Current State of the Top Oil Tanker Companies in the World
The market demand for oil is still very high and that demand is being met by the top 10 largest oil tanker companies in the world in 2020. The top oil tanker company in the world by revenue is Teekay; followed by Euronav and Scorpio Tankers rounding out the top 3. The overall oil tanker market is highly dynamic but the oil demand is going nowhere as economies continue to prosper. This fact sheet is to breakdown who top 10 oil tanker companies in the world are and to provide insight on the biggest factors and trends driving growth in the market.
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Global Oil Tanker Industry Stats and Trends
- The global oil tanker fleet had a capacity of around 568 million deadweight tonnage. In terms of tonnage, oil tankers account for around 29 percent of global seaborne trade.
- There are currently 810 very large crude carriers (VLCC) in the global fleet.
- Crude oil and petroleum products are the largest commodities handled by Canadian ports, representing over 20% of total tonnage.
- China is accounting for the bulk of floating storage globally, pushing against a faster global unwinding.
- Oil product tanker freight rates have fallen, with smaller vessel sizes earning more than larger ones.
Top 10 Oil Tanker Companies in the World in 2020
What are the best oil tanker shipping companies? This is BizVibe’s comprehensive list of the top 10 largest oil tanker companies in the world in 2020.
Oil Tanker Company
Revenue (USD millions)
Market Cap (USD millions)
|4||Frontline Ltd.||957.3||1,500||Hamilton, Bermuda|
|5||DHT Holdings Inc||754.4||898.4||Bermuda|
|6||Tsakos Energy Navigation||682||148.37||Athens, Greece|
|7||Nordic American Tankers Limited||526.22||521.67||Hamilton, Bermuda|
|8||Navios Maritime Holdings||134.19||23.83||Piraeus, Greece|
|10||Overseas Shipholding Group||355.5||183.89||New York, USA|
What is the largest oil tanker company in the world? Teekay Corporation ranks number 1 on our list of the top 10 largest oil tanker companies in the world in 2020. Teekay is a Canada-based crude oil tanker company that specializes in crude oil, LNG, and LPG tankers. Teekay currently operates a fleet that is evaluated at USD 12 billion, including gas and oil tankers and offshore structures, under head offices in Canada, London, Bahamas, Bermuda, and Singapore. Last year Teekay generated USD 2 billion — making it the largest oil tanker company in the world by revenue. Teekay’s market cap is also set at USD 1.6 billion — the second-highest on this list of the top 10 crude oil tanker companies. Teekay operates several Floating Production Storage and Offloading (FPSOs) under its subsidiary Teekay Petrojarl in the North Sea.
- Founded: 1973
- Teekay Revenue: USD 2.0 billion
- Teekay Market Cap: USD 1.6 billion
- Teekay Headquarters: Vancouver, Canada
Euronav ranks 2nd on this list of the top 10 oil tanker companies in the world in 2020. Euronav is an international shipping enterprise that focuses on oil transport by sea. Euronav is known for providing shipping services in addition to its fleet of large tankers. Euronav has headquarters in Antwerp, Belgium and last year generated USD 1.4 billion — the 2nd largest oil tanker company in the world by revenue. Euronav’s market cap is reached USD 615.6 million last year.
- Founded: 2004
- Euronav Revenue: USD 1.4 billion
- Euronav Market Cap: USD 615.6 million
- Euronav Headquarters: Antwerp, Belgium
Scorpio Tankers ranks 3rd on this list of the top 10 oil tanker companies in the world in 2020. Scorpio Tankers owns and operates first-class tonnage consisting of the latest generation of fuel-efficient tanker vessels from quality shipyards. Founded in 2009, Scorpion Tankers is a Monaco-based oil tanker company that last year generated USD 958.1 million. Scorpio Tankers is a provider of marine transportation of petroleum products worldwide. The New York-listed company is one of the world’s largest owners of product tankers. How many ships Scorpio have? It owned or finance leased 109 vessels of LR, MR, and handymax sizes.
- Founded: 2009
- Scorpio Tankers Revenue: USD 958.1 million
- Scorpio Tankers Market Cap: USD 157.3 million
- Scorpio Tankers Headquarters: Monaco
Ranking 4th on this list of the top oil tanker companies is Frontline Ltd., one of the world’s largest oil tanker shipping company. Frontline Ltd. is a Bermuda-based oil tanker company y that’s specializes in transporting crude oil. Frontline has 24 very large crude carriers, 28 suezmax tankers, and 20 aframaxes, with an average age of just 4 years. Frontline Ltd generated USD 957.3 million last year with a market cap of USD 1.5 billion — making it one of the largest oil shipping companies in the world by both figures.
