The Global Tanker Shipping Market was valued at USD 41.3 billion in 2024 and is expected to reach USD 70.7 billion by 2030, growing at a CAGR of 9.2% during the forecast period. The market is primarily fueled by increasing global energy consumption, particularly for crude oil, refined petroleum products, and liquefied natural gas (LNG). Emerging economies like China and India are leading energy importers due to rapid industrialization and economic growth, driving demand for both crude and product tankers. The LNG sector is also expanding as nations shift towards cleaner fuels, elevating the need for LNG carriers. Geopolitical disruptions in major maritime chokepoints are altering shipping routes and extending voyage distances, thus increasing freight rates and ton-mile demand. On the supply side, limited fleet expansion and an aging vessel base are tightening capacity. At the same time, stringent environmental regulations are prompting investment in fuel-efficient, eco-compliant vessels. Technological innovations-such as AI-assisted navigation and predictive maintenance-are further boosting fleet performance and operational efficiency.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 41.3 Billion
Market Size 2030	USD 70.7 Billion
CAGR 2025-2030	9.2%
Fastest Growing Segment	Oil Tankers
Largest Market	North America

Key Market Drivers

Rising Global Energy Demand and Expanding Oil & Gas Trade

The surge in global energy consumption is a major driver of the tanker shipping market, with growing demand for crude oil, natural gas, and petrochemical products across developing regions such as Asia-Pacific, the Middle East, and Africa. Countries like China and India have significantly ramped up crude oil and LNG imports to meet energy needs in industrial, transport, and residential sectors. This has led to a sharp rise in demand for crude and product tankers transporting fuels like diesel, jet fuel, and gasoline. Meanwhile, regions like the U.S., the Middle East, and West Africa have scaled up production, stimulating long-distance maritime trade routes and boosting "ton-mile" demand due to extended travel between sources and consumption hubs. In addition, increasing exports of refined products and petrochemical feedstocks such as naphtha have led to more frequent and complex tanker movements, supporting demand for chemical tankers and diversified tanker operations.

Key Market Challenges

Volatility in Oil Prices and Global Economic Uncertainty

The tanker shipping market is highly sensitive to fluctuations in crude oil prices and overall economic conditions. Demand for tankers depends on global oil output, trade flows, and consumption levels. When oil prices rise, production typically increases, thereby enhancing seaborne trade and tanker utilization. In contrast, declining prices or production curbs-triggered by factors like geopolitical tensions or OPEC+ decisions-can lead to sharp drops in shipping demand. Broader economic downturns, such as recessions or pandemics, can also negatively affect energy consumption and refinery output, leading to reduced cargo volumes and idle tanker fleets. For example, during the COVID-19 pandemic in 2020, despite some tankers being used for floating storage, overall utilization and freight rates dropped significantly, illustrating the market's vulnerability to global shocks.

Key Market Trends

Shift Toward Fleet Modernization and Eco-Efficient Tankers

The global tanker shipping market is undergoing a transformation through rapid fleet modernization aimed at compliance with environmental regulations and improving cost-efficiency. Shipowners are decommissioning older vessels and investing in new eco-tankers equipped with features such as optimized hull designs, dual-fuel engines, air lubrication technology, and scrubber systems. These advancements not only reduce greenhouse gas emissions but also help operators achieve fuel savings and better charter rates. This shift is largely driven by stringent regulations introduced by the International Maritime Organization (IMO), including the Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII). Non-compliance could lead to penalties or operational limitations, pushing shipowners to prioritize sustainable technologies. Consequently, modern eco-tankers are becoming the preferred choice for charters, aligning with both regulatory and commercial imperatives.

Key Market Players

Euronav NV
Frontline Ltd.
Teekay Corporation
Maran Tankers Management Inc.
Scorpio Tankers Inc.
MISC Berhad
NYK Line (Nippon Yusen Kabushiki Kaisha)
Tsakos Energy Navigation Ltd.

