5 Biggest Oil Tanker Companies

STNG, FRO, and TK lead the 5 biggest oil tanker companies list

Oil tanker companies specialize in transporting and storing crude oil and refined products. The business involves firms that own, operate, or lease various oil tankers and facilities. Crude tankers transport bulk volumes of unrefined crude oil from oil extraction facilities to oil refineries, while product tankers carry refined products to facilities where they will be sold to end consumers, and replenishment oilers are used to refuel ships at sea.

These are the five biggest oil tanker companies by 12-month trailing (TTM) revenue. Some companies outside the U.S. report profits semi-annually instead of quarterly, so the 12-month trailing data may be older than it is for companies that report quarterly. This list is limited to publicly traded companies in the U.S. and Canada, either directly or through ADRs. Data is courtesy of YCharts.com. All figures are as of Dec. 15, 2022.

#1 Scorpio Tankers Inc. (STNG)

  • Revenue (TTM): $1.22 billion
  • Net Income (TTM): $326.85 million
  • Market Cap: $3.16 billion
  • 1-Year Trailing Total Return: 357.18%
  • 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 through three segments that represent different types of ships.

Scorpio has more than 100 vessels and anticipates growth over the next several years as it works to reduce its long-term debts and forecasts significant earnings potential and operating leverage.

#2 Frontline Plc. (FRO)

  • Revenue (TTM): $1.11 billion
  • Net Income (TTM): $252.47 million
  • Market Cap: $3.02 billion
  • 1-Year Trailing Total Return: 105.14%
  • Exchange: New York Stock Exchange

Frontline is a Cyprus-based international shipping company that owns and operates oil and product tankers. The company also provides seaborne transportation of crude oil and oil products. Frontline was created through a series of significant restructurings, mergers, and acquisitions in the past decade.

It officially merged with Euronav in December 2022, redomiciling its headquarters in Cyprus and changing to Frontline Plc. It has 22 very large crude carriers (VLCCs), 26 Suezmax carriers, and 20 Aframax carriers. The company anticipates negative growth due to a low orderbook for its tankers and the oil tanker industry in general.

#3 Teekay Corp. (TK)

  • Revenue (TTM): $993.19 million
  • Net Income (TTM): $21.91 million
  • Market Cap: $447.79 million
  • 1-Year Trailing Total Return: 41.14%
  • Exchange: New York Stock Exchange

Teekay is a Canada-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 both long-term and fixed-rate contracts. Two of its subsidiaries, Teekay Tankers Ltd. (TNK) and Teekay LNG Partners LP (TGP), trade separately under their own tickers. However, Teekay's revenue and market cap figures cited above include these two subsidiaries.

Teekay leadership has a strong outlook on the tanker market and its position. Nearly all of its tankers trade in the spot market, so it believes it has enough operating leverage and a strong market to operate in.

#4 Tsakos Energy Navigation LTD (TNP)

  • Revenue (TTM): $729.27 million
  • Net Income (TTM): $1.19 million
  • Market Cap: $490.72 million
  • 1-Year Trailing Total Return: 139.27%
  • Exchange: New York Stock Exchange

Tsakos Energy Navigation Ltd. (referred to as TEN Ltd. by the company) is headquartered in Hellas, Greece, and has been operating in the industry for 30 years. It has a fleet of 66 crude, product, liquid natural gas, and shuttle tankers.

TEN is considering upgrading some of its tankers to more modern vessels while continuing to expand into specialized tanker sectors such as shuttles and LNG. The company expects the tanker market to be set through at least 2026 due to tight yard capacity, low orders, and favorable market conditions.

#5 SFL Corp Ltd (SFL)

  • Revenue (TTM): $624.63 million
  • Net Income (TTM): $234.43 million
  • Market Cap: $1.28 billion
  • 1-Year Trailing Total Return: 25.71%
  • Exchange: New York Stock Exchange

SFL Corporation Ltd is headquartered in Hamilton, Bermuda. It is a multi-industry shipper with 14 crude oil, product, and chemical tankers and two sea drills. It also has dozens of car carriers, container ships, and bulk freighters. The company's tankers are all backlogged, some until the third quarter of 2033, indicating it will be busy for the next several years.

SFL has paid dividends for 77 consecutive quarters and anticipates long-term success based on its vessel backlog and its plans to acquire four more tankers in the next several years.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. U.S. Securities and Exchange Commission. "Scorpio Tankers Inc., Form 6-K, For the Month of April 2010."

  2. Scorpio Tankers Inc. "First Quarter 2023 Earnings Presentation," Page 4.

  3. Scorpio Tankers Inc. "First Quarter 2023 Earnings Presentation," Pages 10-11.

  4. Frontline plc. "About Frontline plc."

  5. Frontline plc. "History."

  6. Reuters. "Oil Tanker Owners Frontline and Euronav Sign Merger Deal."

  7. Frontline plc. "Home."

  8. Frontline plc. "Interim Financial Information," Page 4.

  9. Teekay Tankers. "Commercial Management."

  10. Teekay Tankers. "Business."

  11. Teekay Corporation. "Teekay Corporation Reports First Quarter 2023 Results," Pages 1-2.

  12. TEN Ltd. "Our Company."

  13. TEN Ltd. "TEN Ltd. Reports Record Profits for Fourth Quarter and Year-End 2022 and Declares Annual Dividend of $0.60 per Common Share," Page 3.

  14. SFL Corporation. "Contracted Charter Backlog."

  15. SFL Corporation. "SFL – Fact Sheet."

  16. SFL Corporation. "Preliminary Earnings Release Q1 2023," Page 1.

  17. SFL Corporation. "Preliminary Earnings Release Q3 2022," Page 2.

Take the Next Step to Invest
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.