Global Tanker Shipping Market Size By Type (Crude Oil Tankers, Product Tankers), By Size (Suezmax Tankers, Aframax Tankers), By Cargo Type (Liquid Bulk Cargo, Dry Bulk Cargo), By Charter Type (Time Charter, Voyage Charter), By Ownership (Independent Owners, Oil Companies), By Geographic Scope And Forecast

Report ID: 872512 Published: February 2025 Study Period: 2023-2033 Pages: 210+ Format: PDF Report Output Sheet PPT Presentation
Tanker Shipping Market  - Verified Market Reports

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Tanker Shipping Market Insights

Tanker Shipping Market size is estimated to be USD XX Billion in 2024 and is expected to reach USD by 2033 at a CAGR of ZZ% from 2026 to 2033.

The tanker shipping market is a vital segment of the global maritime industry, primarily responsible for transporting liquid bulk cargoes such as crude oil, refined petroleum products, chemicals, and liquefied natural gas (LNG). As of 2023, the tanker fleet comprises approximately 12,500 vessels, with a combined capacity of over 500 million deadweight tons (DWT). This sector is crucial for energy security and global trade, as it facilitates the movement of around 3 billion tons of crude oil annually. Factors such as fluctuating oil prices, geopolitical tensions, and regulatory changes significantly influence market dynamics. The market outlook for tanker shipping is shaped by several trends, including the increasing demand for energy and the transition towards cleaner fuels. The Inteational Energy Agency (IEA) projects global oil demand to rise to 104 million barrels per day by 2024, which underscores the need for efficient transportation solutions. Additionally, the growing focus on sustainability and environmental regulations is driving innovation within the sector, prompting investments in eco-friendly vessels and alteative fuels. In 2022, the global tanker shipping market was valued at approximately $45 billion and is expected to witness a compound annual growth rate (CAGR) of 6% from 2023 to 2030.

One of the key processes in the tanker shipping market is fleet optimization. This involves strategically managing vessel operations to enhance efficiency, reduce costs, and minimize environmental impact. Effective fleet optimization ensures that tankers are deployed in the most profitable routes while maintaining compliance with inteational regulations. By leveraging advanced technologies and data analytics, companies can improve decision-making processes, leading to better operational performance and increased competitiveness in a challenging market landscape.

The applications of tanker shipping extend across multiple industries, including oil and gas, chemicals, and food processing. In the oil and gas sector, tankers play a crucial role in transporting crude oil from extraction sites to refineries, while the chemical industry relies on specialized tankers for the safe movement of hazardous materials suits. Additionally, the food processing industry utilizes tankers for transporting liquid food products, such as vegetable oils and juices. As industries continue to evolve, the versatility of tanker shipping will remain essential in meeting global supply chain demands.

Tanker Shipping Market  Size And Forecast

Tanker Shipping Market Key Takeaways

  • North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa have made substantial contributions to the tanker transportation business. The Asia Pacific region dominated the market, representing over 40% of the revenue share. Europe accounted for 25%, and North America supplied 20%. The Middle East and Africa, along with Latin America, constituted the remaining 15%.
  • The Asia Pacific region is the most rapidly expanding, with considerable demand fueled by the rise in oil and gas transportation, greatly contributing to overall market growth.
  • Oil tankers constituted 50% of the tanker shipping business, while chemical tankers accounted for 30%. LNG carriers accounted for 15%, and other types comprised 5% of the market share.
  • Chemical tankers have emerged as the most rapidly expanding sub-segment, driven by the rising demand for the transportation of chemicals and other liquid commodities in worldwide markets.
  • Deep Sea shipping commanded the predominant market share, representing over 60% of the market, propelled by inteational trade and the long-distance transfer of crude oil and chemicals.
  • Coastal shipping is anticipated to expand at the highest rate during the projection period, propelled by regional demand and infrastructure advancements.

Tanker Shipping Market Dynamics

The tanker shipping market plays a pivotal role in the global economy, facilitating the transportation of crude oil, refined petroleum products, chemicals, and liquefied natural gas (LNG). As of 2022, the global tanker shipping market was valued at approximately $36 billion, with the Inteational Maritime Organization (IMO) projecting a steady growth rate of 4% annually through 2027. This growth is primarily driven by increasing energy demands, especially in emerging markets, alongside the ongoing shift towards cleaner energy sources. The market is characterized by its volatility, heavily influenced by geopolitical factors, regulatory changes, and fluctuations in oil prices. Understanding the dynamics of this market requires a comprehensive look at its drivers, restraints, opportunities, and challenges. The interplay of these factors creates a complex environment for stakeholders, from shipping companies to oil producers and consumers. The tanker shipping market is also impacted by advancements in technology and shifting consumer preferences, emphasizing the need for a nuanced understanding of these dynamics.