Report Scope:

In this report, the Global Tanker Shipping Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Tanker Shipping Market, By Type:

Oil Tankers
Liquid Gas Tankers
Chemical Tankers

Tanker Shipping Market, By Mode of Transportation:

Deep sea
Coastal
Inland

Tanker Shipping Market, By Region:

North America
- United States
- Canada
- Mexico
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
South America
- Brazil
- Colombia
- Argentina
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Tanker Shipping Market.

Available Customizations:

Global Tanker Shipping Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends

4. Voice of Customer

5. Global Tanker Shipping Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Type (Oil Tankers, Liquid Gas Tankers, Chemical Tankers)
- 5.2.2. By Mode of Transportation (Deep sea, Coastal, Inland)
- 5.2.3. By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)
5.3. By Company (2024)
5.4. Market Map

6. North America Tanker Shipping Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Mode of Transportation
- 6.2.3. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Tanker Shipping Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Type
    - 6.3.1.2.2. By Mode of Transportation
- 6.3.2. Canada Tanker Shipping Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Type
    - 6.3.2.2.2. By Mode of Transportation
- 6.3.3. Mexico Tanker Shipping Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Type
    - 6.3.3.2.2. By Mode of Transportation

7. Europe Tanker Shipping Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Mode of Transportation
- 7.2.3. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Tanker Shipping Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Type
    - 7.3.1.2.2. By Mode of Transportation
- 7.3.2. France Tanker Shipping Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Type
    - 7.3.2.2.2. By Mode of Transportation
- 7.3.3. United Kingdom Tanker Shipping Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Type
    - 7.3.3.2.2. By Mode of Transportation
- 7.3.4. Italy Tanker Shipping Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Type
    - 7.3.4.2.2. By Mode of Transportation
- 7.3.5. Spain Tanker Shipping Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Type
    - 7.3.5.2.2. By Mode of Transportation

8. Asia Pacific Tanker Shipping Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Mode of Transportation
- 8.2.3. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China Tanker Shipping Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Type
    - 8.3.1.2.2. By Mode of Transportation
- 8.3.2. India Tanker Shipping Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Type
    - 8.3.2.2.2. By Mode of Transportation
- 8.3.3. Japan Tanker Shipping Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Type
    - 8.3.3.2.2. By Mode of Transportation
- 8.3.4. South Korea Tanker Shipping Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Type
    - 8.3.4.2.2. By Mode of Transportation
- 8.3.5. Australia Tanker Shipping Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Type
    - 8.3.5.2.2. By Mode of Transportation

9. Middle East & Africa Tanker Shipping Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Mode of Transportation
- 9.2.3. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Tanker Shipping Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Type
    - 9.3.1.2.2. By Mode of Transportation
- 9.3.2. UAE Tanker Shipping Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Type
    - 9.3.2.2.2. By Mode of Transportation
- 9.3.3. South Africa Tanker Shipping Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Type
    - 9.3.3.2.2. By Mode of Transportation

10. South America Tanker Shipping Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Type
- 10.2.2. By Mode of Transportation
- 10.2.3. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil Tanker Shipping Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Type
    - 10.3.1.2.2. By Mode of Transportation
- 10.3.2. Colombia Tanker Shipping Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Type
    - 10.3.2.2.2. By Mode of Transportation
- 10.3.3. Argentina Tanker Shipping Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Type
    - 10.3.3.2.2. By Mode of Transportation

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends and Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Company Profiles

13.1. Euronav NV
- 13.1.1. Business Overview
- 13.1.2. Key Revenue and Financials
- 13.1.3. Recent Developments
- 13.1.4. Key Personnel
- 13.1.5. Key Product/Services Offered
13.2. Frontline Ltd.
13.3. Teekay Corporation
13.4. Maran Tankers Management Inc.
13.5. Scorpio Tankers Inc.
13.6. MISC Berhad
13.7. NYK Line (Nippon Yusen Kabushiki Kaisha)
13.8. Tsakos Energy Navigation Ltd.