Transparency Market Research Reports incorporated a definite business overview and investigation inclines on "Crude Oil Carriers Market". This report likewise incorporates more illumination about fundamental review of the business including definitions, requisitions and worldwide business sector industry structure.
Crude oil carriers are generally referred to as oil tankers that transport crude oil from one place to another. Oil tankers are designed for the bulk transport of oil. Crude tankers transport unrefined crude oil from extraction location to the refineries. Tanker shipping provides a convenient way of transporting bulk liquid for international seaborne trade. Transportation rates in the shipping industry are determined by time charter equivalent. Oil tankers have become an integral part of the transportation process.
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Crude oil carriers are typically classified on the basis of Dead weight tonnage(DWT) such as Small tankers, Medium tankers, Panamax, Aframax, Suezmax, Ultra large crude carrier (ULCC) and Very large crude carrier(VLCC). Medium tankers are estimated to be the market leader amongst all. Middle East countries such as Saudi Arabia, Iran, United Arab Emirates, Kuwait and Iraq are the highest oil exporting countries in the world. Hence, Middle East is the most lucrative market for crude oil carriers. North America is expected to be a prospective market for crude oil carriers in future.
Some of the major drivers of the crude oil carrier market are global oil demand and refinery expansions. However, high logistics cost can hinder the growth of the crude oil carrier market. Ample opportunities lies for crude oil carrier market as oil imports are rising at a rapid rate.
Some of the key players in the transportation business of crude oil are Shipping Corporation of India, Alaska Tanker Company, Keystone Alaska LLC, OSG Ship Management Inc, Tankers International LLC, BP Oil Shipping Company, Kuwait Oil Tanker Company, China Shipping Tanker Company Ltd, Maersk Tankers and Essar Shipping among others.
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