Market Drivers

  • Several key drivers contribute to the expansion of the tanker shipping market. First and foremost, the growing demand for energy, particularly in developing nations such as India and China, propels the need for efficient and reliable transportation of oil and gas. According to the U.S. Energy Information Administration (EIA), global oil consumption is expected to increase by 1.8 million barrels per day (bpd) by 2025. Additionally, the rise in shale oil production in the U.S. has reshaped supply chains and influenced gas tanker routes, as U.S. exports become more competitive on the global stage.
  • Furthermore, the shipping industry is witnessing a surge in the adoption of digital technologies. Innovations such as the Inteet of Things (IoT), artificial intelligence (AI), and big data analytics are enhancing operational efficiencies, reducing costs, and improving safety standards. According to the Inteational Maritime Organization (IMO), implementing these technologies could lead to a reduction in operational costs by up to 15%, a substantial incentive for companies looking to maximize profit margins.

Market Restraints

  • Despite its growth potential, the tanker shipping market faces significant restraints. Regulatory challenges, particularly those related to environmental standards, are increasingly stringent. The IMO's target to reduce greenhouse gas emissions from ships by at least 50% by 2050 compels shipping companies to invest heavily in compliant technologies, which can be a financial burden. In addition, the volatility of oil prices poses a major risk to profitability.
  • Price fluctuations, influenced by geopolitical tensions and market dynamics, can lead to unpredictable revenue streams for tanker operators. Moreover, the COVID-19 pandemic revealed vulnerabilities in global supply chains, causing delays and increased costs. While the market is recovering, lingering effects, such as port congestion and labor shortages, continue to hinder operational efficiency.

Market Opportunities

  • On the other hand, the tanker shipping market is ripe with opportunities. The transition towards cleaner energy offers avenues for innovation and growth. The increasing demand for LNG and renewable energy sources opens new routes and operational models for tanker shipping. As govements worldwide implement policies promoting cleaner fuels, the market for LNG transportation is projected to grow significantly.
  • According to the Inteational Gas Union, the global LNG market is expected to reach 700 million tonnes by 2030, presenting a lucrative opportunity for tanker operators. Additionally, emerging technologies such as hydrogen and ammonia as marine fuels are gaining traction. As research progresses, shipping companies that adopt these innovations early may gain a competitive edge. Investment in eco-friendly ships and retrofitting existing vessels to meet new standards can enhance brand reputation and attract environmentally-conscious customers.

Market Challenges

  • While opportunities abound, several challenges remain. The high capital investment required for fleet modeization and compliance with environmental regulations can be daunting, especially for smaller operators. Furthermore, increasing competition from alteative transport modes, such as pipelines and rail, could erode market share for tanker shipping companies. Additionally, geopolitical uncertainties, such as trade disputes and regional conflicts, can disrupt shipping routes and impact freight rates.
  • Companies must remain agile and responsive to these exteal pressures, necessitating robust risk management strategies. The need for sustainability in operations further complicates this landscape, as companies must balance profitability with environmental responsibility. In summary, the tanker shipping market dynamics reflect a complex interplay of various factors influencing growth and stability. While the market offers substantial opportunities, stakeholders must navigate the challenges and constraints effectively to thrive in this evolving landscape.

Top Tanker Shipping Companies

The global tanker shipping market is dominated by a handful of major players who significantly impact the industry with their advanced fleets, operational expertise, and strategic global reach. These companies lead the market, offering comprehensive solutions and logistics for transporting bulk liquids worldwide. Below are descriptions of three key industry players.

Teekay Corp is a leading name in the global tanker shipping market, known for its vast fleet of tankers and offshore vessels. With a legacy spanning over four decades, Teekay offers advanced shipping services across the world, focusing on both transportation and offshore oil & gas logistics. Their diverse portfolio includes crude oil, LNG, and product tankers. The company’s operational excellence is backed by innovation, safety, and sustainability efforts in their services. Their inteational footprint ensures efficient and reliable delivery, making them an industry coerstone.

