Tankers
Tankers carry crude oil (VLCC, Suezmax, Aframax), clean/dirty petroleum products (MR, LR1, LR2), chemicals, and LNG/LPG. Tanker rates are quoted in Worldscale points (WS) or $/day. The tanker market is heavily influenced by OPEC production policy and refinery utilisation.
Key Concepts
Resources
- Baltic Exchange
Publisher of the BDI and all major freight indices. The pricing authority for dry bulk and tanker freight markets. Daily indices, route assessments, and market data.
DataFreeBaltic Exchange
- Signal Ocean Platform
Data analytics platform tracking vessel movements, cargo flows, and freight market trends. Professional-grade AIS data and analytics. Free tier available.
DataSignal Ocean
- Lloyd's List
The oldest shipping publication (est. 1734). Daily coverage of freight markets, regulation, and company news. Paywall but free articles available.
ArticleLloyd's List
Learning Path
Tanker Segmentation: Crude, Clean, and Product Routes
Tanker markets segment by cargo type and vessel class, with crude and product corridors reacting to different demand and refinery signals.
2 case studies →
Worldscale, TCE Conversion, and Risk
Worldscale points are not directly comparable across routes without translating into time-charter equivalent economics.
2 case studies →
Tanker Risk Regimes: Geopolitics, Insurance, and Delays
Geopolitical risk and insurance dynamics can change effective supply and route attractiveness faster than fleet fundamentals.
2 case studies →
Key Players
Vitol
Rotterdam, Netherlands / Geneva, Switzerland
The world's largest oil trader by volume. Vitol trades more than 7 million barrels per day. Privately owned by employees, Vitol is also active in LNG, power, and renewables. Operates VTTI storage terminals globally.
Revenue model
Thin margins on enormous physical volumes. Storage arbitrage (buy in contango, store, sell forward). Logistics and infrastructure ownership amplifies edge.
Largest oil trader by volume — moves ~7 million barrels/day
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
300-450bn
EBITDA
10-18bn
Net Income
2-7bn
Confidence: low · Source: Company disclosures and market estimates
Private company ranges, not audited public filings.
Trafigura
Geneva, Switzerland
The second-largest private commodity trader. Trafigura focuses on oil and petroleum products, metals, and bulk commodities. Known for aggressive trading strategy and significant infrastructure investments in ports and storage.
Revenue model
Physical commodity trading margins + logistics infrastructure. Structured finance (prepay deals with producers) as a competitive weapon. Owns Impala terminals and other port assets.
One of the largest oil traders; pioneered prepay finance deals with African state oil companies
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
200-300bn
EBITDA
8-15bn
Net Income
2-7bn
Confidence: low · Source: Company disclosures and market estimates
Private company ranges, not audited public filings.
Gunvor
Geneva, Switzerland
Originally an oil trading company with deep Russian ties, Gunvor has diversified into LNG, coal, and power. Now fully independent after divesting Russian assets. Known for trading speed and opportunistic positioning.
Revenue model
Physical commodity trading with a strong focus on risk-taking and arbitrage across energy markets.
Once the largest trader of Russian crude; successfully pivoted after 2022 sanctions
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
100-170bn
EBITDA
3-8bn
Net Income
0.8-3.0bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.
Mercuria
Geneva, Switzerland
Founded in 2004 by ex-Goldman Sachs traders. Mercuria started in oil and has aggressively expanded into metals, agriculture, and energy transition commodities. Owns JPMorgan's physical commodities business.
Revenue model
Physical trading margins + proprietary positioning. Strategic acquisitions to build supply chain assets.
Acquired JPMorgan's physical commodities business in 2014; active in carbon markets
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
120-190bn
EBITDA
3-9bn
Net Income
0.8-3.5bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.