Oil is a major source of global energy, with widespread application and use in the transportation, manufacturing, industrial and commercial sectors. Most household items, plastics and solvents are produced using oil and petroleum derivatives.
Hence, the worldwide oil demand is constantly growing, propelling shipping companies to come up with efficient technologies and vessels for transporting this immensely valuable natural resource across the globe.
There are many types of oil carriers categorised according to their sizes such as VLCC, Suezmax and Aframax. In 2020, the global fleet comprised 810 very large crude carriers.
As per Statista, the global oil tanker fleet has expanded considerably from the late 1990s to 2020 by over 76%, owing to new technological developments and the construction of highly productive and environmentally sustainable oil tankers. In this article, let us have a look at the world’s Top 12 tanker Shipping companies.
1. Teekay Corp
Founded in 1973 in Hamilton, Bermuda, by a Danish Shipbroker named Torben Karlshoej, Teekay Corp has evolved from a small regional shipping firm into the world’s biggest marine energy transportation, production and storage company. Today, it is the world’s leading tanker operator and ranks among the biggest tanker shipping companies with a revenue of $ 2 billion and a market capital of $737.44 million.
Teekay Corp started its journey by operating second and third-hand oil tankers in the 1970s to take advantage of the oil crisis. The head office was opened in the Bahamas and most of its vessels were initially registered under the flagship of Liberia.
It earned huge profits in the 1980s by operating in the Persian Gulf and the Mediterranean region during the Iran-Iraq war and transformed from a tanker operator to a major shipowner in the commercial shipping industry in the 2000s. It also diversified its operations and explored new sectors such as gas and offshore.
Presently, it owns a remarkable fleet of oil tankers including Aframax, Suezmax, a VLCC and LR2 for transporting liquified natural gas, crude oil and LPG, and its total assets are worth 2.23 billion dollars.
The company operates in numerous countries such as Australia, Brazil, Canada, China, India, Korea, Netherlands, Norway, Philippines, Singapore, Spain, Britain and the United States.
The company has announced its growing interest in the LNG transportation sector. Hence, Teekay LNG strives to uphold sustainable values and a shared concern for a shift to a low-carbon world. In 2021, the company became a part of the Vancouver Maritime Centre for Climate to support decarbonisation activities in the shipping industry.
2. Euronav NV
Euronav NV is an independent tanker operator possessing the second biggest oil tanker fleet in the world with a revenue of 1.4 billion dollars. It began operations in 1989, as a subsidiary of the Compagnie Nationale de Navigation or CNN and specialises in marine transportation and storage of crude oil.
Headquartered in Antwerp, Belgium, it has regional offices in Switzerland, Hong Kong, Qatar and across major European and Asian countries. Apart from oil tankers, it also constructs, converts and operates floating, storage and offloading vessels or FSOs. It is also renowned for possessing one of the youngest commercial fleets in the shipping industry and developing new and innovative shipping technologies.
With a market capital of $ 1.63 billion and assets worth 3.71 billion dollars, the company has expanded its operations in recent years. A total of 75 vessels are operated by Euronav including FSOs, V-Plus, Very Large Crude Carriers and Suezmax size vessels. Its fleet operates both on-the-spot and in the period market.
The majority of its VLCCs and a V-Plus operate in the Tankers International Pool while half of its Suezmax fleet is operational on a long-term charter while the rest is operated by Euronav in the spot market.
Almost all its vessels are registered under the maritime law and flags of France, Greece, Liberia and Belgium. Two FSOs of the company are currently under the flagship of the Marshall Islands.
The company’s commercial fleet is managed by its wholly-owned subsidiaries; the Euronav Ship Management SAS and Euronav SAS, both French companies based in Nantes, France, with a branch office in Belgium, and the Euronav Ship Management ( Hellas) Ltd. with a regional office in Athens, Greece.
