Global Tanker Shipping Market 2018-2022
About Tanker Shipping
Tanker shipping refers to the transportation of bulk goods, such as crude oil, gas, chemicals, and other products, obtained from the refining of crude oil. Tanker shipping is generally carried out by various types of tankers, such as crude tankers, chemical tankers, and gas tankers. Tanker shipping is regulated by the International Maritime Organization (IMO) globally.
Technavio’s analysts forecast the global tanker shipping market to grow at a CAGR of 5.13% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global tanker shipping market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Tanker Shipping Market 2018-2022
Technavio recognizes the following companies as the key players in the global tanker shipping market: AET Tankers, Bahri, Euronav, Mitsui O.S.K. Lines (MOL), and Teekay.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is advances in propulsion system of tankers. Marine two-stroke diesel engines have largely replaced marine steam turbine engines as two-stroke diesel engines are more economical than steam turbine engines for commercial purposes. Moreover, technological advances have led to the development of cross compound double reduction steam turbines.”
According to the report, one driver in the market is growth in global oil and gas logistics market. The demand for oil and gas is expected to increase during the forecast period, as global crude oil prices have been declining since 2012. The global demand for liquid hydrocarbons is expected to reach around 97 million barrels per day by 2020, registering a y-o-y growth rate of 1.2%. The global average oil demand is further expected to reach around 103 mb/d- 106 mb/d by 2030.
Further, the report states that one challenge in the market is fluctuation in Baltic dry index. The global tanker shipping that encompasses the transportation of crude oil, chemicals, and refined petroleum products is witnessing fluctuations in the Baltic dry index, an economic indicator related to the average index of moving goods in the sea by considering 23 global shipping routes. A high Baltic dry index reflects that the demand of the tanker ship is more when compared with its supply.
AET Tankers, Bahri, Euronav, Mitsui O.S.K. Lines (MOL), and Teekay.