Western Africa: Tanker Market 2024

Tanker Market Size in Western Africa

In 2023, the West African tanker market decreased by X% to $X for the first time since 2020, thus ending a two-year rising trend. In general, consumption, however, enjoyed buoyant growth. Over the period under review, the market reached the maximum level at $X in 2022, and then shrank in the following year.

Tanker Production in Western Africa

In value terms, tanker production totaled $X in 2023 estimated in export price. Over the period under review, production recorded a deep downturn. The growth pace was the most rapid in 2021 with an increase of X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Tanker Exports

Exports in Western Africa

In 2023, shipments abroad of tankers decreased by X% to X units, falling for the second consecutive year after two years of growth. Overall, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, tanker exports skyrocketed to $X in 2023. In general, exports recorded a mild decline. The pace of growth was the most pronounced in 2018 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2023, the exports failed to regain momentum.

Exports by Country

Liberia represented the key exporting country with an export of around X units, which accounted for X% of total exports. Ghana (X units) took the second position in the ranking, followed by Nigeria (X units). All these countries together held near X% share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Nigeria (with a CAGR of X%), while the other leaders experienced a decline in the exports figures.

In value terms, Liberia ($X) remains the largest tanker supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Nigeria ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Liberia was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X,097 per unit, with an increase of X% against the previous year. Overall, the export price continues to indicate a prominent increase. The growth pace was the most rapid in 2022 when the export price increased by X%. The level of export peaked in 2023 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Liberia ($X,922 per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced mixed trends in the export price figures.

Tanker Imports

Imports in Western Africa

After two years of growth, supplies from abroad of tankers decreased by X% to X units in 2023. Total imports indicated slight growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X units in 2022, and then declined in the following year.

In value terms, tanker imports declined to $X in 2023. In general, imports, however, saw a prominent increase. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2022, and then declined in the following year.

Imports by Country

Liberia represented the largest importer of tankers in Western Africa, with the volume of imports accounting for X units, which was approx. X% of total imports in 2023. Nigeria (X units) ranks second in terms of the total imports with a X% share, followed by Ghana (X%). Sierra Leone (X units) held a relatively small share of total imports.

Liberia was also the fastest-growing in terms of the tankers imports, with a CAGR of X% from 2012 to 2023. At the same time, Sierra Leone (X%) displayed positive paces of growth. By contrast, Nigeria (X%) and Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Liberia increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Liberia ($X) constitutes the largest market for imported tankers in Western Africa, comprising X% of total imports. The second position in the ranking was held by Nigeria ($X), with a X% share of total imports. It was followed by Sierra Leone, with less than X% share.

In Liberia, tanker imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Sierra Leone (X% per year).

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X,364 per unit, with a decrease of X% against the previous year. Import price indicated a notable increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, tanker import price increased by X% against 2021 indices. The pace of growth was the most pronounced in 2016 an increase of X%. Over the period under review, import prices attained the maximum at $X,217 per unit in 2022, and then declined in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Liberia ($X,540 per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform