Tanker shipping facilitates the transportation of liquid hydrocarbons in bulk for international trade. Crude oil carriers are oil tankers that carry crude oil in bulk primarily used for long-haul transportation. They are designed to carry unrefined crude oil from extraction and production sites to refineries. Special attention is paid to the designing of global crude oil carriers market to reduce evaporation loss.
Other than these carriers, barges, pipelines, rail tank cars, and tank trucks are used for the transportation of crude oil. They can range in capacity from 55000 DWT (deadweight metric tons) for Panamax vessels to 440000 DWT for ULCCs (ultra large crude carriers). Depending on the distance to the succeeding bunkering port, the cargo can carry 90%–94.5% of its deadweight capacity.
High Crude Oil Demand an Incentive to Build Large Cargos
The recent fall in crude oil prices has led to an increase in refinery throughput and oil products trading. This has proved to be beneficial for the crude carrier market. In the present scenario, the production of crude oil is greater than its consumption. Many are looking at this as a great opportunity to expand their inventory while the prices are low. The increased inventory demands are vital in propelling the growth of the global market.
Bulk demand and long-haul transportation needs have to be fulfilled using larger shipping vessels. On the basis of vessel type, ULCCs and VLCCs (very large crude carriers) together accounted for a dominant 63% of the crude oil carriers market in 2015. Suezmax held nearly 14% of the global market in 2015, whereas Aframax held nearly 21% and Panamax accounted for the remaining 2% of the global crude oil carrier market.
Crude Carriers Evolve as a Primary Requirement to Meet Unprecedented Demand for Crude Oil
APAC is the key consumer of crude oil, as crude oil from the emerging West African and South American oil producing regions is shipped to several Asia Pacific countries. The demand for oil carriers is generated by the increasing crude oil production and the subsequent need for more refining units. The high economic development rates of countries such as India and China fuel the demand for crude oil, thus increasing the demand for crude carriers.
In terms of geography, the crude oil carriers market has been categorized into Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific accounted for a massive 41% of the crude oil carriers market in 2015. Countries such as Japan, China, South Korea, and Malaysia manage the majority of crude oil carriers in APAC, while Greece alone took up 17% of the global crude carrier market in 2015.
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Some of the key companies in the crude oil carriers market are Teekay Corporation, The National Shipping Company of Saudi Arabia (Bahri), Sovcomflot Group, Overseas Shipholding Group (OSG), OMAN SHIPPING COMPANY S.A.O.C., Ocean Tankers (pte) Ltd., NYK line, National Iranian Tanker Company, Maran Tankers Management Inc., Frontline Ltd., Euronav, China Shipping Development Corp (CSDC), Dynacom Tankers Management Ltd., and AET Tanker Holdings Sdn Bhd.