Baltic Tanker Index

Baltic Dirty Tanker index is used for crude oil

Baltic Clean Tanker index is used for petroleum products.

Type of Oil Tanker Ships

ULCC

Also known as: Ultra large crude carrier. ULCC refers to the largest class of oil tanker, which is larger than VLCC. ULCC tankers are in the range of 320-560 DWT. They are used exclusively for crude oil shipping.

ULCC crude tankers are typically used on long-haul routes. They can not go through the Panama or Suez Canals. They are also draft-limited in which ports they can enter. Frequently, draft limits are avoided by lightering cargoes onto or off ULCCs using smaller ships.

VLCC

Very large crude carriers (VLCCs). VLCC refers to a class of large oil tanker, larger than Suezmax and smaller than ULCC.

These ships, with a length of some 330 metres (1,100 feet), have capacities between 200,000 and 320,000 dwt. They carry in the area of two million barrels. They are used mostly for crude oil shipping, but they can also handle dirty products (residual fuel oil).

VLCC crude tankers are typically used on long-haul routes. They cannot go through the Panama or Suez Canals. They are also draft-limited in which ports they can enter. Frequently, draft limits are avoided by lightering cargoes onto or off of VLCCs using smaller ships.

Suezmax

Suezmax refers to a class of medium-sized oil tanker, larger than Aframax and smaller than VLCC. Suezmax tankers are in the range of 120-180 DWT.

They are used mostly for crude oil shipping but can also handle dirty products (residual fuel oil). Suezmax crude tankers are typically used on long-haul routes. Suezmax gets its name from being the largest tanker capable of going through the Suez Canal.

Aframax

Aframax refers to a class of oil tanker of medium size, larger than Panamax and smaller than Suezmax.

Aframax tankers are in the range of 80-120 DWT. The typical drafts vary by vessel but are usually in the region of 14.5-15.5 m. They are used for crude and refined products shipment. If moving product, they are often called LR2.

Aframax crude tankers are typically used in short- to medium-distance routes and to serve ports that cannot handle the larger and lower-cost-per-barrel Suezmax or VLCC tankers.

The name Aframax comes from an oil tanker rate system introduced by Shell called the Average Freight Rate Assessment.

LR1 & LR2

Long range oil tanker.

LR1 approx. 50-80,000 dwt.

LR2 approx. 80-120,000 dwt.

MR

Medium range oil tanker of approx 30-55,000 dwt.

FSO

Floating (Production) Storage Offloading vessel. Vessels that are used in offshore oil production, either taking processed crude from another installation or storing it until it can be brought to shore (FSO) or a vessel also fitted with production equipment. In the latter case the vessel can be connected "directly" to the well. Suitable for smaller fields far from existing infrastructure because the most expensive asset can be reused on another field later.

Source:iSquare​