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Oil And Gas Shipping And Vessel Finance
In energy shipping, “tanker” is too broad to be useful. A crude tanker, a product tanker, and a gas carrier serve different cargoes, terminals, and commercial routes. If you are buying, chartering, financing, or underwriting a vessel-backed transaction, getting the vessel class right is basic execution discipline.
This guide breaks down the main tanker categories used in oil and gas trade and explains what each one actually carries. It also covers why vessel classification matters for structuring vessel and ship financing loans up to 85% LTV.
Built for transporting unrefined crude oil from producing regions and offshore loading points to refineries or storage hubs. These are typically the largest vessels in the oil tanker fleet.
Used for refined petroleum products such as gasoline, diesel, jet fuel, gasoil, and naphtha. Cargo suitability depends on coatings, tank condition, and contamination controls.
Specialized ships for liquefied gases such as LNG and LPG. These vessels use containment systems designed for low temperatures, pressure management, or both.
This includes shuttle tankers, bunker supply tankers, and heated asphalt or bitumen tankers used in regional or highly specific energy logistics chains.
| Vessel Type | What It Transports | Typical Cargo Examples |
|---|---|---|
| Crude Oil Tanker (Aframax / Suezmax / VLCC / ULCC) | Unrefined crude oil | Light sweet crude, medium sour crude, heavy crude blends |
| Shuttle Tanker | Offshore-produced crude oil | Crude lifted from FPSOs and offshore production systems |
| Clean Product Tanker (Handy / MR / LR1 / LR2) | Refined light and middle distillates | Gasoline, diesel, jet fuel, naphtha, gasoil |
| Dirty Product Tanker | Heavier refined petroleum streams | Fuel oil, vacuum gasoil, dark products |
| LNG Carrier | Liquefied natural gas | LNG (methane-rich cargo in cryogenic service) |
| LPG Carrier | Liquefied petroleum gases | Propane, butane, mixed LPG cargoes |
| Multi-Gas / Ethylene Carrier | Liquefied gas and petrochemical cargoes | Ethylene, propylene, ammonia, ethane, LPG-range cargoes (subject to vessel spec) |
Crude tankers transport unrefined crude oil. The names most people hear first are Aframax, Suezmax, and VLCC. Those labels mainly describe commercial size segments and route economics, not different chemical cargo categories. The cargo is still crude.
Common in regional and medium-haul crude trades. They transport crude parcels where port draft limits or route economics do not suit larger ships.
Larger crude tankers used on major routes where higher parcel volume makes sense but constraints still matter. Their main cargo is unrefined crude oil.
Very Large Crude Carriers are long-haul crude workhorses. They move very large crude parcels from export hubs to large refining markets.
Ultra Large Crude Carriers sit at the extreme end of scale and carry crude oil in very large parcels. They are far less common in mainstream trading today than VLCCs.
A crude tanker financing memo should clearly state vessel class, age, flag, trading area, and target charter profile. “Oil tanker” by itself is weak wording in a serious credit file.
Shuttle tankers are a specialized crude tanker segment. They typically transport crude oil from offshore production assets, especially FPSOs, to shore terminals, refineries, or storage hubs. The cargo is crude oil, but the operating profile is offshore-linked and more specialized than standard berth-to-berth crude transport.
Offshore-produced crude oil, generally lifted from floating production and storage systems.
Shuttle tanker underwriting usually depends heavily on charter coverage, operator profile, technical condition, and contract structure, not just hull value.
Product tankers move petroleum cargoes after refining. In market language, you will often hear “clean” and “dirty” product tankers. You will also hear size labels such as MR, LR1, and LR2. Both sets of terms matter because one speaks to cargo profile and the other to commercial segment.
Used for smaller refined product parcels in coastal and regional trades. Cargoes may include gasoline blendstocks, diesel, gasoil, and jet fuel depending on vessel spec.
Medium Range tankers are core product tanker workhorses. They commonly transport gasoline, diesel, jet fuel, naphtha, and gasoil on regional and inter-regional routes.
Long Range 1 tankers carry larger refined product parcels over longer distances. Typical cargoes include gasoline, jet fuel, diesel, naphtha, and other clean products, subject to tank coating and prior cargo controls.
Long Range 2 tankers move large refined product parcels and may also be used in some crude trades depending on configuration and market conditions.
Usually employed for contamination-sensitive refined products. Common cargoes include gasoline, diesel, jet fuel, naphtha, and similar clean petroleum streams.
Usually employed for heavier refinery outputs and dark products. Typical cargoes include fuel oil and other heavier petroleum streams.
Size class alone does not prove cargo suitability. A vessel can be the right size and still be wrong for the cargo because of coatings, contamination risk, heating needs, tank history, terminal acceptance, or charter party restrictions.
