Crude Oil Carrier Market Report 2026

The crude oil carrier market size has grown steadily in recent years. It will grow from $203 billion in 2025 to $209.78 billion in 2026 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to global oil trade expansion, offshore production growth, energy demand increase, shipbuilding investments, maritime trade routes.

The crude oil carrier market size is expected to see steady growth in the next few years. It will grow to $249.07 billion in 2030 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to decarbonization of shipping, demand for fuel-efficient vessels, smart fleet management, compliance with maritime safety norms, modernization of aging fleets. Major trends in the forecast period include demand for large-capacity tankers, fleet modernization initiatives, adoption of double-hull designs, growth in long-haul crude transport, focus on operational efficiency.

The rising demand for crude oil and its by-products is expected to propel the growth of the crude oil carrier market going forward. Crude oil is a mixture of hydrocarbons found in natural subterranean reservoirs that remains liquid under normal pressure even after passing through surface-separating facilities. Its by-products, including gasoline, aviation fuel, diesel, and asphalt, are obtained through refinery extraction processes. Crude oil carriers are used to transport bulk crude oil and its by-products from offshore platforms to transshipment terminals. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical agency, U.S. crude oil output increased to 12.4 million b/d in 2023 from 11.7 million b/d in 2022. Furthermore, the US consumed an average of 86.6 billion cubic feet of natural gas per day (Bcf/d) in 2022, marking the highest annual consumption compared to the previous year. Therefore, the rising demand for crude oil and its by-products is driving growth in the crude oil carrier market.

Leading companies in the crude oil carrier market are advancing innovative solutions, such as dual-purpose crude oil and liquefied natural gas (LNG) carriers, to improve fuel efficiency and reduce emissions. These specialized vessels are designed to safely and efficiently transport crude oil and LNG, supporting the reliable delivery of these essential energy resources. For example, in August 2023, Russia-based Zvezda shipyard launched the Arc6 Valentin Pikul and Arc6 Sergei Witte carriers to transport oil and LNG as part of ongoing projects. The latest vessel in this series, Sergei Witte, has a capacity of 172,600 cubic meters, playing a vital role in Russia's Arctic energy initiatives to meet the rising global demand for LNG and oil exports.

In May 2023, DHT Holdings Inc., a Bermuda-based crude oil tanker company, executed the acquisition of a Very Large Crude Carrier (VLCC) from Hyundai Heavy Industries for a sum of $94.5 million. This strategic acquisition is anticipated to enhance the efficiencies of DHT's fleet, including metrics such as the Annual Efficiency Ratio (AER) and Energy Efficiency Operational Index (EEOI). Hyundai Heavy Industries, a South Korea-based company, is actively involved in the production and operation of crude oil carriers, contributing to the overall dynamics of the market.

Major companies operating in the crude oil carrier market report include China Shipping Tanker Co Ltd, Maersk Tankers A/S, Kuwait Oil Tanker Company SAK, OSG Ship Management Inc, Alaska Tanker Company LLC, Shipping Corporation of India Ltd, Frontline Ltd, Tsakos Energy Navigation Limited, National Iranian Tanker Company, Euronav NV, Tankers International LLC, Nordic American Tankers Limited, AET Tanker Holdings Sdn Bhd, Teekay Corporation, Angelicoussis Shipping Group Limited, Mitsui OSK Lines Ltd, Scorpio Tankers Inc, DHT Holdings Inc, Oman Shipping Company SAOC, Dynacom Tankers Management Ltd, Gener8 Maritime Inc, International Seaways Inc, PAO Sovcomflot, Maran Tankers Management Inc, Navios Maritime Partners LP.

Asia-Pacific was the largest region in the crude oil carrier market in 2025. The regions covered in the crude oil carrier market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the crude oil carrier market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The crude oil carrier market consists of sales of shuttle tankers, arctic crude oil tankers, oil storage vessels, oil barges, and deck oil carriers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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