3. Scorpio Tankers Inc.
Scorpio Tankers Incorporated is a leading company that provides transportation and distribution of petroleum products such as gasoline, heating oil, and fuel oil to its national and international clients. It is the third biggest tanker operating company in the world with a revenue of 958.1 million dollars, a market capital of 309.10 billion dollars and assets amounting to 5.16 billion dollars. Scorpio Tankers is based in Monaco with major executive offices in New York.
The company was founded in 2009 by Emanuele A. Lauro, the 24-year-old grandson of the Italian businessman Glauco Lolli-Ghetti who laid the foundation of Scorpio Ship Management in New York in 1976.
A publicly-listed enterprise, it actively trades on the New York trade exchange under the STNG ticker. In 2017, Scorpio Tankers signed a merger agreement with Navig 8 product tankers and acquired the latter’s 27 newly-built LR tankers. As a result, it emerged as the biggest product tanker company on the US Securities Exchange.
The company owns and operates 130 crude oil tankers and 10 chartered ships. Recently, 4 newly-constructed tankers with a low carbon footprint were added to the fleet.
4. Frontline Ltd
Frontline Limited is a leader in the maritime transportation of crude oil and refined goods. It is the fourth biggest oil tanker shipping enterprise in the world, headquartered in Hamilton, Bermuda and supervised by John Fredriksen.
It had a revenue of $1.826 billion in 2023 and market capital and assets worth $1.22 billion and 3.134 billion dollars respectively.
Frontline, known for having one of the most modern and youngest fleets in the shipping industry, has also been actively engaged in the production and research of innovative, energy-efficient maritime technologies to uphold its motto of environmental protection and to maximize profits.
Established in 1985 under the leadership of Fredriksen, Frontline took over many companies such as ICB in 1999 and the Golden Ocean in 2000, transforming it into a major oil tanker company. It is listed on both the Oslo and New York stock exchanges under the FRO ticker.
Currently, Frontline owns and operates around 19 Very Large Crude Carriers, 29 Suezmax tankers, and 20 Aframax/LR2 tankers. All these vessels are sailing under the flag of Hong Kong, Libya, or Michigan, with offices in London, Glasgow, Oslo, and Singapore, and the main office in Bermuda.
5. DHT Holdings
Double Hull Tankers Incorporated is a crude oil transportation company with an international fleet of 27 oil tankers in the VLCC segment sailing under the flags of Hong Kong and France. DHT Holdings has a revenue of $535 million, a market capitalization of around $941 million, and assets worth $1.69 billion, making it the fifth-largest tanker operator in the world.
Headquartered in Hamilton, Bermuda, it was established in 2005 and operates through management companies and regional offices in Monaco, Singapore, and Oslo.
The company’s oil tankers were built by top shipbuilding companies such as Daewoo Shipbuilding, Hyundai Heavy Industries in Ulsan, South Korea, and Bohai Shipbuilders based in China.
In 2014, DHT Holdings acquired all the shares in Samco Shipbuilding, a private ship owning enterprise headquartered in Singapore.
It also acquired 7 VLCCs and numerous chartered ships. In 2017, it acquired the entire VLCC fleet of the BW Group, a significant maritime company providing shipping services, maritime infrastructure, and engaging in oil and gas production. This led to a considerable expansion of DHT’s commercial tanker fleet and made BW Group a major shareholder in the company.
6. Tsakos Energy Navigation
Also known as TEN Ltd, this company specializes in the transportation of crude oil and petroleum products worldwide. With a revenue of $512.5 million, it ranks as the world’s sixth-largest tanker operator and possesses a versatile and highly efficient fleet comprising oil tankers and Liquified natural gas vessels. It entered the LNG market with its LNG carrier, Neo Energy, which became operational in 2007, and the shuttle tanker segment with its two DP2 Suezmax Tankers in 2016.
