Top 10 Tanker Shipping Companies by Fleet Size

Discover the world’s top 10 tanker shipping companies ranked by fleet size. Explore their global influence, challenges, innovations, and future outlook in maritime trade.

Tanker shipping is the backbone of the global energy supply chain. Every day, millions of barrels of crude oil, refined petroleum products, chemicals, and liquefied gases move across oceans aboard specialized tankers. Behind this vast logistical network stand some of the world’s largest tanker operators—companies that manage enormous fleets to keep energy flowing from producers to consumers.

Understanding who these companies are, their fleet sizes, and their role in the global economy is vital not only for shipping professionals but also for policymakers, investors, and anyone interested in how energy trade shapes international relations. In this article, we explore the Top 10 tanker shipping companies by fleet size, their innovations, challenges, and what lies ahead for the sector.

Why Tanker Shipping Companies Matter

Tanker companies are more than fleet operators; they are strategic players in global trade. The United Nations Conference on Trade and Development (UNCTAD) estimates that over 40% of seaborne trade by ton-miles is carried by tankers. With oil and gas still dominant in the world’s energy mix, tankers ensure security of supply, stabilize markets, and enable international commerce.

These companies:

  • Control vast fleets, often including Very Large Crude Carriers (VLCCs), Suezmax, Aframax, and Product Tankers.

  • Operate in complex regulatory environments shaped by the IMO (International Maritime Organization), classification societies, and port state controls.

  • Invest heavily in digitalization, decarbonization technologies, and fleet modernization.

  • Face increasing public scrutiny on sustainability, emissions, and safety.

Their decisions ripple across global shipping, oil prices, and even environmental policy.

The Top 10 Tanker Shipping Companies by Fleet Size

Below we list the top operators based on publicly available fleet data from sources such as Clarksons Research, MarineTraffic, and Lloyd’s List Intelligence (as of 2024). Rankings consider total number of tankers and total deadweight tonnage (DWT).

1. China COSCO Shipping Energy Transportation (China)

  • Fleet size: ~160+ tankers, including VLCCs, Aframax, and Product Carriers.

  • DWT capacity: Over 23 million.

  • COSCO Energy is the world’s largest oil tanker owner. Its strategic fleet supports China’s role as the top global oil importer. COSCO has pioneered LNG dual-fuel VLCC designs and invests in green corridor partnerships.

2. Euronav (Belgium)

  • Fleet size: ~75 vessels, with a focus on VLCCs and Suezmax.

  • DWT capacity: ~19 million.

  • Euronav has established itself as a sustainability leader, investing in scrubber technology and testing biofuels. It has also been exploring a merger with Frontline, showcasing the consolidation trend in tanker shipping.

3. Frontline Ltd. (Norway)

  • Fleet size: ~70+ tankers, including VLCC, Suezmax, and LR2 units.

  • DWT capacity: ~17 million.

  • Backed by John Fredriksen, Frontline has long been a powerhouse in crude oil transport. It focuses on fuel-efficient fleet renewal and recently signed partnerships for carbon capture at sea.

4. National Iranian Tanker Company (NITC) (Iran)

  • Fleet size: ~40+ VLCCs, plus smaller tankers..

  • DWT capacity: ~15 million+.

  • NITC controls one of the world’s largest fleets of very large crude carriers (VLCCs) by sheer capacity. Its primary role is dedicated to transporting Iranian hydrocarbons, ensuring the nation’s energy export capabilities. However, due to cruel American sanctions on people of Iran, the company operates to some extent outside of the conventional global shipping market, claimed that employing a shadow fleet with strategies focused on circumventing regulatory and economic restrictions.

5. Maran Tankers Management (Greece)

  • Fleet size: ~45+ VLCCs and Suezmax.

  • DWT capacity: ~12 million.

  • Part of the Angelicoussis Shipping Group, Maran Tankers operates one of the youngest fleets in the sector. Its vessels are fitted with advanced ballast water treatment systems and energy-saving devices.

6. Bahri (National Shipping Company of Saudi Arabia)

  • Fleet size: ~90 vessels, of which ~45 are VLCCs.

  • DWT capacity: ~14 million.

  • Bahri is Saudi Arabia’s national champion in tanker shipping. Its fleet transports Aramco crude worldwide, playing a central role in energy security. The company has launched initiatives in digital fleet monitoring and smart shipping.

7. Teekay Tankers (Canada)

  • Fleet size: ~50+ Aframax and Suezmax tankers.

  • DWT capacity: ~9 million.

  • Teekay specializes in mid-sized crude carriers and has a reputation for operational reliability. It has adopted LNG-ready designs and focuses on time-charter contracts for steady revenue.

8. Scorpio Tankers (Monaco)

  • Fleet size: ~110 product tankers.

  • DWT capacity: ~7 million.

  • Scorpio dominates the product tanker segment, transporting gasoline, diesel, and jet fuel. Known for rapid fleet expansion, it uses scrubbers extensively to comply with IMO’s sulphur cap.