LNG carriers transport liquefied natural gas. This is not a normal oil tanker segment. LNG cargoes require cryogenic containment systems and a vessel built specifically for LNG service. In plain terms, if the cargo is LNG, the vessel must be an LNG carrier or a small-scale LNG carrier built for that duty.
Carry LNG in large parcels on long-haul gas routes between liquefaction and regasification terminals.
Carry LNG in smaller parcels for regional distribution, satellite terminals, and demand centers where full-scale LNG shipping is not practical.
LPG carriers transport liquefied petroleum gases, mainly propane and butane. Depending on design, some gas carriers can also carry petrochemical gases such as propylene, ethylene, or ammonia. These are technical gas shipping assets, not standard product tankers.
Used for smaller parcel LPG trades. Main cargoes are propane and butane in pressurized service.
Offer more flexibility across LPG and certain petrochemical gas cargoes, depending on vessel capability and terminal setup.
Used for larger LPG parcels on longer routes. Typical cargoes include propane, butane, and mixed LPG streams.
Very Large Gas Carriers are a major long-haul LPG segment used for moving large LPG cargoes between export and import hubs.
Specialized vessels that may carry ethylene, ethane, propylene, ammonia, and LPG-range cargoes, subject to containment and temperature capability.
Gas carrier underwriting is usually more technical and can hinge on vessel specification, charter coverage, route exposure, and the depth of the secondary market for that exact segment.
Transport marine fuel for ship bunkering operations in ports and anchorages. Their cargo is fuel for vessel consumption, not refinery feedstock.
Heated tankers used to transport asphalt or bitumen products that must be kept at controlled temperatures to remain pumpable.
If you are raising debt against a vessel, the lender is not only looking at steel and appraised value. They are looking at employment quality, charter visibility, liquidity of the vessel class, technical profile, age, and how realistic the operating assumptions are for that segment.
A tanker acquisition plan that says “oil tanker” with no class, cargo profile, or route logic looks sloppy. A file that clearly states MR product tanker for diesel and jet trades, or Suezmax crude tanker for a defined charter strategy, reads like a real transaction.
This is exactly where vessel financing structuring matters. A credible financing package should tie vessel type, cargo use, charter strategy, cash flow assumptions, and collateral value into one lender-readable file.
State the exact class and use case: crude tanker, product tanker, LNG carrier, LPG carrier, shuttle tanker, or another specialized segment.
Clarify what the vessel will carry and on which routes. Freight and earnings assumptions depend on this, not on generic “energy demand” language.
Time charter, spot strategy, COA exposure, operator strength, and off-taker quality all matter for lender comfort and debt sizing.
Age, yard, class status, inspection history, flag, ownership chain, and maintenance profile are core underwriting inputs in vessel finance.
Tie the earnings model to the actual tanker segment, expected utilization, operating costs, insurance, and debt service assumptions.
Submit a lender-ready file with vessel details, purchase terms, valuation context, sponsor profile, and repayment logic instead of a vague request for “ship loan.”
Financely supports transaction-led structuring for vessel and ship financing requests, including tanker acquisitions and refinancing discussions where the file is commercially real and properly documented. The goal is to convert a rough vessel purchase idea into a lender-readable submission with clear asset logic and debt rationale.
If you are buying or refinancing a tanker and want debt support tied to vessel value and cash flow, review our vessel and ship financing loans up to 85% LTV page and submit the transaction with the vessel specs, purchase price, charter profile, and sponsor information.
We can help structure lender-ready files for vessel and ship financing requests, including tanker transactions, on a best-efforts basis. Share the vessel class, cargo use case, purchase or refinance terms, and commercial plan for review.
A crude tanker transports unrefined crude oil to refineries or storage hubs. A product tanker transports refined petroleum products such as gasoline, diesel, jet fuel, naphtha, and gasoil.
No. LNG and LPG are carried on specialized gas carriers designed for refrigeration and or pressure-controlled cargo handling.
MR product tankers commonly carry refined products such as gasoline, diesel, jet fuel, naphtha, and gasoil, depending on vessel coating and cargo history requirements.
Shuttle tankers usually transport offshore-produced crude oil, often loaded from FPSOs, and deliver it to shore terminals, hubs, or refineries.
Tanker type affects earning profile, charter market depth, operating assumptions, resale liquidity, and lender risk assessment. Wrong vessel classification weakens the credit file.
Yes, subject to underwriting. Lenders typically assess vessel value, age, class and technical condition, sponsor strength, charter strategy, and repayment capacity before issuing terms.
Informational content for commercial audiences only. Vessel classifications, cargo suitability, and financing outcomes vary by vessel specification, market conditions, charter profile, technical condition, lender policy, and jurisdiction. This page is not legal, tax, investment, marine operations, or lending advice and is not a commitment to arrange or fund any transaction.
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