A petroleum tanker or oil tanker is a big ship being designed for the purpose of carrying as well as transporting oil and similar products from one place to another. These oil tankers are usually carrying unrefined crude oil from the origin point of oil extraction towards oil refineries in bulk volumes whereby product tankers are transporting refined products to final facilities from where they are provided to end customers.
The international supply chains have experienced huge disruptions due to the Coronavirus outbreak that has resultantly affected the shipping industry as well. All during the pandemic, a reduction in consumption of oil by 30 million barrels oil per day has been recorded by International Energy Agency. The production of oil was the excess of around 35 million each day as compared to the international demand of around daily 65 to 70 million barrels. Even the biggest oil refineries are now cutting down activities during the starting few quarters of 2020. This is the point whereby the industry of oil tankers is saving the day.
Insider Monkey’s post has shared that:
“As 85% of land-based oil storage facilities are unavailable, the large-scale reserves on tankers at sea became the best option. In March and April 2020, the oil tanker industry saw a boom of 70%. As onshore inventory levels increased, market players turned to use oil tankers to store oil, which is usually more expensive than onshore storage. As oil demand faded, demand for oil storage flew.”
We are going to start our the 5 Biggest Oil Tanker Companies known as Nordic American Tankers Limited. According to Insider Monkey’s report:
“Nordic American Tankers Limited, an international tanker company acquires and charters dual-hull tankers in Bermuda and internationally. Nordic American Tankers is one of the largest oil tanker companies in the world owning approximately 26 Suezmax vessels with 156,000 deadweight tonnage (DWT) each.”
The next company that we have selected is Overseas Shipholding Group is providing transportation services regarding refined petroleum and crude oil products. The shipping company’s fleet involves vessels that are being registered in the USA and a range of other countries. The company has owned around 110 vessels that contain 11 million DWT capacity each. Natural gas products are also transported by the company. This is not the end of the list, you can learn more 12 Largest Oil Tanker Companies in the World shared by Insider Monkey on Yahoo.