According to analysis by Poten & Partners, a New York-based broking firm, China’s Unipec was the largest spot charterer of crude oil tankers in 2024.
Unipec chartered a total of 805 crude tankers over the year, more than double the number of its closest competitor, Chevron, which chartered 341 tankers. Other major players in the top five included Shell, ExxonMobil, and Total.
While Unipec maintained its position as the top charterer, its cargo volumes and market share experienced a slight decrease for the second consecutive year. This decline was attributed to a slowdown in China’s economy, which impacted oil demand growth. Despite this, Unipec remained the leading charterer of very large crude carriers (VLCCs), completing around 670 deals, more than six times the number of its nearest competitor in this segment.
ExxonMobil topped the Suezmax category, securing over 100 spot deals, while Chevron led in the Aframax sector with nearly 170 contracts.
Poten & Partners also highlighted the emergence of PKN Orlen, a Polish charterer, which entered the top 20 charterers for the first time, securing the 16th spot. This rise reflected Poland’s shift away from Russian piped crude oil and towards seaborne shipments from other regions, including the Middle East and the North Sea. PKN Orlen ranked 4th in the Aframax sector but did not feature in the top 20 for VLCC or Suezmax spot charter rankings.
The total number of VLCC spot fixtures increased by 2.3% in 2024 compared to 2023, while Suezmax contracts decreased by 6%. Aframax contracts saw a growth of 7.3%.
The situation remains fluid as the two parties continue negotiations, with a resolution needed before the planned strike date.
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