Global Crude Oil Carriers market is accounted for $172.67 billion in 2017 and is expected to reach $250.04 billion by 2026 growing at a CAGR of 4.1% during the forecast period.
Some of the major factors fuelling the market include increasing demand for bulk oil transportation services and facilities, rapid industrialization longer hauls and less triangulation options to reduce ballasting. In addition to this, lower costs of bunker fuels and trending of low global oil prices. However concerns regarding seasonal variations and high logistics expenditure are hampering the market growth.
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The global Crude Oil Carriers market is highly fragmented and the top key players have used various strategies such as new product launches, sales, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Crude Oil Carriers market for global, North America, Asia Pacific, South America and Middle East & Africa.
SOME OF THE KEY PLAYERS IN GLOBAL CRUDE OIL CARRIERS MARKET INCLUDE
- Teekay Corporation
- Sovcomflot Group
- Overseas Shipholding Group (OSG)
- OMAN SHIPPING COMPANY S.A.O.C.
- NYK line
- Ocean Tankers (pte) Ltd.
- National Iranian Tanker Company
- Mitsui O.S.K. Lines, Ltd. (MOL).
- Maran Tankers Management Inc.
- Frontline Ltd.
- Euronav, Dynacom Tankers Management Ltd
- China Shipping Development Corp (CSDC)
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On the basis of Vessel type, Very large crude carrier and ultra large crude carrier are known as super tankers. Its role and scope becomes far more feasible as they help to transport huge quantities of crude oil across the oceans and seas as they can carry huge quantities of crude oil in bulk, therefore economies of scale can be greatly realized. ULCCs and VLCCs have extremely high carrying capacity of over 250,000 DWT, allowing crude transportation of upto 550,000 DWT.
Vessel Types Covered:
- Ultra Large Crude Carriers (ULCC) and Very large crude carriers (VLCC)
Asia Pacific witnessed largest market share as they own and operate most of the crude oil carriers. North America is also expected to present profitable opportunities for carriers over the forecast period owing to high crude oil production in the U.S, mainly in the states of Texas, North Dakota, and California as well as in the Gulf of Mexico.
What our report offers:
– Market share assessments for the regional and country level segments
– Market share analysis of the top industry players
– Strategic recommendations for the new entrants
– Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
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