Frontline Ltd is one of the largest tanker shipping companies globally, specializing in crude oil transportation. The company operates a large fleet of VLCCs (Very Large Crude Carriers) and Suezmax vessels, which are integral to the movement of crude oil worldwide. Frontline has established a solid reputation for its commitment to safety, environmental protection, and operational efficiency. They offer a comprehensive suite of services ranging from spot market to long-term charters, with a robust portfolio that serves major oil producers and refiners globally.

  • Nordic American Tanker
  • COSCO
  • Ship Finance Inteational Limited
  • Other major companies in the market are DHT Holdings Inc,Easte Pacific Shipping,Mitsui O.S.K. Lines,AET,The Maersk Group,Orient Overseas Container Line Limited

Global Tanker Shipping Market Segment Insights

The Global Tanker Shipping Market is segmented on the basis of Product/Type, Application, Size, Age

Segment Insights by Product/Type

Service - Tankers used for various services such as shipping of goods, transportation of fuels, and even aid transport around the world. They play a vital role in the economic growth of many nations by helping to transport commodities from regions of production to the regions of consumption. The size of the oil tankers vary according to the type and volume of goods/fuels they need to transport.

Oil Tankers – These vessels are specially designed to transport petroleum and petroleum products in bulk, such as crude oil, fuel, and lubricants. Usually, there are accidental oil spills that cause severe pollution of the marine environment. It is important to make sure that the oil tankers are safe and comply with the safety and pollution control regulations.

Chemical Tankers – Used to transport hazardous or non-hazardous liquids, ranging from chemicals and liquefied gases to food products. These vessels are capable of carrying various dangerous and hazardous cargoes, such as liquefied natural gas (LNG) and liquefied petroleum gas (LPG). Because of the nature of the cargo, safety is paramount during the operation of these vessels.

LNG Carrier – Specialized deep-sea vessels that are used to transport Liquefied Natural Gas (LNG) from one port to another. They are designed to carry cryogenic cargo like LNG, which can be stored at a temperature of -162°C. To keep the temperature at such low level, the vessels use special insulation techniques.

Others – These vessels typically include dry bulk carriers, reefers, container ships, and car carriers. Dry bulk carriers transport commodities such as coal, grain and ore, while reefers carry perishable goods that require refrigeration. Container ships are commonly used for transporting manufactured goods, and car carriers transport vehicles.

Segment Insights by Application

Inland: Inland tanker shipping is the transportation of oil and other hazardous products by tankers on inland waterways, such as rivers, canals, and lakes. It is an important aspect of the global petroleum industry, as it serves as a crucial link between production facilities and end-users. Inland shipping typically involves smaller vessels than deep-sea shipping, and has its own set of safety and regulatory regulations.

Coastal: Coastal tanker shipping refers to the transportation of oil and other hazardous materials by tankers along shorelines. This type of shipping is especially important in regions such as the Mediterranean Sea and the North Sea, where the coastline is dotted with oil export and refining facilities. Coastal shipping usually requires larger vessels than inland shipping, and there are numerous regulations goveing the safety and environmental impact of this industry.

Deep Sea: Deep sea tanker shipping involves the transportation of oil and other hazardous materials by tankers across the world’s oceans. This type of shipping involves the largest vessels and requires the greatest safety precautions. It is also the most heavily regulated sector of the global tanker shipping market, and there are a number of laws and regulations that must be complied with in order to ensure the safest possible operations.

Segment Insights by Size

Small

Small tankers are typically used for transporting chemicals, crude oil, asphalt, food products, and liquefied petroleum gas (LPG). These tankers are generally in the range of 20,000 to 78,000 deadweight tons and measure between 183 and 250 meters in length. Small tankers are mainly used for short-haul maritime transportation services while avoiding transoceanic voyages.

Medium

Medium tankers are defined by the Inteational Maritime Organization as ships with a deadweight tonnage of between 79,999 and 308,000 tons and a length between 161 meters to 299 meters. These vessels are mainly used to transport refined oil products, food products, chemicals and sometimes, crude oil.

Large

Large tankers are defined as vessels with deadweight tonnage of more than 308,000 tons and measuring over 300 meters in length. These ships are mainly utilized to transport crude oil from the Middle East to Europe, Asia, North America and South America. These ships are also used to carry refined oil products such as gasoline, diesel, naphtha, etc.

Segment Insights by Age

New: New tanker ships are those vessels which have recently been constructed and delivered by shipbuilding yards. These vessels are typically equipped with the latest technologies, designed to offer minimal fuel consumption, and have the capability to carry a variety of different products and chemicals. Furthermore, these vessels come with high safety standards that are suited for long sea voyages.

