Named for the Persian prophet Zarathustra, the world’s first tanker ship – the Zoroaster tanker was put into operation in the year 1878. The tanker ship was built with steel while its oil tanker holds were built of iron.
Prior to the use of tanker ships, oil was transported by a crude method across water channels, which caused problems, and that’s why it was essential the creation of a new, fast and safe way of transport.
Since then, till today, tankers transport 2/3 of all crude:
• The crude tanker market exists due to the geographic distances between oil fields and refining capacity.
• Oil fields that are economically viable to extract are geographically concentrated.
• Refineries are expensive, complex assets that are most often built close to where oil products are consumed in the highest quantities.
