The 5 largest oil tanker companies

Oil tanker companies specialize in the transportation and storage of crude oil. The business includes companies that own, operate or lease various types of oil tankers and equipment. Raw material tankers transport bulk volumes of unrefined crude oil from oil production facilities to oil refineries, while product tankers carry refined products to facilities where they will be sold to end users, and oil tankers are used to load ships at sea.

One type of tanker that became particularly important in the early 2020s was the old, decommissioned oil tankers used as floating storage units. The oil price war between Russia and Saudi Arabia and the impact of COVID-19 sent oil prices tumbling as oversupply flooded the market. As demand for oil evaporated, demand for oil storage soared. Oil tanker companies offering storage benefited from this demand and their shares received a healthy boost.

These are the 5 largest oil tanker companies on a trailing 12-month basis (TTM) income. Some non-US companies report earnings semi-annually instead of quarterly, so 12-month data may be older than for companies that report quarterly. This list is limited to publicly traded companies in the US and Canada, either directly or through NLR. Data courtesy of All figures are as of September 8.

  • Revenue (TTM): $838 million
  • Net Revenue (TTM): -$14 million
  • Market capitalization: $376 million
  • Exchange: New York Stock Exchange

Teekay is a Canadian-based investment holding company that provides international crude oil and gas marine transportation services. It also offers offshore oil production, storage and offloading services under long-term and fixed-term contracts. Two of its subsidiaries, Teekay Tankers Ltd. (TNC) and Teekay LNG Partners LP (TGP), trade separately under their own tickers. The revenue and market capitalization figures cited above for Teekay include these two subsidiaries. TNK provides separate exposure to conventional crude oil tankers and product carriers, while TGP provides investors with separate exposure to LNG and LPG carriers. TK provides exposure to both.

  • Revenue (TTM): $475 million
  • Net Revenue (TTM): -$226 million
  • Market cap: $3.4 billion
  • Exchange: New York Stock Exchange

Euronav is a Belgium-based crude oil transportation and storage company. It provides services for the transportation of crude oil by sea through its tanker segment. It receives hydrocarbon liquids pumped from nearby offshore platforms and provides field storage through its floating, production, storage and offloading operating segments. Euronav also provides crew, ship and fleet management services.

  • Revenue (TTM): $846 million
  • Net Revenue (TTM): -$12.6 million
  • Market cap: $2.3 billion
  • Exchange: New York Stock Exchange

Scorpio Tankers is a Monaco-based shipping company that went public in 2010. It provides marine transportation of petroleum products worldwide. The company operates in four segments, which represent different types of vessels. The company operates over 100 ships.

  • Revenue (TTM): $772 million
  • Net Revenue (TTM): -$8.9 million
  • Market cap: $2.7 billion
  • Exchange: New York Stock Exchange

Frontline is a Bermuda-based international shipping company that owns and operates oil and product tankers. The company also carries out marine transportation of crude oil and petroleum products. Frontline has been built through a series of major restructurings, mergers and acquisitions over the past decade.

  • Revenue (TTM): $319 million
  • Net Earnings (TTM): -$31.5 million
  • Market cap: $1.3 billion
  • Exchange: New York Stock Exchange

DHT is a Bermuda-based independent crude oil tanker company that provides transportation services to oil companies. The company operates a fleet of crude oil tankers through integrated management companies located in Monaco, Singapore and Norway.

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