Crude Oil Carrier Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Type (Deposit Control, Antioxidant Corrosion, Corrosion Inhibitors and Others), By Application (Diesel, Gasoline, Aviation Turbine Fuel and Others), By Region, By Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 234.19 Billion
CAGR (2026-2031)	13.34%
Fastest Growing Segment	Diesel
Largest Market	North America
Market Size (2031)	USD 496.44 Billion

Market Overview

The Global Crude Oil Carrier Market is projected to grow from USD 234.19 Billion in 2025 to USD 496.44 Billion by 2031 at a 13.34% CAGR. The Global Crude Oil Carrier Market is comprised of specialized maritime vessels, such as VLCCs and Suezmax tankers, designed specifically for the bulk transport of unrefined petroleum from extraction points to refineries. The sector is primarily propelled by escalating global energy consumption and the strategic restructuring of international trade routes, which lengthens transit distances and increases overall ton-mile demand. This robust demand is currently met with restricted tonnage availability, a factor that sustains elevated freight rates and revenue potential for operators. According to BIMCO, in 2025, the vessel supply growth for crude tankers is forecasted at a mere 0.5%, highlighting the tight capacity constraints that are currently underpinning market performance.

However, a significant challenge impeding broader market expansion is the intensifying financial and operational pressure stemming from strict decarbonization regulations. Compliance with the International Maritime Organization’s carbon intensity and efficiency standards necessitates substantial capital expenditure for retrofitting aging vessels or compels operators to adopt slow-steaming strategies. These regulatory requirements create a complex investment landscape that may force the early retirement of non-compliant tonnage, thereby limiting fleet renewal and constraining the long-term growth capacity of the global crude oil carrier market.

Key Market Drivers

Surging crude oil import demand in Asia-Pacific economies, particularly China, acts as the primary engine propelling volume growth in the global crude oil carrier sector. As regional refining capacity expands to meet consumption needs, the requirement for VLCCs and Suezmax vessels to service long-haul routes from the Atlantic Basin and Middle East has intensified, significantly tightening fleet utilization. This unyielding appetite for energy ensures a steady absorption of available tonnage, sustaining high freight rates even during periods of broader economic volatility. The scale of this influence is evident in recent trade figures; according to Reuters, January 2026, in the 'China's 2025 Oil Imports' report, the country’s crude oil imports surged to a record 13.18 million barrels per day in December 2025.

Geopolitical instability increasing average voyage distances serves as a critical multiplier for ton-mile demand, effectively reducing the active fleet supply without adding new vessels. The redirection of trade flows away from conflict zones, such as the Red Sea, compels carriers to navigate the Cape of Good Hope, a detour that drastically lengthens transit times and fuel consumption. This structural inefficiency creates an artificial tightness in the market that supports earnings potential for operators. The magnitude of this disruption is significant; according to BIMCO, November 2025, in the 'Tanker Shipping Market Overview & Outlook', a full normalization of shipping routes through the Red Sea would cause crude tanker demand to fall by 2% to 3%, highlighting the premium currently embedded in the sector. This demand cushion is vital given that, according to BIMCO, in 2025, the crude tanker fleet supply growth is projected to accelerate to 1.5% in 2026.

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Key Market Challenges

The intensifying financial and operational pressure resulting from strict decarbonization regulations is a critical hurdle limiting the growth of the Global Crude Oil Carrier Market. Compliance with these rigorous environmental standards forces operators to divert substantial capital toward retrofitting older vessels or to adopt slow-steaming practices that effectively reduce available capacity. This high cost of compliance creates a precarious investment environment, deterring the capital expenditure required for fleet expansion and modernization as owners hesitate to commit to new builds without certainty regarding future fuel technologies.

Consequently, a significant portion of the current fleet faces the risk of becoming stranded assets, as upgrading aging tonnage to meet new carbon intensity ratings often proves economically unfeasible. According to BIMCO, in August 2025, 10% of the fleet's capacity was comprised of ships older than 20 years. This high prevalence of aging vessels exacerbates the impact of regulatory pressures, as these older units are the most likely candidates for early retirement. As operators are compelled to scrap non-compliant tonnage, the market struggles to achieve the net capacity growth necessary to sustain broader expansion.

Key Market Trends

The Emergence and Expansion of the Parallel Shadow Fleet has created a distinct, opaque tier within the market, characterized by vessels operating outside standard regulatory and insurance frameworks to circumvent international sanctions. This operational bifurcation allows aging tonnage, which would typically be scrapped, to remain active in illicit trade flows, particularly servicing restricted energy exports from regimes like Russia and Iran. This effectively reduces the compliant fleet available for mainstream charterers, artificially tightening commercial supply despite the continued physical operation of these vessels. The scale of this structural shift is substantial; according to Allianz Commercial, June 2025, in the 'Safety & Shipping Review 2025', around 17% of the world tanker fleet is estimated to belong to this shadow fleet, fundamentally altering global competitive dynamics and safety profiles.

