Abstract
According to the latest IndexBox report on the global Tankers And Gas Carriers market, the market enters 2026 with broader demand fundamentals, more disciplined procurement behavior, and a more regionally diversified supply architecture.
The global market for tankers and gas carriers is entering a structurally distinct phase as the 2026-2035 forecast horizon unfolds. Following a period of extraordinary volatility triggered by pandemic-era demand swings and geopolitical supply dislocations, the sector is now recalibrating around a new set of fundamentals. The fleet, measured in deadweight tonnage, continues to expand, but the composition of that expansion is shifting decisively. LNG carriers are experiencing an unprecedented build cycle, driven by the commissioning of new liquefaction capacity in Qatar, the United States, and East Africa. Crude oil tankers, by contrast, face an aging fleet and uncertain long-term demand as the energy transition reshapes global oil flows. Product and chemical tankers are benefiting from refinery capacity shifts and growing petrochemical trade. The regulatory environment, led by the International Maritime Organization’s tightening carbon intensity targets, is forcing owners to accelerate fleet renewal and retrofitting. This report provides a comprehensive, data-driven analysis of these dynamics, segmenting the market by vessel type, end-use application, and regional trade flows. It offers stakeholders a clear view of demand drivers, supply constraints, and competitive positioning through 2035. The analysis is built on a multi-source framework combining official trade statistics, shipyard orderbook data, charter market intelligence, and regulatory impact assessments. For shipowners, operators, charterers, financiers, and policymakers, understanding the interplay between energy transition pathways, trade route realignment, and fleet demographics is essential for strategic decision-making. The market is not simply growing; it is transforming, and the winners will be those who
The baseline scenario for the world tankers and gas carriers market from 2026 to 2035 projects a compound annual growth rate (CAGR) of approximately 3.2% in value terms, with the market index reaching 137 by 2035 (2025=100). This growth is underpinned by a combination of structural demand for energy transport, fleet renewal needs, and regulatory compliance investments. The LNG carrier segment is the primary growth engine, with the global LNG fleet expected to expand by over 40% in capacity terms by 2035, driven by new liquefaction projects and the need to replace older steam turbine vessels with more efficient, lower-emission designs. Crude oil tanker demand is expected to plateau, with trade volumes for crude oil peaking around 2030 before a gradual decline, though the fleet’s age profile (average age exceeding 12 years for VLCCs) will support a steady stream of replacement orders. Product tankers will see moderate growth, supported by the expansion of refining capacity in the Middle East and Asia, and the increasing seaborne trade of refined products. Chemical tankers benefit from the growth of global petrochemical production, particularly in the US Gulf Coast and China. The regulatory push from the IMO’s Carbon Intensity Indicator (CII) and the EU’s Emissions Trading System (ETS) for shipping will drive significant investment in energy-saving technologies, alternative fuels (LNG, methanol, ammonia), and retrofitting, adding cost but also creating value for compliant tonnage. Geopolitical factors, including the reshaping of trade routes due to sanctions and conflicts, will continue to create inefficiencies that support ton-mile demand. The orderbook-to-fleet ratio, currently elevated for LNG carriers but moderate for crude tankers, will normalize as shipyard capacity
Demand Drivers and Constraints
Primary Demand Drivers
- Global LNG liquefaction capacity expansion, particularly in Qatar, the US, and East Africa, driving demand for new LNG carriers
- Fleet aging and the need for replacement of older, less efficient tonnage, especially in the crude oil tanker segment
- Stringent IMO and EU environmental regulations (CII, ETS) forcing fleet modernization and retrofitting
- Shifting global refinery capacity and trade flows, increasing demand for product and chemical tankers
- Geopolitical disruptions and trade route realignments (e.g., Red Sea diversions, sanctions on Russian oil) boosting ton-mile demand
- Growth in global petrochemical production, particularly in the US and China, driving chemical tanker demand
Potential Growth Constraints
- Uncertainty around the pace of the energy transition and potential peak oil demand, dampening long-term crude tanker investment
- High newbuilding prices and limited shipyard capacity, constraining fleet expansion and renewal
- Potential for global economic slowdown or recession, reducing overall seaborne trade volumes
- Regulatory fragmentation and compliance costs, creating operational complexity and financial burden for owners
- Overcapacity risk in certain segments, particularly if ordering outpaces demand growth
Demand Structure by End-Use Industry
Crude Oil Transportation (estimated share: 38%)
Crude oil transportation remains the largest segment by fleet capacity, but its growth trajectory is flattening. The segment is dominated by VLCCs, Suezmax, and Aframax vessels moving crude from the Middle East, West Africa, and the Americas to refineries in Asia, Europe, and North America. Demand is currently supported by strong global oil consumption and trade route inefficiencies caused by geopolitical tensions, such as the Red Sea crisis and sanctions on Russian oil, which increase voyage distances. However, the International Energy Agency and major oil producers project that global oil demand will peak around 2030, after which a gradual decline is expected. This will reduce the volume of crude shipped, but the effect on ton-mile demand will be partially offset by the increasing distance of remaining trade flows as refineries close in Europe and the US, and Asian importers source from farther afield. The fleet is aging, with many VLCCs over 15 years old, and the orderbook is relatively low, which will support a steady replacement cycle. The key demand-side indicators are global oil production, refinery utilization rates, and OPEC+ supply decisions. Through 2035, the segment will see a shift toward more efficient, compliant vessels, with older tonnage being scrapped or converted. Current trend: Stable to declining after 2030.
