Asia-Pacific: Tanker Market 2024

Tanker Market Size in Asia-Pacific

The Asia-Pacific tanker market shrank modestly to $X in 2022, waning by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Tanker Production in Asia-Pacific

In value terms, tanker production stood at $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

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Tanker Exports

Exports in Asia-Pacific

In 2022, overseas shipments of tankers decreased by X% to X units, falling for the third year in a row after two years of growth. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when exports increased by X%. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, tanker exports shrank to $X in 2022. In general, exports saw a mild decline. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, South Korea (X units) represented the major exporter of tankers, constituting X% of total exports. China (X units) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Japan (X%). The following exporters - India (X units) and Marshall Islands (X units) - together made up X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by India (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), China ($X) and Japan ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Marshall Islands and India lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, India, with a CAGR of X%, 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

The export price in Asia-Pacific stood at $X,109 per unit in 2022, waning by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X,818 per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Marshall Islands ($X,845 per unit), while Japan ($X,656 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the other leaders experienced mixed trends in the export price figures.

Tanker Imports

Imports in Asia-Pacific

Tanker imports contracted significantly to X units in 2022, with a decrease of X% on 2021 figures. Over the period under review, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of X%. The volume of import peaked at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, tanker imports declined to $X in 2022. Total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by X%. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Marshall Islands (X units) represented the key importer of tankers, making up X% of total imports. It was distantly followed by Singapore (X units), South Korea (X units), India (X units) and Hong Kong SAR (X units), together constituting a X% share of total imports. The following importers - Japan (X units), Bangladesh (X units), Indonesia (X units), Malaysia (X units), Vietnam (X units) and Pakistan (X units) - together made up X% of total imports.

Imports into Marshall Islands increased at an average annual rate of X% from 2012 to 2022. At the same time, Japan (X%), Hong Kong SAR (X%), South Korea (X%) and Vietnam (X%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2022. Bangladesh experienced a relatively flat trend pattern. By contrast, India (X%), Singapore (X%), Malaysia (X%), Indonesia (X%) and Pakistan (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Marshall Islands, Pakistan and Hong Kong SAR increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Marshall Islands ($X) constitutes the largest market for imported tankers in Asia-Pacific, comprising X% of total imports. The second position in the ranking was held by South Korea ($X), with a X% share of total imports. It was followed by India, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Marshall Islands amounted to X%. In the other countries, the average annual rates were as follows: South Korea (X% per year) and India (X% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X,959 per unit in 2022, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2020 an increase of X% against the previous year. Over the period under review, import prices attained the maximum at $X,587 per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Marshall Islands ($X,689 per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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