The movement and storage of crude oil in large volume needs oil tankers, which are large sized transport ships. There are different categories of oil tankers—a crude tanker is used for transporting bulk volume of unrefined crude oil from the oil extraction facilities to the refineries. Whereas, a product tanker is used to carry refined products from oil refineries to the markets/consumer facilities. A replenishment oiled is used for refueling ships at the sea, and the old nonoperational oil tankers which are used as floating oil storage units. Insidermonkey experts made a list of largest oil tanker shipping companies in the world.
The crude tanker business involves firms which own, operate or lease the crude tankers for their requirements of oil transportation and storage. Different entities get into detailed business contracts, which are based on duration of the lease, the quantity of the oil to be transported or stored, the route of transport, or a mix of all such factors. Contracts also include details of which party bears the operational expenses, including fuel costs, crew payments, and insurance. You can also check our list of 10 busiest shipping lanes in the world.