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Top 10 Oil Tanker Companies in the World

Updated: Nov 17, 2023

Oil Tanker Companies in the World

Oil, the lifeblood of modern society, has revolutionized the way we live, work, and travel. Its applications are boundless, from fueling vehicles to generating electricity and serving as the raw material for countless everyday products. However, the journey of oil from its source to its final destination is an intricate process that relies on a well-oiled transportation infrastructure – quite literally. Crude oil, extracted from reservoirs deep within the Earth, needs to be efficiently transported across vast distances, often spanning continents and oceans, before it can be refined and put to use.

This is where oil tanker companies come into play. These maritime giants operate fleets of specialized vessels designed to transport massive quantities of oil safely and efficiently across the globe. As the global oil demand continues to rise, these companies are at the forefront of technological advancements, ensuring that this precious resource reaches its destination reliably and on time. Today we discuss the fleets of 10 such companies that have redefined the way oil is transported across the seven seas.

Teekay Corp: Founded in 1973 by Danish Shipbroker Torben Karlshoej in Hamilton, Bermuda, Teekay Corp has transformed into the world's largest marine energy transportation, production, and storage company. It ranks among the top tanker shipping

companies with a revenue of $2 billion and a market capitalization of $268.95 million.

Teekay Corp - Oil Tanker Companies
Source: Teekay Corp

Emerging during the oil crisis of the 1970s, Teekay seized opportunities by operating second and third-hand oil tankers. Profits surged in the 1980s during the Iran-Iraq war, as it navigated the Persian Gulf and the Mediterranean. Transitioning from a tanker operator to a major shipowner in the 2000s, Teekay expanded into sectors like gas and offshore ventures.

Its diversified fleet, encompassing Aframax, Suezmax, VLCC, and LR2 vessels, transports liquified natural gas, crude oil, and LPG. With assets worth $2.23 billion, the company operates globally, serving countries like Australia, Brazil, Canada, China, India, and more. Teekay's growing focus on the LNG sector aligns with sustainable values and support for a low-carbon world, evidenced by its participation in the Vancouver Maritime Centre for Climate.

Teekay Corp's evolution from crisis-driven beginnings to a sustainable future reflects its industry prowess, adaptability, and commitment to leading energy transportation into a greener era.

Euronav: Euronav NV, based in Antwerp, Belgium, stands as the world's second-largest independent tanker operator with a substantial $1.4 billion revenue. Established in 1989 under Compagnie Nationale de Navigation (CNN), Euronav specializes in crude oil transportation and storage, solidifying its status in the energy sector. Its remarkable market capitalization of $1.63 billion and significant $3.71 billion assets reflect its substantial growth.

Euronav - Oil Tanker Companies
Source: Euronav

Managing a fleet of 75 vessels, Euronav efficiently operates across both spot and period markets. Notably, its Very Large Crude Carriers (VLCCs) are integral to the Tankers International Pool. The company's vessels proudly bear flags from countries such as France, Greece, Liberia, and Belgium, underpinning its global reach.

Euronav's fleet management is efficiently orchestrated through subsidiaries like Euronav Ship Management SAS and Euronav SAS. Beyond its remarkable tanker fleet, Euronav extends its expertise to comprehensive cargo transportation services.

The company's journey began through mergers and acquisitions, evolving into a fully owned division of Compagnie Maritime Belge (CMB) from its origins as European Navigation Company Ltd. Euronav's influence extends beyond its impressive fleet, as it shapes the maritime landscape with innovation and commitment. With a legacy rooted in growth and excellence, Euronav continues to chart a course that propels the maritime industry forward while playing a crucial role in global energy transportation.

Scorpio Tankers: Scorpio Tankers Inc., a Monaco-based industry leader, focuses on transporting and distributing petroleum products globally. With a remarkable revenue of $958.1 million, a market capitalization of $700.64 million, and substantial assets worth $5.16 billion, it ranks as the third-largest tanker operator worldwide.

Scorpio Tankers
Source: Scorpio Tankers

Founded in 2009 by Emanuele A. Lauro, the company builds upon the legacy of Scorpio Ship Management, established by Italian businessman Glauco Lolli-Ghetti in New York in 1976.

Traded on the New York Stock Exchange under the STNG ticker, Scorpio Tankers made significant strides through mergers and acquisitions. In 2017, it merged with Navig 8 product tankers, acquiring 27 newly-built LR tankers and emerging as the largest product tanker company on the US Securities Exchange.

Scorpio Tankers boasts a fleet of 130 crude oil tankers and 10 chartered ships. It has been actively augmenting its fleet with vessels that have a low carbon footprint, demonstrating its commitment to environmental sustainability.

