Europe: Tanker Market 2024

Tanker Market Size in Europe

The Europe tanker market shrank to $X,606.5B in 2022, waning by X% against the previous year. Over the period under review, consumption recorded a slight descent. As a result, consumption reached the peak level of $X,985.5B. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Tanker Production in Europe

In value terms, tanker production shrank to $X,481.3B in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. As a result, production attained the peak level of $X,037.9B. From 2019 to 2022, production growth failed to regain momentum.

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Tanker Exports

Exports in Europe

In 2022, shipments abroad of tankers increased by X% to X units, rising for the second year in a row after three years of decline. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The volume of export peaked in 2022 and is likely to see steady growth in years to come.

In value terms, tanker exports declined to $X in 2022. In general, exports, however, recorded a noticeable shrinkage. The growth pace was the most rapid in 2014 with an increase of X%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Sweden was the main exporter of tankers in Europe, with the volume of exports reaching X units, which was approx. X% of total exports in 2022. It was distantly followed by Norway (X units), committing a X% share of total exports. The following exporters - the Netherlands (X units) and Denmark (X units) - each accounted for a X% share of total exports.

Sweden was also the fastest-growing in terms of the tankers exports, with a CAGR of X% from 2012 to 2022. At the same time, Norway (X%), Denmark (X%) and the Netherlands (X%) displayed positive paces of growth. From 2012 to 2022, the share of Sweden and Norway increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Denmark ($X), Norway ($X) and the Netherlands ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports. Sweden lagged somewhat behind, accounting for a further X%.

Sweden, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Europe amounted to $X,605 per unit, reducing by X% against the previous year. Over the period under review, the export price faced a sharp setback. The pace of growth was the most pronounced in 2018 an increase of X%. The level of export peaked at $X,295 per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Denmark ($X,866 per unit), while Sweden ($X per unit) was amongst the lowest.

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

Tanker Imports

Imports in Europe

In 2022, tanker imports in Europe reduced slightly to X units, falling by X% on the year before. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of X units, and then dropped modestly in the following year.

In value terms, tanker imports declined markedly to $X in 2022. Over the period under review, imports continue to indicate a perceptible decrease. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the UK (X units), distantly followed by the Netherlands (X units), Poland (X units), Denmark (X units), France (X units) and Germany (X units) were the main importers of tankers, together making up X% of total imports. Russia (X units), Belgium (X units), Finland (X units), Norway (X units), Hungary (X units) and Serbia (X units) took a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tanker importing markets in Europe were France ($X), Germany ($X) and Denmark ($X), together accounting for X% of total imports. Poland, the Netherlands, Norway, Finland, Belgium, Russia, Hungary, Serbia and the UK lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Hungary, with a CAGR of X.5%, saw the highest rates of growth with regard to 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

In 2022, the import price in Europe amounted to $X,155 per unit, which is down by X% against the previous year. Overall, the import price continues to indicate a pronounced descent. The pace of growth appeared the most rapid in 2016 when the import price increased by X%. As a result, import price reached the peak level of $X,319 per unit. From 2017 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($X,652 per unit), while the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (X.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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