Global Crude Oil Carriers Industry Size,Growth and Volume Report 2022

Crude Oil is considered as one of the most essential natural resource. It has several applications in a variety of fields like it is utilized to drive machinery, generate heat and also to fuel vehicles. On the other hand, its components are utilized for production of plastics, paints, chemicals, etc. An oil tanker, also referred to as a petroleum tanker, is a ship especially designed for the purpose of oil in bulk amounts. There are basically two different types of oil tankers namely crude tankers or crude oil carriers and product tankers.

Crude tankers or crude oil carriers move huge amounts of unrefined crude oil from the place of extraction to refineries. These tankers or carriers are usually large in size as well as the journeys are mostly longer in length; whereas, the product tankers are referred to those tankers that are considerably smaller in size as compared to that of the crude tankers and specifically designed to transport refined products to the consumer markets.

The factors that propel the growth of the global Crude Oil Carriers Market include high demand of oil all over the globe, expansions of refineries, high demand for transportation as well as benefits in transporting bulk liquid, etc. On the other hand, there are also factors that hamper the growth of the global Crude Oil Carriers Market such as time taken to unload the crude oil.

The global Crude Oil Carriers Market is classified on the basis of vessel type and geography. On the basis of vessel type, the global Crude Oil Carriers Market is classified as VLCC, ULCC, Suezmax, Aframax and Panamax. Amongst the vessel type, “VLCC” and “ULCC” type of vessel together accounted for a major share of the global Crude Oil Carriers Market in 2015. “VLCC” and “ULCC” type of vessel is followed by Aframax, Suezmax, and then Panamax. However, in consideration to all types of vessels, a huge number of VLCCs are in use as compared to the other vessel types.

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VLCC or Very Large Crude Carriers and ULCC or Ultra Large Crude Carriers are the major operating cargo vessels across the globe. They consist of a size in excess of 250,000 Dead Weight Tonnage (DWT).These huge ships are having the capability of transporting enormous volume of crude oil in a single journey. They are also referred to as “Super tankers”. These vessels are mainly utilized in order to transport long-haul crude from the Persian Gulf to countries in Europe, Asia and North America.

On the basis of geography, the global Crude Oil Carriers Market is classified as North America, Europe, Asia Pacific, and Rest of the World. The North American region comprises U.S. and Rest of North America. The European region comprises Greece, Belgium, and Rest of Europe. The Asia Pacific region comprises China, South Korea, Singapore, Japan, Malaysia, and Rest of Asia Pacific. Rest of World comprises Iran, Saudi Arabia, and Others.

In case of geography, Asia Pacific accounted for the major share of 41% of the global Crude Oil Carriers Market in 2015.In the Asia Pacific market, China presented a noteworthy share in spite of the sluggish economic growth. Some of the prominent players that fuel the growth of the global Crude Oil Carriers Market include AET Tanker Holdings Sdn Bhd, The National Shipping Company of Saudi Arabia (Bahri), China Shipping Development Corp (CSDC), Dynacom Tankers Management Ltd., Euronav, Frontline Ltd., Maran Tankers Management Inc., National Iranian Tanker Company, NYK line, Ocean Tankers (pte) Ltd., OMAN SHIPPING COMPANY S.A.O.C., Overseas Shipholding Group (OSG), Sovcomflot Group, and Teekay Corporation.

Market Segment:

Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Crude Oil Carriers in these regions, from 2012 to 2022 (forecast), covering
• North America
• Europe
• China
• Japan
• Southeast Asia
• India

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