Frontline: Frontline Ltd., headquartered in Hamilton, Bermuda, ranks as the fourth largest oil tanker shipping enterprise globally, with a robust revenue of $957.3 million. Under the stewardship of John Fredriksen, it boasts a market capitalization of $1.22 billion and substantial assets valued at $3.134 billion.

Source: Frontline

Renowned for its modern and youthful fleet, Frontline is a key player in the maritime transportation of crude oil and refined goods. The company remains committed to environmental protection and innovation, actively researching energy-efficient maritime technologies to bolster its operations and profits.

Founded in 1985 under Fredriksen's leadership, Frontline's strategic acquisitions, including ICB in 1999 and Golden Ocean in 2000, have solidified its status as a major oil tanker company. The company is publicly listed on the Oslo and New York stock exchanges, trading under the ticker symbol FRO.

Frontline's fleet includes 19 Very Large Crude Carriers, 29 Suezmax tankers, and 20 Aframax/LR2 tankers. These vessels proudly sail under the flags of Hong Kong, Libya, or Michigan. With offices in London, Glasgow, Oslo, and Singapore, and its primary headquarters in Bermuda, Frontline's global presence aligns with its stature in the industry.

Double Hull Tanker(DHT) Holdings: DHT Holdings, a key player in the crude oil transportation sector, has established itself as a significant contender with its fleet of 27 VLCC oil tankers, flying the flags of Hong Kong and France. The company's financial landscape is underpinned by revenue of $535 million, bolstered by a market capitalization of about $941 million and substantial assets valued at $1.68 billion, positioning it as a prominent player in the global tanker industry.

Double Hull Tanker(DHT) Holdings
Source: DHT

Founded in 2005 and headquartered in Hamilton, Bermuda, DHT Holdings conducts its operations through proficient management entities in Monaco, Singapore, and Oslo. The construction of its oil tankers involves collaborations with respected shipbuilding entities like Hyundai Heavy Industries in Ulsan, South Korea, Daewoo Shipbuilding, and China's Bohai Shipbuilders.

DHT Holdings' growth trajectory is marked by strategic acquisitions. A notable move in 2014 involved the acquisition of Samco Shipbuilding, followed by a transformative step in 2017 with the procurement of BW Group's comprehensive VLCC fleet. This expansion has solidified DHT Holdings' market presence and elevated BW Group to a significant role as a major stakeholder.

In the intricate domain of crude oil transport, DHT Holdings stands as an independent trailblazer, catering to oil industry giants across VLCC, Aframax, and Suezmax segments. Orchestrated across hubs in Singapore, Norway, and Monaco, this operational matrix encompasses a fleet of 27 VLCC vessels, with a remarkable combined capacity of 8,360,850 DWT.

Tsakos Energy Navigation: Also known as TEN Ltd, it is a key player in global crude oil and petroleum transportation. With a substantial revenue of $512.5 million, it stands as the sixth-largest tanker operator worldwide. The company boasts a versatile and highly efficient fleet comprising oil tankers and liquefied natural gas (LNG) vessels. It made its entry into the LNG market with the operational launch of its LNG carrier, Neo Energy, in 2007, and further expanded into the shuttle tanker segment with two DP2 Suezmax Tankers in 2016.

Tsakos Energy Navigation
Source: Tsakos Energy Navigation

Based in Athens, Greece, TEN Ltd has achieved impressive growth since its inception in 1993. It currently owns a fleet of 64 ships, including 2 Very Large Crude Carriers, 13 Suezmax tankers, 20 Aframax/LR2 tankers, 11 Panama LR1 ships, 17 Handymax vessels, 2 LNG carriers, and 3 DP2 shuttles, all managed by Tsakos Columbia Ship management S.A. (TCM).

Listed on the New York Stock Exchange and the Bermuda Stock Exchange under the tickers TNP and TEN, the company holds a market capitalization of $167.14 million and total assets valued at $3.156 billion. Additionally, TEN Ltd boasts ownership of the finest 25 ice-class tankers globally, capable of navigating through the most challenging weather conditions.

TEN Ltd has solidified its position as a prominent independent energy carrier, maintaining a dynamic fleet that spans modern high-capacity crude oil and oil products tankers, shuttle tankers, and LNG carriers. With a global operational footprint, including Greece, the Philippines, Ukraine, Russia, and Romania, the company's trajectory continues to reflect growth and influence in the maritime sector.

BW Group: Established as a pivotal player in the maritime industry, BW Group has made its mark through engagement in shipping, floating infrastructure, deep water oil and gas production, and innovative sustainable technologies. The roots of BW Group trace back to the merger of two venerable entities, WW Shipping and Bergen Tankers, forming a formidable force in the maritime world.

