10 Largest Oil Tanker Shipping Companies In The World

The largest oil tanker shipping companies in the world facilitate the majority of crude oil trade globally. They ship hundreds of billions of barrels of crude oil each year. An oil tanker is a ship which is used for the transportation of oil across oceans. Oil tankers are of two types – crude tankers and product tankers. As the name suggests, crude tankers transport crude oil while product tankers (generally smaller in size) move refined oil products. While oil tankers have been around since the 1850’s, supertankers came into vogue after the 1950’s when it was realized that larger tankers were more cost effective in transporting oil.

Oil tankers come in a variety of sizes which is measured in deadweight metric tons (DWT). Crude tankers are among the largest, ranging from 55,000 DWT Panamax-sized vessels to ultra-large crude carriers (ULCCs) of over 440,000 DWT. The largest ULCCs can range in size up to half a million DWT and carry 3 million barrels at one go. Oil tankers are not only the only option to move oil apart from pipelines but also the cheapest option at just around 2 cents per gallon. It is estimated that around 2 billion barrels of crude oil were transported by oil tankers last year.

Tanker day rates indicate the dynamic between supply and demand for oil tankers which are determined by a number of factors. Besides transportation, oil tankers are also used as storage by oil traders who can gain from arbitrage between physical and future oil trades. The 10 largest oil tanker shipping companies in the world are a mix of both private and government owned companies. You might also want to check out the 10 busiest shipping lanes in the world to find out where these fleets operate.

A number of companies specialize in the business of owning and operating oil tankers. These oil tanker companies own a variety of small and large ships for the movement of oil and generally lease out their oil tankers under long-term fixed rate charters to major oil producer and refiners. This helps in providing stability in terms of long term cash flows and profits. Most of these large oil tanker companies are incorporated in Bermuda or Monaco. We list the 10 largest oil tanker shipping companies in the world based on the data from Tankeroperator.com which ranked these companies based on their fleet sizes.

10. Maran Tankers Management – 9.5 million DWT

Maran Tankers Management (MTM) is a Greek oil tanker company and part of the  Angelicoussis Shipping Group Limited (ASGL). MTM was established in 1992 to manage the Oil Tankers of ASGL and currently its fleet now comprises of not only oil tankers but also bulk carriers, LNG vessels and LPG vessels. Today the company has 27 VLCCs, six Suezmaxes and three Aframaxes.

9. Sovcomflot (SCF) Group – 10.2 million DWT

Sovcomflot Group is Russia’s largest shipping company and specializes in transportation of crude oil and from icy regions and currently has 145 vessels with an average age of eight years. The company has  two VLCCs, eight Suezmaxes, fifty Aframaxes and five Panamaxes. The Sovcomflot Group is undergoing a privatization plan.

8. Frontline – 10.4 million DWT

Frontline Ltd. (NYSE:FRO) is a major oil tanker shipping company which has its key ofices located in Bermuda, India, the Philippines, Liberia, Norway, the United Kingdom and Singapore. Frontline Ltd and Frontline 2012 merged in 2014. Its very large crude carriers (VLCCs) transports crude oil from the Middle East to Asia, Europe and North America.

7. China VLCC – 10.5 million DWT

China VLCC Company Limited (CVLCC) was established in September 2014 and currently owns a fleet of 36 VLCCs. It is a joint venture between China Merchants Energy Shipping (CMES), which owns 51%, and Sinotrans that has the remaining 49%. The company is the largest VLCC owner in China and one of the world’s leading crude oil tanker operators.  The company is set to expand rapidly as the Chinese government wants to transport crude oil mainly using its own oil tanker companies.

6. AET – 10.7 million DWT

AET is a Singapore based oil tanker operator and owns a fleet of 13 VLCCs, four Suezmaxes, 49 Aframaxes and one Panamax. The company which is a subsidiary of MISC Berhad was founded in 1994 and operates in 12 countries. MISC Berhad (MISC) in turn a subsidiary of Petronas, the biggest oil company in Malaysia.

5. Bahri – 12.8 million DWT

The National Shipping Company of Saudi Arabia (Bahri) was formed in 1978 . The company, one of the largest oil tanker shipping companies in the world, currenty owns 36 VLCCs, including one VLCC designated as floating storage unit, 4 MRs and 1 Aframax. he Bahri has  signed a contract with Hyundai Samho Heavy Industries (HSHI) to build 10 VLCCs which will be delivered during 2017/2018.It has also owns 26 IMOII chemical tankers and 5 product tankers  through its subsidiary Bahri Chemicals.

4. Euronav – 12.9 million DWT

Euronav is a European oil tanker company that has its shares listed on the NYSE as Euronav NV Ordinary Shares (NYSE:EURN). The company operates 29 VLCCs (plus two VLCCs under construction) and 22 Suezmaxes. Its stock performance has been nothing home to write about with shares falling by almost half over the last five years and it currently has a market value of $1.3 billion. Euronav also provides complete shipping services in addition to its fleet of large tankers.

3. NITC – 13.5 million DWT

National Iranian Tanker Co. (NITC) as the name suggests is an Iranian oil tanker company which was privatized in 2009. It is the largest Middle Eastern oil tanker company and is mainly engaged in transporting Iranian oil to its major export markets. The company was deeply affected by the oil sanctions imposed on Iran and most of its fleet was used as storage. NITC manages 37 VLCCs, nine Suezmaxes, five Aframaxes, and three Handysize products tankers.

2. Mitsui-OSK (MOL) – 15 million DWT

Mitsui O.S.K. Lines (MOL) is a Japanese company that was established in 1884 in Tokyo. Originally founded as OSK Lines, the company merged with Mitsui Steamship in 1964 to form MOL. MOL’s wholly-owned fleet totaled 11.3 mill DWT with a further 3.6 mill DWT chartered to different companies. This Japanese giant owns and manages 165 tankers of different types.

1. Teekay Group – 16 million DWT

Ranking one on our list of the 10 largest oil tanker shipping companies in the world is Teekay Group. It is the world’s largest oil tanker company and has its headquarters in Hamilton, Bermuda. The Teekay Group was founded in 1974 and has an extensive fleet that operates in various different segments such as offshore, gas, oil tankers etc. It has a number of its companies listed on the U.S stock exchanges – Teekay Corporation (NYSE:TK), Teekay LNG Partners L.P (NYSE:TGP), Teekay Offshore Partners L.P. (NYSE:TOO) and Teekay Tankers Ltd.  (NYSE:TNK) Tanker Investments. The Teekay Group manages over 123 oil tankers of various sizes.

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