PUBLISHER: The Business Research Company | PRODUCT CODE: 1667655
PUBLISHER: The Business Research Company | PRODUCT CODE: 1667655
A crude oil carrier is a seafaring vessel designed and constructed specifically for the transportation of crude oil and its derivatives across oceans and seas.
The primary categories of vessels within the crude oil carrier sector include Very Large Crude Carriers (VLCC), Suezmax, Aframax, Ultra Large Crude Carriers (ULCC), and Panamax. VLCCs, for instance, are characterized by a capacity exceeding 250,000 Deadweight Tonnage (DWT). Various ranges of Deadweight Tonnage are utilized, such as 120,000 mt-180,000 mt, 180,000 mt-320,000 mt, 25,000 mt-50,000 mt, 50,000 mt-75,000 mt, 75,000 mt-120,000 mt, and above 320,000 mt. Additionally, different hull types, including double bottom, double hull, and single bottom, are employed for diverse applications such as transporting diesel, gasoline, aviation turbine fuel, and other petroleum products.
The crude oil carrier market research report is one of a series of new reports from The Business Research Company that provides crude oil carrier market statistics, including crude oil carrier industry global market size, regional shares, competitors with a crude oil carrier market share, detailed crude oil carrier market segments, market trends and opportunities, and any further data you may need to thrive in the crude oil carrier industry. This crude oil carrier market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The crude oil carrier market size has grown steadily in recent years. It will grow from$198.63 billion in 2024 to $205.24 billion in 2025 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to oil demand and production, geopolitical factors, economic growth and oil consumption, regulatory changes, oil price fluctuations
The crude oil carrier market size is expected to see steady growth in the next few years. It will grow to $243.71 billion in 2029 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to emerging market demand, oil price forecasts, investments in carrier fleet expansion, global trade agreements, oil production expansion. Major trends in the forecast period include eco-friendly vessel designs, digitalization and automation, LNG-powered carriers, dual-fuel technology adoption, slow steaming practices.
The anticipated expansion of the crude oil carrier market is underpinned by a growing demand for crude oil and its derivatives. Crude oil, composed of hydrocarbons in a liquid state found in natural underground reservoirs, maintains its liquidity under normal pressure even after undergoing surface-separating processes. The by-products, acquired through the refining process in a refinery, encompass essential products such as gasoline, aviation fuel, diesel, and asphalt. Crude oil carriers play a pivotal role in transporting substantial volumes of crude oil and associated by-products from offshore platforms to transshipment terminals. Notably, in March 2023, the U.S. Energy Information Administration reported an increase in U.S. crude oil output to 12.4 million b/d, up from the previous record of 11.7 million b/d in 2022, reflecting the market's responsiveness to heightened demand.
The rise in transportation activities is expected to drive growth in the crude oil carrier market. Transportation involves moving people, goods, or animals between locations, and increased demand for fuel across various sectors boosts the need for crude oil carriers. For example, in September 2024, the American Trucking Association reported that trucks accounted for 66.5% of the value of surface trade between the United States and Canada in 2023. Consequently, the expanding transportation sector is contributing to the growth of the crude oil carrier market.
Leading companies in the crude oil carrier market are advancing innovative solutions, such as dual-purpose crude oil and liquefied natural gas (LNG) carriers, to improve fuel efficiency and reduce emissions. These specialized vessels are designed to safely and efficiently transport crude oil and LNG, supporting the reliable delivery of these essential energy resources. For example, in August 2023, Russia-based Zvezda shipyard launched the Arc6 Valentin Pikul and Arc6 Sergei Witte carriers to transport oil and LNG as part of ongoing projects. The latest vessel in this series, Sergei Witte, has a capacity of 172,600 cubic meters, playing a vital role in Russia's Arctic energy initiatives to meet the rising global demand for LNG and oil exports.
Major companies operating in the crude oil carrier market are strategically engaging in partnerships and collaborations to enhance their market profitability. These strategic alliances involve collaborative relationships established between two or more organizations with the aim of achieving specific business objectives or goals. A notable instance occurred in December 2023 when China Merchants Energy Shipping (CMES), a China-based shipping company, entered into contracts with Dalian Shipbuilding, a China-based shipbuilding company. The agreement pertains to the construction of two LNG (liquefied natural gas) carriers and two Aframax crude oil tankers. The LNG carriers, built at Dalian Shipbuilding Industry Co., Ltd. (DSIC) for a total cost of $470 million, and the Aframax crude oil tankers, designed by DSIC, measure 243 meters in length and 44 meters in width, with a capacity of 115,000 deadweight tons (dwt).
In May 2023, DHT Holdings Inc., a Bermuda-based crude oil tanker company, executed the acquisition of a Very Large Crude Carrier (VLCC) from Hyundai Heavy Industries for a sum of $94.5 million. This strategic acquisition is anticipated to enhance the efficiencies of DHT's fleet, including metrics such as the Annual Efficiency Ratio (AER) and Energy Efficiency Operational Index (EEOI). Hyundai Heavy Industries, a South Korea-based company, is actively involved in the production and operation of crude oil carriers, contributing to the overall dynamics of the market.
Major companies operating in the crude oil carrier market include China Shipping Tanker Co. Ltd., Maersk Tankers A/S, Kuwait oil Tanker Company S.A.K, OSG Ship Management Inc., Alaska Tanker Company LLC, Keystone Shipping Co., Shipping Corporation of India Ltd., Frontline Ltd., Tsakos Energy Navigation Limited, National Iranian Tanker Company, Euronav NV, Tankers International LLC, SFL Corporation Ltd., Nordic American Tankers Limited, AET Tanker Holdings Sdn Bhd, Teekay Corporation, Angelicoussis Shipping Group Limited., Mitsui OSK Lines Ltd., Scorpio Tankers Inc., DHT Holdings Inc., Ardmore Shipping Corp., Oman Shipping Company S.A.O.C., Ocean Tankers Ltd., Diamond S Shipping Inc., Dynacom Tankers Management Ltd., Gener8 Maritime Inc., Hafnia Limited, International Seaways Inc., PAO Sovcomflot, Maran Tankers Management Inc., Navios Maritime Partners L.P.
Asia-Pacific was the largest region in the crude oil carrier market in 2024. The regions covered in the crude oil carrier market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the crude oil carrier market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The crude oil carrier market consists of sales of shuttle tankers, arctic crude oil tankers, oil storage vessels, oil barges, and deck oil carriers. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Crude Oil Carrier Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on crude oil carrier market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for crude oil carrier ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The crude oil carrier market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.