BW Group
Source: BW Group

Founded in 1955 by Sir YK Pao, BW Group has garnered eminence by orchestrating a fleet of over 490 vessels, instrumental in the transportation of oil, gas, and dry commodities. A remarkable highlight lies in the 200 LNG and LPG ships that collectively constitute the world's most extensive gas fleet.

Some of the notable companies in their portfolio include BW Offshore, BW LPG, BW Pacific, BW Energy, BW Dry Cargo, and BW Gas Solutions. BW Offshore specializes in providing floating production storage and offloading units for the offshore oil and gas industry, while BW LPG is one of the largest owners and operators of LPG carriers.

TORM Tankers: TORM, a leading global shipping company, operates a wholly owned fleet of approximately 80 vessels that are strategically designed to transport energy and clean petroleum products from refineries to customers. With a range of sizes between 45,000 and 114,000 deadweight tons (DWT), TORM's dedicated fleet of product tankers ensures exceptional responsiveness and efficiency for its customers.

Source: TORM

TORM has a strong presence across all major vessel classes in the product tanker market, with a particular emphasis on the LR2, LR1, and MR segments. These vessel classes have been chosen due to the significant synergies they offer, allowing TORM to optimize its operations and deliver enhanced value to its clients.

By leveraging its operational expertise and specialized fleet, TORM has established itself as a market leader in the transportation of energy and clean petroleum products. The company's commitment to providing top-notch responsiveness and efficiency has earned it a reputation for excellence in the industry.

Mitsui OSK Lines(MOL): Dating back to its inception in 1884, Mitsui OSK Lines (MOL) has emerged as a prominent Japanese shipping enterprise, securing a spot among the world's most substantial tanker operators with an impressive $10.6 billion in revenue. Recognized for its logistical proficiency, MOL boasts a fleet of over 800 vessels spanning various vessel categories, including bulk cargo carriers, RORO ships, container ships, and LNG vessels. Its remarkable market capitalization of over $2.1 billion, coupled with substantial assets valued at $19.4 billion, underscores its significant presence in the maritime domain.

Mitsui OSK Lines(MOL)
Source: Mitsui OSK Lines

MOL's tanker fleet is marked by the presence of Very Large Crude Carriers, exceeding 200,000 DWT, alongside Aframax tankers. Notably, the company maintains a young fleet of product tankers for the transport of petroleum products and chemical tankers designed for liquid chemical conveyance. Going beyond shipping operations, MOL invests in the education and training of seafarers, offering specialized programs for tanker operations within its training institutes.

A noteworthy facet of MOL's operations is its engagement in cutting-edge technology adoption. The company operates methanol carriers equipped with state-of-the-art dual-fuel engines capable of utilizing both fuel oil and methanol. This technological prowess extends to its LPG and LNG tanker fleets. Collaborating with India's Reliance Industries Limited, MOL initiated the world's premier Very Large Ethane Carrier, setting a new precedent in maritime transport.

A trailblazer in its field, MOL proudly claims the distinction of being the first Asian shipping company to operate an ice-class LNG carrier, cementing its position as an industry leader that remains deeply rooted in history while steadfastly navigating toward the future.

International Seaways Limited: International Seaways Limited, founded in 2016 and headquartered in New York, stands as a major player in global tanker shipping. With a revenue of $366.184 million and a market capitalization of $491.42 million, the company's assets are valued at $1.712 billion. The firm operates a diverse fleet of 87 vessels, including 13 Very Large Crude Carriers, 13 Suezmax tankers, 5 Aframaxes/LR2s, 10 Panamaxes/LR1s, 40 MR tankers, and 4 Handy tankers.

International Seaways Limited
Source: International Seaways Limited

With a workforce of 1,642 employees, International Seaways specializes in the marine transportation of crude oil and petroleum products, offering technical solutions to meet the industry's demands. The company also holds partial ownership of floating storage and offloading vessels, enhancing its position in the energy transportation sector.

Special mention: TMC Shipping: TMC Shipping operates a modern and well-maintained fleet that covers both dry bulk and tanker vessels. These vessels handle weights ranging from 10,000 metric tonnes, including ultra-max to KAMSAR max sizes. The dry cargo fleet is equipped to accommodate vessels of various sizes, from small handy size to KAMSAR max.

In the realm of tanker vessels, TMC Shipping specializes in the MR 2 segment, with a specific focus on transporting Clean Petroleum Products. Their expertise lies in ensuring that cargoes reach even the most demanding destinations safely.

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Written by ANKUR KUNDU

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