By Shilavadra Bhattacharjee
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 $268.95 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.
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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 is operated both on the spot and on the period market. 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.
TO BE CONTINUED
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