Currently, it owns 64 ships including 2 Very Large Crude Carriers, 13 Suezmax tankers, 20 Aframax/LR2 tankers, 11 Panama LR1 ships, 17 Handymax, 2 LNG vessels, and 3 DP2 shuttles, managed by Tsakos Columbia Shipmanagement S.A. (TCM).
The company has recorded excellent upward growth since its commencement in 1993. Based in Athens, Greece, its market capital stands at $695.15 million with total assets worth $3.160 billion. Incorporated in Bermuda, TEN Ltd. is listed on the New York Stock Exchange and also the Bermuda Stock Exchange under the tickers TNP and TEN.
It is also the owner of the finest 25 ice-class tankers in the world capable of treading amidst the toughest weather conditions.
7. Navios Maritime Holdings
Founded in 1992, Navios is a prominent commercial shipping and logistics provider. It operates around 99 vessels including 70 dry bulk carriers and 29 oil tankers comprising VLCC, LR1, LR2 Product and chemical tankers. It offers transportation, storage, and logistics-related services for international bulk cargoes by partnering with ship owners, brokers, raw material manufacturers, agricultural traders, and renowned exporters. It also provides financial and shipping advisory services to its clients.
It has a revenue of $484.8 million, most of which is generated in the South American region due to the successful operation of its subsidiary, South American Logistics Inc.
Headquartered in Piraeus, Greece, Navios has regional offices in New York, Montevideo in Uruguay, Antwerp, Buenos Aires, and Asuncion in Paraguay. With a market capital of $57.17 million and assets worth $2.142 billion, Navios operates a diverse fleet comprising Capesize, Panamax, Ultra-Handymax, and Handysize bulk carriers. The company is the owner of the biggest bulk handling facility in Uruguay and one of the largest liquid bulk terminals in Paraguay.
8. SFL Corporation
Based in Hamilton, Bermuda, SFL Corporation Limited is an international ship owner and chartering company. Formerly known as Ship Finance International Limited, the company has diversified its operations in recent decades. It has a market capital of $810.08 million and assets worth $3.7 billion. Established in 2003, SFL has evolved from a pure tanker owner to one of the biggest ship owners by diversifying its operations, investing in new sectors, and adopting innovative shipping technologies.
SFL boasts a commercial fleet comprising 74 vessels including 16 oil tankers, 15 dry bulk carriers, 35 ocean liners, 6 Car Carriers, and 2 offshore assets. The company, with regional offices spread across major countries and main offices located in Britain and Sweden, has a global presence. Its subsidiary companies operate from Cyprus, Malta, Liberia, and the Marshall Islands. With a revenue of 458.849 million dollars, the company earns additional income from chartering, purchasing, and selling its assets.
International Seaways Limited, founded in 2016, provides marine transportation services of crude oil and petroleum products worldwide. Headquartered in New York, it ranks among the world’s top 10 tanker shipping companies with total revenue of 366.184 million dollars. The company owns and operates a modern fleet of 87 vessels and has partnered with reputed firms in the shipping sector.
Mitsui OSK Lines, a renowned Japanese shipping company founded in 1884, is one of the world’s biggest tanker operators with a revenue of 10.7 billion dollars. It also offers logistics services and owns a commercial fleet consisting of various types of vessels. The company operates container terminals, owns offshore assets, and engages in ship construction and maritime research.
Nordic American Tankers, established in 1995 in Hamilton, Bermuda, is one of the largest tanker shipping companies with a homogeneous fleet of 23 Suezmax tankers for transporting crude oil. The company is focusing on expanding its fleet and owns tankers registered under maritime laws of various countries.
Overseas Shipholding Group, based in Tampa, Florida, delivers crude oil, petroleum products, and liquefied natural gas worldwide. Established in 1948, the company ranks among the top 12 tanker shipping companies with a revenue of 355 million dollars. Its commercial tanker fleet comprises various types of vessels sailing under the flag of the United States and other countries. Please provide the original content for me to rewrite. The information will be rephrased.