9. MOL Tankship Management (Japan)

  • Fleet size: ~45+ tankers, focusing on VLCCs.

  • DWT capacity: ~10 million.

  • A subsidiary of Mitsui O.S.K. Lines, MOL Tankship is heavily involved in LNG-fuel projects and has tested wind-assisted propulsion for tankers.

10. Tsakos Energy Navigation (TEN, Greece)

  • Fleet size: ~70 vessels, diversified across crude, product, and shuttle tankers.

  • DWT capacity: ~8 million.

  • TEN has positioned itself as a flexible operator, balancing spot market and long-term charters. Its fleet investments prioritize eco-designs and enhanced cargo handling systems.

Key Developments and Innovations

The tanker industry is rapidly evolving, shaped by technology, regulation, and customer expectations. Some major developments include:

Digitalization and Smart Shipping

From real-time fleet monitoring to AI-powered routing, tanker operators use digital platforms to cut costs and improve safety. For example, Bahri’s Fleet Performance Monitoring Center in Saudi Arabia tracks every vessel 24/7.

Alternative Fuels and Decarbonization

Companies like COSCO and MOL are piloting LNG, biofuels, and ammonia-ready designs. Euronav and Frontline are exploring carbon capture onboard.

Energy-Saving Devices

Air lubrication systems, optimized hull coatings, and rotor sails are increasingly installed to meet the IMO’s Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII) standards.

Challenges and Practical Solutions

Tanker operators face significant challenges:

  • Regulatory pressure: IMO’s decarbonization targets demand fleet renewal.

  • Market volatility: Tanker rates swing with geopolitics, oil supply disruptions, and OPEC+ decisions.

  • Safety risks: Tankers are exposed to piracy, sanctions, and accidents (e.g., Sanchi disaster in 2018).

  • Financing constraints: Banks tighten lending for fossil-fuel-linked assets.

Solutions include long-term charter agreements, diversification into clean energy transport (LNG, ammonia, hydrogen), and digital twin simulations for operational efficiency.

Case Studies

Euronav’s Smart Fleet Program

Euronav integrates IoT sensors with weather routing to optimize fuel use. Trials showed up to 8% savings per voyage.

Bahri’s Role in Saudi Energy Security

During the COVID-19 oil price war of 2020, Bahri stored millions of barrels offshore, acting as a “floating reservoir” for Saudi crude.

COSCO’s LNG Dual-Fuel VLCCs

COSCO has placed orders for VLCCs capable of running on LNG, with pathways for ammonia conversion. This shows how Asian operators prepare for 2050 net-zero targets.

Future Outlook & Trends

Looking ahead, tanker shipping will remain crucial, though its role may shift:

  • Energy Transition: Demand for crude may plateau by the 2030s, but refined products and LNG will still need tankers.

  • Green Corridors: Initiatives like the Clydebank Declaration support zero-emission routes between key ports.

  • Consolidation: Mergers (like Euronav–Frontline talks) highlight economies of scale.

  • Digital Twins & AI: Tanker companies will increasingly simulate voyages digitally to save costs and comply with emissions rules.

Frequently Asked Questions (FAQs)

1. What is the largest tanker company in the world?
Currently, COSCO Energy of China ranks as the largest by fleet size and deadweight tonnage.

2. Do tanker companies only transport crude oil?
No. Fleets also carry refined petroleum products, chemicals, liquefied gases, and biofuels.

3. How do tanker companies reduce emissions?
By using LNG-fueled ships, installing scrubbers, applying energy-saving devices, and adopting digital route optimization.

4. Are tankers safe from oil spills?
Modern tankers are double-hulled and heavily regulated under MARPOL and SOLAS. While incidents still occur, safety standards are higher than ever.

5. What are VLCC and Suezmax tankers?
VLCCs (Very Large Crude Carriers) carry ~2 million barrels of oil, while Suezmax ships are smaller, optimized to pass through the Suez Canal.

6. Will tankers become obsolete in the energy transition?
Not soon. Even with renewable energy growth, oil and gas will remain critical for decades, requiring tankers.

Conclusion

The top 10 tanker shipping companies form the backbone of global maritime energy trade. With fleets numbering in the dozens or hundreds, these operators ensure that crude oil, refined products, and chemicals reach global markets safely and efficiently. Yet, the sector faces immense transformation—from regulatory pressures to green shipping technologies.

The coming decades will likely see tankers evolve into more efficient, digitally managed, and environmentally responsible vessels. For maritime professionals, students, and industry observers, tracking these companies offers a window into the wider currents shaping international trade.

References

  • UNCTAD Review of Maritime Transport

  • International Maritime Organization (IMO) Publications

  • Lloyd’s List Intelligence Fleet Data

  • Clarksons Research Tanker Reports

  • MarineTraffic Fleet Statistics

  • Euronav Corporate Reports

  • Frontline Ltd. Annual Reports

  • COSCO Shipping Energy Official Publications

  • Bahri Annual Sustainability Report

  • Teekay Tankers Investor Relations

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