Used:Used tanker ships are those vessels which have been previously owned and operated by other companies or organizations. Although these vessels may not have the latest technologies, they still offer economical transportation services. Furthermore, they are often designed with safety considerations in mind. These vessels may have more limited cargo carrying capacity compared with new vessels but offer cost-saving solutions for businesses.

Global Tanker Shipping Market Regional Analysis

North America

The Tanker Shipping Market in North America is experiencing a period of growth due to a number of factors. Firstly, the region is home to a large number of oil and gas companies, which are driving demand for tanker shipping services. Secondly, the region is also home to a number of ports and terminals, providing easy access to the global market. Thirdly, the region is also experiencing an increase in trade activity, which is further driving demand for tanker shipping services. In addition, the region is also seeing an increase in the number of new vessels entering the market, which is helping to meet the growing demand for tanker shipping services. Furthermore, the region is also seeing an increase in the number of new ports and terminals, providing more options for tanker shipping services. Finally, the region is also seeing an increase in the number of new regulations and standards, which are helping to ensure the safety and efficiency of tanker shipping services. Overall, the Tanker Shipping Market in North America is experiencing a period of growth due to a number of factors, including increased demand from oil and gas companies, increased trade activity, new vessels entering the market, new ports and terminals, and new regulations and standards.

Europe

The Tanker Shipping Market in the European region is experiencing a period of growth due to a number of factors. Firstly, the region is home to some of the world’s largest ports, which are hubs for inteational trade. This has led to increased demand for tanker shipping services. Secondly, the region is also home to a number of oil and gas producers, which has further increased the demand for tanker shipping services. Furthermore, the region is also home to a number of large oil refineries, which require tanker shipping services to transport their products. This has also contributed to the growth of the tanker shipping market in the region. Additionally, the region is also home to a number of large shipping companies, which have invested heavily in tanker shipping services. Finally, the region is also home to a number of large shipping companies, which have invested heavily in tanker shipping services. This has enabled them to offer competitive prices and services, which has further contributed to the growth of the tanker shipping market in the region. Overall, the Tanker Shipping Market in the European region is experiencing a period of growth due to a number of factors, including the presence of large ports, oil and gas producers, oil refineries, and shipping companies.

Asia

The Tanker Shipping Market in the Asian region is experiencing a period of growth due to a number of unique factors. Firstly, the region is home to some of the world’s largest economies, such as China, India and Japan, which are driving demand for oil and other commodities. Secondly, the region is home to some of the world’s busiest shipping lanes, which are providing a steady flow of tanker traffic. Finally, the region is home to a number of large oil producers, such as Saudi Arabia, Iran and Iraq, which are providing a steady supply of oil to the region. These factors are driving growth in the tanker shipping market in the Asian region, as well as providing opportunities for businesses to enter the market. However, there are also some risks associated with the market, such as the potential for geopolitical instability and the potential for oversupply of oil. As such, businesses should carefully consider the risks and opportunities before making any investment decisions.

Middle East

The Tanker Shipping Market in the Middle Easte region is experiencing a period of growth due to a number of unique factors. Firstly, the region is home to some of the world’s largest oil producers, making it a key hub for tanker shipping. Secondly, the region is strategically located between Europe, Asia and Africa, making it an ideal transit point for tanker shipping. Furthermore, the region is home to a number of ports that are well-equipped to handle tanker shipping. This has enabled the region to become a major hub for tanker shipping, with a number of major shipping companies operating in the region. Finally, the region is also home to a number of major oil refineries, which has further increased the demand for tanker shipping. This has enabled the region to become a major hub for tanker shipping, with a number of major shipping companies operating in the region. Overall, the Tanker Shipping Market in the Middle Easte region is experiencing a period of growth due to a number of unique factors. These include the region’s strategic location, its well-equipped ports, and its major oil refineries.

