When people realized that bigger tankers were the easiest and cheapest way to transport oil, companies became eager to make the most out of it by building as bigger tankers as they could to make more money. As many oil shipping companies managed to make bigger earnings, we started scrolling on the internet to find what the biggest oil shipping companies are.
Oil tankers come in 2 different types and many different sizes. When we talk about types, there are crude tankers, that, obviously, transport crude oil, and on the other hand, we have smaller products tankers that ship refined oil products. As for the size, the first thing you should know is how the tankers are measured. As you may notice, every liquid or any other product at all comes in the different weight. For example, 10 liters of water doesn’t come in the same size bottle as 10 liters of engine oil. The reason is simple: the density. This is why tankers are measured in deadweight metric tons or simply DWT. And now let’s go back to the tanker sizes. The larger tank can go up to half of million DWT, which is 3 million barrels at one go. Just for the comparison, we already said that crude tankers are the biggest, and if you compare this number to the smallest crude tanker out there which is about 55,000 DWT, you can see the difference and assume the variety.
Now to go back to the oil shipping companies. Can you imagine how much money can a company earn the biggest tankers if the transportation per one-gallon invoices about 2 cents? And remember, these biggest tankers can carry up to 3 million barrels. So count that and start feeling dizzy. All of the biggest companies own all size tankers, from the smallest to the biggest and imagine how many tankers are out there if some of the top five oil shipping companies own 12,9 million DWT. Can you guess what company is that? Check out Insider Monkey’s article 10 largest oil tankers shipping companies in the world to find out the answer and see the rest of these companies.
