Thailand: Tanker Market 2025

Tanker Market Size in Thailand

The Thai tanker market fell to $X in 2021, which is down by -11.3% against the previous year. Overall, consumption, however, continues to indicate strong growth. As a result, consumption attained the peak level of $X, and then fell in the following year.

Tanker Production in Thailand

In value terms, tanker production shrank to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 14% against the previous year. As a result, production attained the peak level of $X, and then dropped in the following year.

Tanker Exports

Exports from Thailand

In 2021, tanker exports from Thailand soared to X units, rising by 100% compared with the previous year. Over the period under review, exports showed a buoyant increase. The most prominent rate of growth was recorded in 2019 with an increase of 700% against the previous year. As a result, the exports reached the peak of X units. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, tanker exports skyrocketed to $X in 2021. In general, exports continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2019 when exports increased by 9,373%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Malaysia (X units), Bangladesh (X units) and Cambodia (X units) were the main destinations of tanker exports from Thailand. Moreover, tanker exports in Malaysia exceeded the figures recorded by the second-largest exporter, Bangladesh, twofold.

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

In value terms, the largest markets for tanker exported from Thailand were Malaysia ($X), Cambodia ($X) and Singapore ($X), with a combined 97% share of total exports.

Among the main countries of destination, Cambodia, with a CAGR of +40.4%, saw 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, shrinking by -18.2% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 2,564%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Bangladesh ($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 Brunei Darussalam (+275.9%), while the prices for the other major destinations experienced more modest paces of growth.

Tanker Imports

Imports into Thailand

In 2021, after two years of growth, there was significant decline in purchases abroad of tankers, when their volume decreased by -8.7% to X units. Over the period under review, imports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 400%. Imports peaked at X units in 2020, and then dropped in the following year.

In value terms, tanker imports dropped to $X in 2021. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 136% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Liberia (X units) constituted the largest tanker supplier to Thailand, accounting for a 38% share of total imports. Moreover, tanker imports from Liberia exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), fourfold. The third position in this ranking was taken by Greenland (X units), with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Liberia stood at +182.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+100.0% per year) and Greenland (0.0% per year).

In value terms, Liberia ($X), Malaysia ($X) and China ($X) were the largest tanker suppliers to Thailand, with a combined 60% share of total imports.

Among the main suppliers, Malaysia, with a CAGR of +115.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average tanker import price stood at $X per unit in 2021, growing by 5.2% against the previous year. Overall, the import price, however, recorded a significant contraction. The growth pace was the most rapid in 2014 when the average import price increased by 66%. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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 Japan ($X per unit), while the price for Bolivia ($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 (+10.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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