Crude oil carriers fleet market has grown by 8.4 million dead weight tones globally. Rising global population and succeeding demand for crude oil is expected to boost the overall market further. These carriers provide economical and convenient way to transport liquid bulk. Also, they facilitate international sea borne trade. Rising demand for bulk oil transportation facilities and services, especially from extraction locations to refineries is expected to contribute to escalating crude oil carriers fleet market demand.
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Less triangulation options and longer hauls to decrease ballasting are expected to bring growth opportunities for market participants. Rapid carriers demand basically due to greater refinery output and recent low prices is estimated to complement market growth. Significant economic growth of several emerged and emerging nations such as UAE, U.S, India and China etc has driven crude oil carriers fleet demand over the forecast period.
Rapid industrialization and globalization in several world economies is anticipated to boost the crude oil and its by-products market demand. High supply from OPEC countries coupled with ongoing low global oil prices are estimated to drive carriers demand over the coming years. As compared to historical averages, positive carrier fleet fundamentals coupled with augmented crude oil stockpiling due to low process OECD and non-OECD regions is expected to boost carriers demand.
Low bunker fuel prices encourages high income, this will lead to raise carrier application demand in the global market. Despite of seasonal fluctuations, demand for crude oil carrier has remained sturdy due to delay of other vessels in some regions .This was on account of overloaded onshore storage tanks.
Based on Geography, Worldwide market for Crude oil carriers fleet is segmented into Middle East and Africa, Central and South America, Asia Pacific, North America and Europe. North America is anticipated to offer lucrative opportunities to market players over the coming years. This mainly owing to increased crude oil production mainly in California, Texas and Gulf of Mexico.
Leading players in worldwide crude oil carriers market are Tankers International LLC., Essar Shipping, OSG Ship Management Inc., Maersk Tankers, China Shipping Tanker Co and Keystone Alaska Tanker Co.Market participants are involved in development of efficient and innovative transportation technologies in order to contribute to global market development.
Information Source: Radiants Insights