Republic of Korea: Tanker Market 2024

Tanker Market Size in Republic of Korea

The South Korean tanker market amounted to $X in 2021, with an increase of 9.6% against the previous year. The market value increased at an average annual rate of +2.1% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the near future.

Tanker Production in Republic of Korea

In value terms, tanker production reached $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 7.3% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Tanker Exports

Exports from Republic of Korea

In 2021, tanker exports from South Korea dropped to X units, waning by -10.2% compared with the previous year. Over the period under review, exports saw a perceptible decrease. The pace of growth appeared the most rapid in 2014 with an increase of 23% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, tanker exports dropped to $X in 2021. Overall, exports showed a noticeable descent. The most prominent rate of growth was recorded in 2016 when exports increased by 28%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Marshall Islands (X units), Malta (X units) and Greece (X units) were the main destinations of tanker exports from South Korea, together accounting for 54% of total exports. Liberia, Panama, Singapore, Bahamas and Norway lagged somewhat behind, together comprising a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +13.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tanker exported from South Korea were Marshall Islands ($X), Malta ($X) and Greece ($X), with a combined 56% share of total exports.

Among the main countries of destination, Malta, with a CAGR of +10.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average tanker export price amounted to $X per unit, increasing by 4.4% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by 14% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Malta ($X per unit), while the average price for exports to Liberia ($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 Malta (+1.5%), while the prices for the other major destinations experienced mixed trend patterns.

Tanker Imports

Imports into Republic of Korea

After two years of decline, purchases abroad of tankers increased by 250% to X units in 2021. Over the period under review, imports, however, showed a deep setback. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, tanker imports skyrocketed to $X in 2021. Overall, imports, however, recorded a perceptible decline. Imports peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Marshall Islands (X units), Japan (X units) and Vietnam (X units) were the main suppliers of tanker imports to South Korea, with a combined 86% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Marshall Islands (with a CAGR of +13.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Marshall Islands ($X), Japan ($X) and China ($X) appeared to be the largest tanker suppliers to South Korea, together accounting for 67% of total imports. These countries were followed by Vietnam and Panama, which together accounted for a further 17%.

Vietnam, with a CAGR of +12.0%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average tanker import price amounted to $X per unit, with an increase of 34% against the previous year. Overall, import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when the average import price increased by 52% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per unit), while the price for Marshall Islands ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+32.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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