INDIA, THE NEW ASIAN TIGER (September 26th, 2014)
India is destined to become a more significant driver of the tanker market
With an estimated 1,267,400,000 people, India has the second largest population in the world after China. However, India’s population is relatively younger with a median age of 26.6 years (versus 35.7 years in China) and is growing at a faster pace. Based on current population characteristics and trends such as life expectancy and fertility rate, India’s population is expected to surpass China’s before 2030. With this ever-growing population will come an increased demand for oil, transforming India into one of the key players in the tanker market in the coming years.