TransparencyMarket Research has released a new market report titled “ CrudeOil Carriers Market - Global Industry Analysis, Size, Share, Growth Trends andForecast 2016 - 2024.” According to this report, the global crude oilcarriers market was valued at US$160 Bn in 2015 and isprojected to reach US$217 Bn by 2023 at a CAGR of 3.5% from 2016 to 2024.
Crude oilcarriers are designed for the bulk transport of crude oil. Basic types of oilcarriers include crude oil carriers and product carriers. Crude oil carrierstransport unrefined crude oil from exploration and production facilities tocrude oil refineries, while product carriers ship refined products to pointsclose to consuming markets. Coastal tank vessel trades are functioned by crudecarriers, tank barges, and product tankers. Crude oil carriers serve theWest/Alaska coast crude oil trades. Crude oil carriers are generally referredto as oil tankers which transport crude oil from one location to another.
Crude oilcarriers are designed for the bulk transportation of oil. Crude oil carriershipping provides a convenient way of transporting bulk liquid forinternational seaborne trade. Transportation rates in the shipping industry aredetermined by time charter equivalent. Oil tankers have become an integral partof the transportation process. In terms of exports, crude oil heads across theAtlantic to Europe, reducing North America’s dependency on crude oil from otherregions, such as the Middle East.
Request Sample
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2046
The crudeoil carriers market has been segmented on the basis of vessel type and region.In terms of vessel type, VLCC and ULCC together held about 63% share in 2015; alarge number of VLCCs are in operation as compared to other vessels. Suezmaxaccounted for nearly 14% of the crude oil carriers market in 2015. Aframaxaccounted for nearly 21% and Panamax accounted for the rest 2% of themarket.
Demand forcrude oil carriers majorly depends on oil product consumers, crude oilproduction, and refining facilities. The cargo carrying capacity of a crude oilcarrier is 90%–95% of its deadweight capacity, depending on the distance to thesucceeding bunkering port. Long haul crude oil generates an incentive to buildlarge-sized crude oil carriers. This is expected to lower the shipping coststhrough economies of scale up to the largest carrier such as ultra large crudecarriers (ULCC). The international crude oil carrier fleet utilizes aclassification system to establish shipping costs, standardize contract terms,and determine the capability of ships to travel to bunkering ports and throughchannels and certain straits. This system is known as Average Freight RateAssessment (AFRA) system and was established by Royal Dutch Shellplc.
More Trending Reports
AFRA systemclassifies crude oil carriers in terms of deadweight tons (DWT), a measure of acarrier's capacity to carry cargo. A classification used to describe a largeportion of the international crude oil carrier fleet is Aframax. Aframaxvessels refer to crude oil carriers between 80,000 and 120,000 DWT. Theinternational demand for oil from other countries has developed considerablyfaster than that from Organization for Economic Co-operation and Development(OECD) countries.
Buy Now
https://www.transparencymarketresearch.com/checkout.php?rep_id=2046<ype=S
About Us
Transparency Market Research (TMR) is a global marketintelligence company providing business information reports and services. Thecompany’s exclusive blend of quantitative forecasting and trend analysisprovides forward-looking insights for decision makers. TMR’s experienced teamof analysts, researchers, and consultants use proprietary data sources andvarious tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by ateam of research experts so that it always reflects the latest trends andinformation. With extensive research and analysis capabilities, TMR employsrigorous primary and secondary research techniques to develop distinctive datasets and research material for business reports.
Contact
Mr. Sudip. S
90 Sate Street Suite 700
Albany NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com