- Founded: 1985
- Frontline Ltd. Revenue: USD 957.3 million
- Frontline Ltd. Market Cap: USD 1.5 billion
- Frontline Ltd. Headquarters: Hamilton, Bermuda
Ranking 5th on this list of the top 10 largest oil tanker companies is DHT Holdings Inc, a Bermuda-based independent crude oil tanker company that provides transportation services to oil companies. DHT is an independent crude oil tanker company. DHT fleet trades internationally and consists of crude oil tankers in the VLCC segment. DHT operates through integrated management companies in Monaco, Singapore, and Oslo, Norway. DHT Holdings Inc generated USD 754.4 million and has a current market cap of USD 898.4 million — making it one of the top oil tanker companies in the world by revenue and market cap in 2020.
- Founded: 2005
- DHT Holdings Inc Revenue: USD 754.4 million
- DHT Holdings Inc Market Cap: USD 898.4 million
- DHT Holdings Inc Headquarters: Bermuda
Ranking 6th on this list of the top 10 largest oil tanker companies is Tsakos Energy Navigation, one of the oldest and largest independent transporters of energy in the world owning a versatile fleet of modern crude and product tankers. Based in Athens, Greece, Tsakos Energy Navigation generated USD 682 million last year and has a current market cap of USD 148.37 million.
- Founded: 2005
- Tsakos Energy Navigation Revenue: USD 682 million
- Tsakos Energy Navigation Market Cap: USD 148.37 million
- Tsakos Energy Navigation Headquarters: Athens, Greece
Ranking 7th on our list of the top oil tanker companies is Nordic American Tankers Limited, an oil tanker company based in Hamilton, Bermuda. Last year the company generated USD 526.22 million and has a current market cap of 521.67 million. The Company owns approximately 26 vessels, including approximately two new buildings under construction, of approximately 156,000 deadweight tonnage (dwt) each.
- Founded: 1995
- Nordic American Tankers Limited Revenue: USD 526.22 million
- Nordic American Tankers Limited Market Cap: USD 521.67 million
- Nordic American Tankers Limited Headquarters: Hamilton, Bermuda
Navios Maritime Holdings ranks 8th on this list of the top oil tanker companies in the world in 2020. Navios Maritime Holdings is a global, vertically integrated seaborne shipping and logistics company focused on the transport and transshipment of dry bulk commodities including iron ore, coal, and grain. Last year Navios Maritime Holdings generated USD 134.19 million — making it one of the largest oil tanker companies in the world in 2020. Navios Maritime Holdings also has a current market cap of USD 23.83 million.
- Founded: 1992
- Navios Maritime Holdings Revenue: USD 134.19 million
- Navios Maritime Holdings Market Cap: USD 23.83 million
- Navios Maritime Holdings Headquarters: Piraeus, Greece
International Seaways ranks 9th on this list of the best fuel hauling companies. International Seaways generated USD 366.18 million last year with a current market cap of USD 409.4 million. International Seaways, Inc. is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets.
- Founded: 1999
- International Seaways Revenue: USD 366.18 million
- International Seaways Market Cap: USD 409.4 million
- International Seaways Headquarters: USA
Rounding out BizVibe’s list of the top 10 oil tanker companies is Overseas Shipholding Group, an oil tanker company that is the operator of a fleet of twenty-four oil tankers and oil tug-barges. Overseas Shipholding Group is based in Tampa, Florida, United States, and was founded in 1948. Last year Overseas Shipholding Group generated USD 355.5 million in revenues and has a current market cap of USD 183.89 million — making it one of the top 10 largest oil tanker companies in the world by revenue.
- Founded: 1948
- International Seaways Revenue: USD 355.5 million
- International Seaways Market Cap: USD 183.89 million
- International Seaways Headquarters: New York, USA
This is BizVibe’s list of the top 10 oil tanker companies in the world in 2020. Keep track of these companies on BizVibe.
Top Oil Tanker Companies by Revenue 2020
Oil Tanker Company
Revenue (USD millions)
|4||Frontline Ltd.||957.3||Hamilton, Bermuda|
|5||DHT Holdings Inc||754.4||Bermuda|
|6||Tsakos Energy Navigation||682||Athens, Greece|
|7||Nordic American Tankers Limited||526.22||Hamilton, Bermuda|
|9||Overseas Shipholding Group||355.5||New York, USA|
|10||Navios Maritime Holdings||134.19||Piraeus, Greece|
- Teekay is the largest oil tanker company in the world by revenue, generating USD 2.0 billion last year.
- Euronav is the 2nd largest oil tanker company in the world by revenue, generating USD 1.4 billion
The Future of the Oil Tanker Industry
After rapid growth in 2017, the demand for crude oil has seen up and downs like any other market where demand is dependant on multiple factors such as production and even the politics behind it all. US oil-product exports grew by 12.5% (372,000 barrels per day). Overall demand is still high as the top 10 largest oil tanker companies continue to innovate in the industry.