Latin America

The Tanker Shipping Market in Latin America is a rapidly growing sector. The region is home to some of the world’s largest oil and gas reserves, and the demand for tanker shipping services is increasing. The region’s proximity to the US and Europe, as well as its growing population, are driving the demand for tanker shipping services. The Latin American region is also home to some of the world’s most important ports, such as the Panama Canal, which is a major hub for tanker shipping. This has enabled the region to become a major player in the global tanker shipping market. The region’s political and economic stability, as well as its strong infrastructure, are also contributing to the growth of the tanker shipping market. The region’s govements are investing heavily in infrastructure and port development, which is helping to reduce costs and improve efficiency. The Latin American region is also home to some of the world’s most important oil and gas reserves, which are driving the demand for tanker shipping services. The region’s growing population and increasing demand for energy are also contributing to the growth of the tanker shipping market. Overall, the Tanker Shipping Market in Latin America is a rapidly growing sector, driven by the region’s proximity to the US and Europe, its strong infrastructure, political and economic stability, and its large oil and gas reserves.

Report Coverage

ATTRIBUTESDETAILS
STUDY PERIOD2023-2033
BASE YEAR2025
FORECAST PERIOD2026-2033
HISTORICAL PERIOD2023-2024
UNITVALUE
KEY COMPANIES PROFILEDTeekay Corp, Frontline Ltd, Tsakos Energy Navigation, Nordic American Tanker, COSCO, Ship Finance International Limited, DHT Holdings Inc Eastern Pacific Shipping, Mitsui O.S.K. Lines, AET, The Maersk Group, Orient Overseas Container Line Limited
SEGMENTS COVEREDBy Type - Crude Oil Tankers, Product Tankers, LNG Tankers, Chemicals Tankers, Multi-Purpose Tankers
By Size - Suezmax Tankers, Aframax Tankers, VLCC (Very Large Crude Carriers), Handysize Tankers, Panamax Tankers
By Cargo Type - Liquid Bulk Cargo, Dry Bulk Cargo, Containerized Cargo, Heavy Lift Cargo, Specialized Cargo
By Charter Type - Time Charter, Voyage Charter, Bareboat Charter, Contract of Affreightment (CoA), Demise Charter
By Ownership - Independent Owners, Oil Companies, Shipping Companies, Leasing Companies, Government-Owned Entities
By Geography - North America, Europe, APAC, Middle East Asia & Rest of World.

Research Methodology

The qualitative and quantitative data of the Recipe Apps Market is prepared through various research considerations such as subject matter expert advice, primary and secondary research. Primary research leverages valuable information from face-to-face and/or telephonic interviews and surveys, questionnaires, industry expert opinion, KOLs, customers, and others. Primary interviews are conducted regularly with industry experts to create in-depth expert information on the market and to substantiate the existing analysis of the data.

Secondary research done by Verified Market Reports research team through various sources such as

  • Company websites, annual reports, financial reports, investor presentations and SEC filings
  • Inteal and exteal proprietary databases, relevant patent, and regulatory databases
  • National govement documents, statistical databases, and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market
  • Paid database

Verified Market Reports contacted various key opinion leaders from the same industry, who are top and mid-level executives from top companies as well as executives (marketing heads, regional heads) from End users to collect information/data such as the dominance of particular brand in each country as well as overall region, pricing of services and products.

The data for total sales was determined through primary research in each of the countries by interviewing key opinion leaders which included insights from

  • C-Level Executives
  • Marketing Manager, Brand Manager, Product Manager
  • Sales Manager, Sales Officer, Regional Sales Manager, Country Manager
  • Procurement Manager
  • Production Manager
  • Technical Personnel
  • Distributors

The subject matter experts act as a key link to validate and substantiate the key research findings and understandings as the experts have acquired extensive experience in the market over the years. Secondary research data for the Recipe Apps Market are collected from the inteet, printed documents (company annual reports and research papers) related to the industry, industrial magazines, association findings, govement websites, and others. These multiple information sources provide a key outline of the market.

Frequently Asked Questions

With a valuation of XX billion USD in 2024, Tanker Shipping Market is anticipated to accelerate growth, attaining by 2033 at a CAGR of ZZ% from 2026 to 2033.

The leading Players in the market are Teekay Corp, Frontline Ltd, Tsakos Energy Navigation, Nordic American Tanker, COSCO, Ship Finance International Limited, DHT Holdings Inc Eastern Pacific Shipping, Mitsui O.S.K. Lines, AET, The Maersk Group, Orient Overseas Container Line Limited.

The Tanker Shipping Market is Segmented On The Basis Of Type, Size, Cargo Type, Charter Type, Ownership.

On the basis of Geography, The Tanker Shipping Market is classified into North America, Europe, Asia Pacific, and the Rest of the world.

Verified Market Reports provides a sample report for the Tanker Shipping Market as per requirements. In addition to that, 24*7 chat support & direct call services are available for further assistance.

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