Major trends: Aging fleet driving a wave of scrapping and newbuilding orders for eco-design VLCCs, Trade route diversification as refineries in Europe and the US close, increasing voyage distances, Adoption of energy-saving technologies (air lubrication, hull optimization) to meet CII requirements, and Growing use of alternative fuels (LNG, methanol) in newbuild crude tankers.
Representative participants: Euronav NV, Frontline plc, DHT Holdings Inc, Mitsui O.S.K. Lines (MOL), Teekay Corporation, and BW Group.
LNG Transportation (estimated share: 28%)
LNG transportation is the fastest-growing segment, driven by a wave of new liquefaction projects coming online. The global LNG fleet is expected to expand by over 40% in capacity by 2035, with major projects in Qatar (North Field expansion), the United States (Golden Pass, Plaquemines, Corpus Christi Stage 3), and East Africa (Mozambique LNG) requiring a corresponding increase in carrier capacity. Demand is also supported by the need to replace older steam turbine LNG carriers, which are less efficient and face higher emissions penalties under new regulations. The segment is characterized by long-term charters, often 15-20 years, which provide revenue visibility for owners and underpin newbuilding orders. Key demand indicators include the pace of LNG project final investment decisions (FIDs), global gas demand growth (particularly in Asia and Europe), and the spread between spot and long-term charter rates. Through 2035, the market will see a bifurcation between modern, efficient vessels (M-type, X-DF, and ME-GI engines) and older tonnage, with the latter facing increasing commercial and regulatory headwinds. The growth of LNG as a marine fuel also creates additional demand for smaller-scale LNG carriers and bunkering vessels. Current trend: Strong growth through 2035.
Major trends: Massive newbuilding cycle with orders for over 300 LNG carriers by 2030, Shift toward larger, more efficient vessels (Q-Max, Q-Flex, and 200,000+ cbm designs), Increasing use of LNG as a marine fuel, creating demand for bunkering vessels, Retirement of older steam turbine vessels, accelerating fleet renewal, and Integration of reliquefaction and boil-off gas management technologies.
Representative participants: GasLog Ltd, Golar LNG Limited, Nippon Yusen Kabushiki Kaisha (NYK Line), Mitsui O.S.K. Lines (MOL), BW Group, and Teekay LNG Partners.
Refined Product Transportation (estimated share: 18%)
Refined product transportation, carried by product tankers (LR1, LR2, MR), is experiencing moderate growth driven by the global rebalancing of refinery capacity. As refineries close in Europe and the US due to environmental regulations and competition, new mega-refineries in the Middle East (e.g., Al-Zour in Kuwait, Jazan in Saudi Arabia) and Asia (e.g., India, China) are increasing output, leading to longer-haul trade flows of gasoline, diesel, jet fuel, and naphtha. The segment is also supported by the growth of clean petroleum product trade to Africa and Latin America. Demand indicators include global refinery throughput, refinery closure announcements, and the spread between light and heavy product prices. The fleet is relatively young, but the orderbook is moderate, with a focus on eco-design vessels that can meet CII requirements. Through 2035, the segment will benefit from the increasing complexity of trade flows, as sanctions and geopolitical factors create new arbitrage opportunities. The shift toward cleaner fuels (low-sulfur fuel oil, biofuels) will also require specialized tanker capacity. The main risk is a faster-than-expected decline in oil demand, which would reduce refined product volumes. Current trend: Moderate growth.
Major trends: Longer-haul trade routes as refinery closures in the West shift production to the Middle East and Asia, Increasing demand for clean product tankers to transport low-sulfur fuels and biofuels, Fleet modernization with eco-design vessels to comply with CII regulations, and Growth in intra-regional trade within Asia and the Middle East.
Representative participants: Scorpio Tankers Inc, Navigator Holdings Ltd, Mitsui O.S.K. Lines (MOL), Teekay Corporation, BW Group, and A.P. Moller-Maersk.
Chemical Transportation (estimated share: 10%)
Chemical transportation, served by specialized chemical tankers (stainless steel, coated, and IMO Type 2/3 vessels), is growing steadily in line with global petrochemical production. The segment is driven by the expansion of petrochemical complexes in the US Gulf Coast (ethane crackers, polyethylene plants), China (coal-to-olefins, methanol-to-olefins), and the Middle East. These facilities produce a wide range of chemicals—methanol, ethylene glycol, benzene, toluene, xylene, and various acids—that require dedicated maritime transport. Demand indicators include global chemical production indices, new petrochemical plant start-ups, and trade flows of key commodities like methanol and paraxylene. The fleet is relatively specialized, with a significant portion of tonnage being stainless steel or coated to handle corrosive or high-purity cargoes. Through 2035, the segment will benefit from the increasing globalization of chemical trade, as production becomes more concentrated in regions with cheap feedstocks (US, Middle East) and consumption grows in Asia and Africa. The regulatory push for safer and more environmentally friendly chemical transport will also drive demand for modern, well-maintained tonnage. The main challenge is the cyclical nature of petrochemical margins, which can impact trade volumes. Current trend: Steady growth.
Major trends: Growth in US chemical exports, particularly polyethylene and methanol, to Asia and Europe, Increasing demand for stainless steel chemical tankers for high-purity and corrosive cargoes, Expansion of chemical trade within Asia, driven by Chinese and Indian demand, and Stricter IMO regulations on chemical tanker design and cargo handling.
Representative participants: Navigator Holdings Ltd, Stolt-Nielsen Limited, Odfjell SE, Mitsui O.S.K. Lines (MOL), BW Group, and Teekay Corporation.
LPG Transportation (estimated share: 6%)
LPG transportation, served by LPG carriers (fully pressurized, semi-refrigerated, and fully refrigerated vessels), is experiencing strong growth driven by rising LPG production from shale gas in the US and associated gas in the Middle East. The US has become the world’s largest LPG exporter, shipping propane and butane to Asia (China, India, Japan, South Korea) for use as petrochemical feedstock, residential heating, and industrial fuel. The segment is also supported by growing LPG production in the Middle East (Qatar, Saudi Arabia, UAE) and the expansion of LPG import terminals in Asia. Demand indicators include US LPG export volumes, Asian LPG import demand, and the spread between US Gulf Coast and Asian LPG prices. The fleet is expanding rapidly, with a significant orderbook for very large gas carriers (VLGCs) and medium-sized LPG carriers. Through 2035, the segment will benefit from the continued growth of US LPG exports and the increasing use of LPG as a marine fuel and for petrochemical cracking. The main risk is the potential for overcapacity if ordering outpaces demand growth, as well as competition from other feedstocks in the petrochemical sector. Current trend: Strong growth.
Major trends: Rapid expansion of the VLGC fleet to handle growing US LPG exports to Asia, Increasing use of LPG as a marine fuel, driving demand for smaller LPG bunkering vessels, Growth of LPG import infrastructure in China, India, and Southeast Asia, and Shift toward larger, more efficient LPG carriers (VLGCs with 80,000+ cbm capacity).
Representative participants: BW LPG Limited, Dorian LPG Ltd, Avance Gas Holding Ltd, Navigator Holdings Ltd, Mitsui O.S.K. Lines (MOL), and Nippon Yusen Kabushiki Kaisha (NYK Line).
Key Market Participants
Interactive table based on the Store Companies dataset for this report.
| # | Company | Headquarters | Focus | Scale | Note |
|---|---|---|---|---|---|
| 1 | Euronav | Antwerp, Belgium | Crude oil tankers | Large | Major independent crude carrier |
| 2 | Frontline | Bermuda, Norway | Crude oil and product tankers | Large | Leading VLCC and Suezmax operator |
| 3 | Teekay Tankers | Hamilton, Bermuda | Crude oil tankers | Large | Owns fleet of Aframax, Suezmax, LR2 |
| 4 | DHT Holdings | Hamilton, Bermuda | Crude oil tankers | Large | Specializes in VLCCs |
| 5 | Mitsui O.S.K. Lines (MOL) | Tokyo, Japan | Tankers, LNG, LPG carriers | Very Large | Diversified shipping giant |
| 6 | NYK Line | Tokyo, Japan | Tankers, LNG, LPG carriers | Very Large | Major Japanese shipping group |
| 7 | Knutsen NYK Offshore Tankers | Haugesund, Norway | Shuttle tankers, LNG | Medium | Specialist in offshore oil |
| 8 | BW Group | Singapore | LNG, LPG, crude tankers | Large | Owns BW LNG, BW LPG, Hafnia |
| 9 | Hafnia | Singapore | Product and chemical tankers | Large | World’s leading product tanker owner |
| 10 | Stolt-Nielsen | London, UK | Chemical tankers | Large | Leading chemical parcel tanker operator |
| 11 | Navigator Holdings | London, UK | Handysize liquefied gas carriers | Medium | Specialist in ethylene, petrochemical gases |
| 12 | K Line | Tokyo, Japan | Tankers, LNG, LPG carriers | Large | Major Japanese operator |
| 13 | Torm | Hellerup, Denmark | Product tankers | Large | Leading clean product carrier |
| 14 | Scorpio Tankers | Monaco | Product tankers | Large | Large MR and LR product tanker fleet |
| 15 | Capital Product Partners | Piraeus, Greece | Product tankers, LNG carriers | Medium | Dual focus on tankers and gas |
| 16 | Angelicoussis Group | Athens, Greece | Tankers, LNG, bulk carriers | Very Large | Owns Maran Tankers, Maran Gas |
| 17 | Maran Tankers | Athens, Greece | Crude oil tankers | Very Large | Part of Angelicoussis Group |
| 18 | Maran Gas Maritime | Athens, Greece | LNG carriers | Very Large | Part of Angelicoussis Group |
| 19 | Korea Line | Seoul, South Korea | LNG, LPG, tankers | Large | Major Korean owner/operator |
| 20 | Hyundai LNG Shipping | Seoul, South Korea | LNG carriers | Medium | Specialist LNG shipping company |
| 21 | Avance Gas | Bermuda, Norway | VLGCs (LPG carriers) | Medium | Leading VLGC owner/operator |
| 22 | Dorian LPG | Stamford, USA | VLGCs (LPG carriers) | Medium | Major VLGC operator |
| 23 | Flex LNG | Bermuda, Norway | LNG carriers | Medium | Modern LNG carrier fleet |
| 24 | Golar LNG | Hamilton, Bermuda | LNG carriers, FLNG | Medium | Pioneer in LNG shipping & FLNG |
| 25 | Odfjell | Bergen, Norway | Chemical tankers | Large | Global chemical tanker specialist |
| 26 | Nordic American Tankers (NAT) | Bermuda, Norway | Suezmax crude tankers | Medium | Pure-play Suezmax owner |
Regional Dynamics
Asia-Pacific (estimated share: 45%)
Asia-Pacific is the largest and fastest-growing market, driven by massive LNG imports (China, Japan, South Korea, India), crude oil imports (China, India), and growing petrochemical trade. The region’s shipyards (South Korea, China, Japan) dominate newbuilding activity. Demand is supported by energy security concerns and industrial expansion. Direction: Dominant and growing.
North America (estimated share: 20%)
North America is a major exporter of LNG, LPG, and refined products, with the US Gulf Coast as a key loading hub. The region’s fleet is focused on export-oriented tonnage. Growth is driven by rising LNG and LPG production, though regulatory uncertainty and trade policy pose risks. Direction: Export-driven growth.
Europe (estimated share: 18%)
Europe is a major importer of LNG and crude oil, with a significant fleet of product and chemical tankers. The EU’s ETS and FuelEU Maritime regulations are driving fleet modernization and alternative fuel adoption. Demand is stable but faces headwinds from refinery closures and energy transition policies. Direction: Stable with regulatory pressure.
Middle East & Africa (estimated share: 12%)
The Middle East is a key exporter of crude oil, LNG, LPG, and petrochemicals, with major loading ports in Saudi Arabia, Qatar, UAE, and Iraq. Africa is emerging as a new LNG exporter (Mozambique, Nigeria). The region’s fleet is expanding, supported by state-owned shipping companies and long-term charters. Direction: Growing exporter.
Latin America (estimated share: 5%)
Latin America is a growing exporter of crude oil (Brazil, Guyana, Venezuela) and LNG (Trinidad and Tobago, Peru). The region’s fleet is relatively small but expanding, driven by new production in Brazil’s pre-salt fields and Guyana’s offshore discoveries. Demand is supported by refinery investments in Brazil. Direction: Moderate growth.
Market Outlook (2026-2035)
In the baseline scenario, IndexBox estimates a 3.2% compound annual growth rate for the global tankers and gas carriers market over 2026-2035, bringing the market index to roughly 137 by 2035 (2025=100).
Note: indexed curves are used to compare medium-term scenario trajectories when full absolute volumes are not publicly disclosed.
For full methodological details and benchmark tables, see the latest IndexBox Tankers And Gas Carriers market report.
