Global Crude Oil Carrier Market Projected To Achieve a Stunted Growth amid the COVID-19 Pandemic and Economic Slowdown in 2020

Consumers are utilizing the COVID-19 situation to pile up inventories, leading to sound business propositions for the companies engaged in crude oil transportationas the crude oil prices hitting their lowest levels. Amid the COVID-19 pandemic and economic slowdown in 2020, oil prices collapsed. Oil prizes dropped to 20-year lows even though the OPEC and its allies agreed to historic production cuts to stabilize prices.

Over 100 tankers are storing tens of millions of barrels of crude oil onboard. The world continues to struggle with an oil glut due to a drop in demand caused by the coronavirus even after top oil countries have cut production. The “Phase One” agreement of the U.S.-China trade war is not delivering on its promises. This situation is likely to set the tone for the rest of the year.Demand is negatively impacted for the full year, as China – the main buyer of all dry bulk commodities – makes limited purchases while the coronavirus outbreak is being contained. Still, The demand is expected to grow for the full year, picking up from its current low-point when China returns to the commodities market.

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Key Takeaways of the Crude Oil Carrier Market Study

  1. Ultra Large Crude Carriers & Very large crude carriers account for a major share of the vessel type segment. Crude oil carriers transport crude oil from rigs to processing units. Since Crude oil extracted from offshore drilling platforms is larger VLCCs and ULCCs are used for crude oil tankers, and these are usually ships that rely on long range voyages.
  2. Asia Pacific accounted for major share of the market. This is because, many countries in Asia Pacific, namely South Korea, China, Malaysia, and Japan, own and operate most of the crude oil carriers.
  3. India, one of the biggest consumer of crude oil after China, went into lockdown for 21 days — further adding to demand destruction.
  4. The pandemic has exposed several unwanted vulnerabilities to supply chains.

Notable Development Trends to Open up New Horizons of Growth for Crude Oil CarrierMarket

The leading companies in the market focus on product development as well as the acquisition in the market to enhance the market share in the global market during the forecast period.

  1. January 11, 2019 – US-based energy major Chevron launched earlier this week three new very large crude carriers (VLCCs) that will join the company’s global shipping fleet.
  2. Jun 24, 2019 – China unveiled intelligent Very Large Crude Carrier, which will have a capacity of more than 2.257 million barrels.

Major points covered in the report:

  1. Macroeconomic factors affecting the Crude Oil Carriermarket and its potential
  2. Crude Oil CarrierMarket dynamics, such as drivers, challenges, and trends
  3. Detailed value chain analysis of the Crude Oil Carriermarket
  4. The cost structure of the products and segments covered in the study
  5. key product segments, regions and by major market participants are analyzed
  6. Analysis of demand and supply, such as top manufacturing and consuming regions, overall trade scenario with imports/exports details
  7. Analysis of the market structure, including a tier-wise categorization of key market participants
  8. Competitive landscape of the Crude Oil Carriermarket, including detailed profiles of the top players in this market

Some of the major players in the Crude Oil Carrier market are AET, 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), and Bahri.

Market Segmentation:
By Vessel Type:
• Ultra Large Crude Carriers (ULCC) & Very large crude carriers(VLCC)
• Suezmax
• Aframax
• Panamax
• Small
• Medium

By Application:
• Transportation
• Others

By Region:
    • North America
◦ By Country (US, Canada, Mexico)
◦ By Vessel Type
◦ By Application
   • Western Europe
◦ By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
◦ By Vessel Type
◦ By Application
  • Eastern Europe
◦ By Country (Russia, Turkey, Rest of Eastern Europe)
◦ By Vessel Type
◦ By Application
  • Asia Pacific
        ◦ By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
◦ By Vessel Type
◦ By Application
    • Middle East 
◦ By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
◦ By Vessel Type
◦ By Application
    • Rest of the World
◦ By Region (South America, Africa)
◦ By Vessel Type
◦ By Application

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