An oil tanker, also known as a petroleum tanker, is a merchant ship designed for the bulk transport of oil. There are two basic types of oil tankers: the crude tanker and the product tanker. Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries. Product tankers, generally much smaller, are designed to move refined products from refineries to points near consuming markets.
Oil tankers are often classified by their size as well as their occupation. The size classes range from inland or coastal tankers of a few thousand metric tons of deadweight (DWT) to the mammoth ultra large crude carriers (ULCCs) of 550,000DWT. Tankers move approximately 2,000,000,000 metric tons (2.2×109 short tons) of oil every year. Second only to pipelines in terms of efficiency, the average cost of oil transport by tanker amounts to only two or three United States cents per 1 US gallon (3.8L).
Tankers are benefitting from Ukraine-related disruptions including the upcoming proposed EU ban of Russian oil ... Tankers ... International Seaways (INSW) is in the sweet spot of the tanker market with a nice balance of both crude and product tankers. INSW has a very clean balance sheet ...
In its Q3 Overview and Outlook for the tanker market, Bimco said the Baltic ExchangeDirtyTankerIndex had been up an average of 86% on-year in 2022, and the clean tanker index had been up 113% as the markets were supported by higher tonne-mile, 5.1% higher for dirty and 2.9% for clean.
A new joint venture, FureBear, between Swedish tanker owner, Furetank, and Canada’sAlgoma Central Corp has ordered four 17,999dwt dual-fuel ice-class products tankers at China MerchantsJinling Shipyard ... The first deliveries, and possible the later ones too, are likely to deliver into a strong products tanker market.
Data provided to Bloomberg by the shipping consultancy firm VesselsValue showed 184 so-called clean tankers, which only carry refined petroleum products, changing hands this year, for a total value of $3.79 billion ... "Product tankers continue to be the most transacted vessel type during July amidst a healthy spot market.".
He attributed this to the industry having to factor in the costs of new production and delivery infrastructures ... Its chemicals arm operates 27 MR vessels already, and now intends to break into the clean petroleum product tanker market, a senior executive announced.
“People are realizing that India is such a refining hub, taking it at such a cheap price, refining it and sending it out as clean products because they can make such strong margins on that,” Smith said. In May, some 30 Russian tankers loaded with crude made their way to Indian shores, unloading about 430,000 barrels per day.