Advancements in technology

Advancements in technology, tanker
modification, and globalization are major
factors that are driving the Tanker Shipping
Market
Transportation of fluids, such as gases and liquids, is
very important for the global economy. Tankers are
ships utilized to transport fluids from one
destination to another via the sea route. The fluids
transported include oil, chemical, LPG, and CNG.
These carriers are significantly large in size so that
fluids in bulk could be transported easily. Tanker
shipping is a convenient and economical way to
transport fluid in bulk across the globe.
Key players in the tanker shipping market are IINO
KAIUN KAISHA, Nordic Tankers, Odfjell, Tokyo
Marine, Stolt-Nielsen, Navig8 Chemicals, and
MISC.
Advancements in technology, tanker modification,
and globalization are major factors that are driving
the global tanker shipping market, which in turn
are fueling the demand for shipping tankers. The
global tanker shipping market is projected to
expand at a significant pace during the forecast
period owing to the increase in demand for fluids,
such as chemicals, gases, and oil, across the globe.
Increase in demand for crude oil is also a major
factor that is projected to drive the tanker shipping
market during the forecast period. Major restraints
of the tanker shipping market include irregular
distribution channels, government norms, oil prices,
and increase in prices of customized tankers, which
fuel the operating cost of transportation.
The Tanker Shipping Market can be segmented
based on tanker type (size), fluid, shipment route,
and region. These tanker types (size) are bifurcated
on the basis of tonnage and capacity. In terms of
tanker type (size), the tanker shipping market can
be classified into Ultra Large Crude Carrier (ULCC),
Very Large Crude Carrier (VLCC), Suezmax, Large
Range 2 (LR2), Large Range 1 (LR1), Medium Range
2 (MR2), Medium Range 1 (MR1), Intermediate
tanker, and small tanker. VLCCs are utilized to
transport around two million barrels of crude oil at
a time, twice the capacity of Suezmax tankers.
Based on fluid, the global tanker shipping market
can be split into vegetable oil, fuel, crude oil, LPG,
LNG, CNG, wines, molasses, and fresh water.
Increase in demand for crude oil and globalization
are key reasons boosting the demand for tanker
shipping. In terms of shipment route, the tanker
shipping market can be segregated into inland,
coastal, and deep sea. Based on region, the tanker
shipping market can be segmented into Europe,
North America, Middle East & Africa, Asia Pacific,
and Latin America. Asia Pacific is expected to lead
the global tanker shipping market due to high
population, disposable income, and raised demand
for crude oil and chemicals in the region. China
accounts for a major share of the market in Asia
Pacific as the country is a major exporter across the
globe and has a notable shipbuilding industry. The
market in Middle East & Africa is expected to
expand in the near future, as the region is a major
producer and exporter crude oil across the globe.
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Advancements in technology, tanker modification, and globalization are major factors that are driving the Tanker Shipping Market

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