# Tankers, barges and fuel trucks: Value chain

Chinese yards, Korean operators and the traders who hire ships

Source page: https://www.materialinsights.org/energy/e_tankers/valuechain/

What this tab covers Who does what, from equipment makers to builders, owners, operators, traders and users, with the leading companies at each step.

Shipyards build the ships, owners and operators run them, charterers (oil majors, traders, refiners) hire them, insurers and flag states make them legal, and canal and port authorities control the routes.

#### The chain
 Shipbuilders Tanker owners and operators Charterers Rail and road oversight Routes and regulators

| Stage | What happens | Leading companies |
|---|---|---|
| **Shipbuilders** | China took 82% of 2026 crude tanker orders by capacity; Chinese yards hold 70% of the crude tanker orderbook and South Korean yards 25% | Hengli Shipbuilding (China) Jiangsu New Hantong (China) Dalian Shipbuilding Industry Co (China) Hanwha Ocean (South Korea) HD Korea Shipbuilding and Offshore Engineering (South Korea) Samsung Heavy Industries (South Korea)^[6](https://indiaseatradenews.com/crude-tanker-newbuilding-orders-hit-record-60-million-dwt-in-2026-bimco/)^[7](https://www.seatrade-maritime.com/tankers/record-vlcc-orders-raise-fears-of-2028-tanker-squeeze)^[9](https://www.hellenicshippingnews.com/war-boosts-vlcc-orders-21-fold-as-korea-shipyards-led-by-hanwha-win-big/) |
| **Tanker owners and operators** | Own or run the ships and hire them out on voyage or time charters; Sinokor became the largest VLCC operator in early 2026 | Sinokor Merchant Marine (South Korea) COSCO Shipping Energy Transportation (China) Frontline (Cyprus) Scorpio Tankers (Monaco), 74 product tankers^[8](https://www.rivieramm.com/news-content-hub/sinokor-purchases-reshapes-vlcc-operator-rankings-87847)^[24](https://www.inderes.dk/releases/fro-first-quarter-2026-results)^[27](https://www.bairdmaritime.com/shipping/tankers/scorpio-tankers-sells-vessels-buys-newbuildings) |
| **Charterers** | Oil majors, traders and refiners hire the ships and bear the freight and war-risk cost | TotalEnergies (France) Mercuria (Switzerland)^[5](https://pgjonline.com/news/2026/august/totalenergies-profitably-moving-heavily-discounted-oil-through-strait-of-hormuz)^[28](https://www.tradewindsnews.com/tankers/gulf-vlcc-earnings-flirt-with-800-000-per-day-as-tanker-strikes-push-rates-to-new-heights/2-1-2041294) |
| **Rail and road oversight** | Rail tank cars and road tankers run under US DOT rules; the sources named no ranked builders or lessors | US Bureau of Transportation Statistics (fleet reporting) PHMSA (tank car standards)^[19](https://www.bts.gov/newsroom/phaseout-deadline-older-tank-car-types-pass-number-safer-tank-cars-continues-increasing) |
| **Routes and regulators** | Control chokepoints and enforce sanctions | Panama Canal Authority (Panama) Suez Canal Authority (Egypt) EU, UK and US sanctions authorities^[12](https://sanctions.kse.ua/wp-content/uploads/2026/08/22.-KSE_shadow_fleet_remaining_targets_JUN26.pdf)^[16](https://www.lloydslistintelligence.com/resources/blog/red-sea-brief-15-october-2026)^[18](https://www.ajot.com/news/panama-canal-reports-growth-in-transits-and-tonnage-in-fiscal-year-2026) |

Freight is set in an open market: brokers match cargoes with ships and the Baltic Exchange publishes benchmark rates. Ownership is spread out. Greek owners have 72 VLCCs on order, and Western owners placed about half of VLCC orders in the first half of 2026. Sinokor's 2026 buying spree gave one operator an unusual share (about 12% of the world VLCC fleet by one estimate). The sources gave no ranking for rail tank car builders or lessors.

#### Sources

1. [TotalEnergies profitably moving heavily discounted oil through Strait of Hormuz](https://pgjonline.com/news/2026/august/totalenergies-profitably-moving-heavily-discounted-oil-through-strait-of-hormuz) Pipeline and Gas Journal, 2026
2. [Crude tanker newbuilding orders hit record 60 million dwt in 2026: BIMCO](https://indiaseatradenews.com/crude-tanker-newbuilding-orders-hit-record-60-million-dwt-in-2026-bimco/) India Seatrade News, 2026
3. [Record VLCC orders raise fears of 2028 tanker squeeze](https://www.seatrade-maritime.com/tankers/record-vlcc-orders-raise-fears-of-2028-tanker-squeeze) Seatrade Maritime, 2026
4. [Sinokor purchases reshape VLCC operator rankings (Signal Ocean analysis)](https://www.rivieramm.com/news-content-hub/sinokor-purchases-reshapes-vlcc-operator-rankings-87847) Riviera Maritime Media, 2026
5. [War boosts VLCC orders 21-fold as Korea shipyards, led by Hanwha, win big (ChosunBiz, Xclusiv data)](https://www.hellenicshippingnews.com/war-boosts-vlcc-orders-21-fold-as-korea-shipyards-led-by-hanwha-win-big/) Hellenic Shipping News, 2026
6. [Shadow fleet: remaining targets (June 2026)](https://sanctions.kse.ua/wp-content/uploads/2026/08/22.-KSE_shadow_fleet_remaining_targets_JUN26.pdf) KSE Institute, 2026
7. [Red Sea Brief, 15 October 2026](https://www.lloydslistintelligence.com/resources/blog/red-sea-brief-15-october-2026) Lloyd's List Intelligence, 2026
8. [Panama Canal reports growth in transits and tonnage in fiscal year 2026](https://www.ajot.com/news/panama-canal-reports-growth-in-transits-and-tonnage-in-fiscal-year-2026) AJOT, 2026
9. [Phaseout deadline for older tank car types passes as the number of safer tank cars continues increasing (2026 Tank Car Report)](https://www.bts.gov/newsroom/phaseout-deadline-older-tank-car-types-pass-number-safer-tank-cars-continues-increasing) US Bureau of Transportation Statistics, 2026
10. [Frontline first quarter 2026 results](https://www.inderes.dk/releases/fro-first-quarter-2026-results) Frontline plc (via Inderes), 2026
11. [Scorpio Tankers to sell three tankers, order four newbuilds](https://www.bairdmaritime.com/shipping/tankers/scorpio-tankers-sells-vessels-buys-newbuildings) Baird Maritime, 2026
12. [Gulf VLCC earnings flirt with USD 800,000 per day as tanker strikes push rates to new heights](https://www.tradewindsnews.com/tankers/gulf-vlcc-earnings-flirt-with-800-000-per-day-as-tanker-strikes-push-rates-to-new-heights/2-1-2041294) TradeWinds, 2026

## Other sections

- [Summary](https://www.materialinsights.org/energy/e_tankers/index.md)
- [Overview](https://www.materialinsights.org/energy/e_tankers/overview/index.md)
- [Correlation](https://www.materialinsights.org/energy/e_tankers/correlation/index.md)
- [How it works](https://www.materialinsights.org/energy/e_tankers/explain/index.md)
- [Efficiency and losses](https://www.materialinsights.org/energy/e_tankers/efficiency/index.md)
- [Technology advances](https://www.materialinsights.org/energy/e_tankers/advances/index.md)
- [Geopolitics and regulation](https://www.materialinsights.org/energy/e_tankers/geopolitics/index.md)
- [Unit economics](https://www.materialinsights.org/energy/e_tankers/economics/index.md)
- [Impact on the biosphere](https://www.materialinsights.org/energy/e_tankers/biosphere/index.md)
- [Relationships](https://www.materialinsights.org/energy/e_tankers/links/index.md)