Simultaneously, the Transition Toward Eco-Friendly VLCC Fleet Modernization is gaining momentum as operators actively future-proof assets against tightening environmental baselines. Capital is increasingly flowing into newbuild programs designed with advanced efficiency technologies to meet the International Maritime Organization’s carbon intensity criteria, marking a strategic pivot from the investment hesitancy observed in previous years. This resurgence in contracting is critical for replacing the aging commercial fleet and ensuring long-term viability against evolving regulatory standards. Highlighting this upward trajectory, according to BIMCO, November 2025, in the 'Crude tanker fleet renewal to accelerate' report, the crude tanker order book-to-fleet ratio climbed to a nine-year high of 14.1%, signaling a robust commitment to revitalizing global tonnage capacity.

Segmental Insights

According to recent industry analysis, the Diesel segment is emerging as the fastest-growing application category within the Global Crude Oil Carrier Market. This expansion is primarily driven by the escalating demand for middle distillates across the heavy transportation and industrial sectors, particularly in developing economies. Furthermore, the enforcement of stricter emission standards by the International Maritime Organization (IMO) has significantly amplified the seaborne trade of low-sulfur diesel and marine gas oil to meet cleaner fuel requirements. This regulatory shift, combined with sustained industrial activity, ensures that the demand for transporting diesel products continues to outpace other market segments.

Regional Insights

North America maintains a leading position in the Global Crude Oil Carrier Market, primarily driven by significant growth in domestic oil production and export capabilities. The rapid expansion of shale oil extraction in the United States has created substantial demand for maritime transportation services to supply international refineries. Data from the U.S. Energy Information Administration confirms consistent high export volumes, which necessitates extensive carrier utilization across global trade routes. Furthermore, continuous infrastructure developments along the Gulf Coast and established trade partnerships reinforce the region's dominance in the sector.

Recent Developments

• In December 2025, Dalian Shipbuilding Industry Co. delivered the "Kaito," the world's first intelligent Very Large Crude Carrier (VLCC) equipped with methanol dual-fuel technology, to China Merchants Energy Shipping. Delivered four months ahead of schedule, the 306,000-ton vessel represented a major breakthrough in green shipbuilding, featuring a domestic methanol dual-fuel main engine that significantly reduced carbon and sulfur emissions. The ship was also equipped with an advanced intelligent operation platform to enhance navigation safety and efficiency, setting a new benchmark for low-carbon transformation in the global crude oil carrier market.
• In October 2025, HD Korea Shipbuilding & Offshore Engineering secured a contract worth KRW 363.3 billion to construct two Very Large Crude Carriers (VLCCs) for a domestic shipping company. The vessels were scheduled to be built by its affiliate, HD Hyundai Heavy Industries, with delivery expected in the second half of 2027. This order contributed to the company's strong performance in the high-value ship market, bringing its total orders for the year to a significant portion of its annual target. The deal highlighted the continued demand for modern crude carriers capable of efficient long-haul energy transport.
• In November 2024, COSCO Shipping Energy Transportation signed a significant construction contract with Dalian Shipbuilding Industry and China Shipbuilding Trading for six new crude oil tankers. The agreement involved the production of 307,000-deadweight-ton (DWT) VLCCs, which were designed to meet LNG-ready and methanol-ready standards. This collaboration aimed to enhance the company's fleet with green, low-carbon, and intelligent vessels, aligning with the international shipping industry's accelerating carbon reduction goals. The investment of approximately RMB 5.75 billion underscored the operator's commitment to modernizing its capacity for the global energy supply chain.
• In February 2024, DHT Holdings announced a definitive agreement to construct four Very Large Crude Carriers (VLCCs) with major South Korean shipbuilders. Two of the vessels were assigned to Hyundai Samho Heavy Industries, while the remaining two were contracted to Hanwha Ocean. The vessels, valued at an average of $128.5 million each, were scheduled for delivery between April and December 2026. These new carriers were designed with advanced eco-friendly specifications, including exhaust gas cleaning systems and improved fuel economics, to ensure compliance with Tier III emission standards and significantly enhance operational efficiency within the competitive global crude oil carrier market.

Key Market Players

• China COSCO Shipping Corporation Limited
• China Merchants Group Limited
• Angelicoussis Group
• Teekay Corporation
• Tsakos Group
• Minerva Marine Inc.
• Nordic American Tankers Limited
• Kuwait Oil Tanker Co. S.A.K.
• SFL Corporation Ltd
• Taiyo Cabletec Corporation

By Type	By Application	By Region
Deposit Control Antioxidant Corrosion Corrosion Inhibitors Others	Diesel Gasoline Aviation Turbine Fuel Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Crude Oil Carrier Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Crude Oil Carrier Market, By Type:

• Deposit Control
• Antioxidant Corrosion
• Corrosion Inhibitors
• Others

• Crude Oil Carrier Market, By Application:

• Diesel
• Gasoline
• Aviation Turbine Fuel
• Others

• Crude Oil Carrier Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE