The liquid bulk tanker market in Turkey has experienced a general decline over the past decade. Starting at 9.63 thousand tankers in 2013, the number has steadily decreased, reaching 6.93 thousand tankers by 2023. This trend represents an average annual reduction, illustrating a decrease in both the number of operating tankers and potentially market demand. Specifically, the numbers have shown a progressive annual decline, with some occasional increases seen in years like 2017 and 2021.
Year-on-year variations reveal a steady contraction, with significant drops in 2016 (-7.03%), 2019 (-10.31%), and a smaller decline in 2022 (-4.91%). The five-year compound annual growth rate (CAGR) from 2018 to 2023 is at -3.59%, indicative of sustained downsizing in the market.
Future forecasts suggest this shrinking trend will continue. From 2023 to 2028, the number of liquid bulk tankers is expected to decrease from 6.93 thousand to 5.9 thousand, reflecting an average annual CAGR of -2.57%. This trend emphasizes the ongoing market contraction, predicting a 12.18% total reduction over the next five years.
Future trends to watch for include potential market consolidation, technological advancements in tanker efficiency, and changes in regulatory policies that could impact operational practices and demand within the sector.
