis of the tanker market in the Philippines. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 30112210 - Crude oil tankers
Prodcom 30112230 - Oil product tankers
Prodcom 30112250 - Chemical tankers
Prodcom 30112270 - Gas carriers

Country coverage:

Philippines

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in the Philippines
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023