LPG Tanker Market: Overview
Shale gas
production is in an unstoppable phase in some parts of the world, and this will
be a high-impact driver for the global LPG
tanker market. The market for LPG tankers is expected to display strong
growth until the end of the forecast period of this report on account of
several other factors as well. With the high production of shale gas, there has
been a concurrent increase in the trade of LPG. At the same time, the demand
for LPG for cooking and HVAC applications is on the rise, fueling the demand
for safe storage and transportation of LPG. This has subsequently led to the
demand for LPG tankers to swing upward.
As a result
of the several positive factors acting on the market, several LPG carries and
tanker companies have either already expanded their capacities or are planning
to do so in the near future. This report examines how the rapid expansion of
the gas energy market will impact the dynamics of the global LPG tanker market.
In order to
present a highly objective analysis, the report makes used of a balanced mix of
primary and secondary research and backs it with the independent analysis of
our seasoned research analysts. The report reveals the most lucrative regional
markets for LPG tankers and which type of LPG tankers will see the highest
demand.
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LPG Tanker Market: Trends
The top three
trends that are giving the global LPG tanker market a boost are: Increased
shale gas production from hitherto untapped reserves, an upswing in
international gas trade, and the continued use of LPG as a cooking fuel.
The
volatility in crude oil prices has prompted the industry to extracting shale
gas and oil. This has been possible on a large scale because of the
technological improvements in fracking practices. The amount of shale gas
moving from the U.S. to countries in the Asia Pacific and North Africa regions
is on the rise not just because demand is rising, but also because
transportation costs have now reduced owing to a fall in oil prices. However,
the erratic behavior of crude oil prices has led to the prices of LPG becoming
stronger, which has diluted demand to some degree. This factor could hurt the
demand for LPG tankers.
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However, the
overall outlook of the global LPG tanker market remains positive in the short
term.
LPG Tanker Market: Segmentation
Gas tankers
can be fully pressurized, fully refrigerated, or semi-pressurized. Carriers for
ethylene are regarded as a separate segment in the market because these require
extra refrigeration.
The capacity
of such carries can range from as low as 500 cubic meters to over 10,000 cubic
meters. Thus, the type of gas tanker selected would directly depend on the
volume of LPG that is to be transported or stored. By size, the types of LPG
tankers available on the market are small, medium, large, and very large gas
carriers.
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LPG Tanker Market: Region-wise Outlook
By geography,
the global market for LPG tankers can be segmented into: North America, Asia
Pacific, Europe, and Rest of the World. Because the Middle East has
conventionally been the hub for oil production, the LPG gas tanker market in
the region has been relatively large. However, with shale oil production
showing a spike in the U.S. and Canada, oil and gas companies in these
countries are now spending more on transporting the resource. That will,
consequently, cause the demand for LPG tankers to rise in these countries.
The demand
for energy is at an all-time high in emerging APAC countries. This will also
create million-dollar opportunities for the LPG tanker market in the region.
Top players
in this space include, but are not limited to: Great Eastern Shipping Company
Ltd., Navigator Holdings Ltd., EXMAR, and Pertamina.
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