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Product carriers are more sophisticated vessels than crude oil tankers because they have to be capable of carrying different types of cargoes. Dedicated product carriers have coated cargo tanks that are easy to drain and clean and that protect the cargo from contamination.

More than two-thirds of oil consumed worldwide is transported by sea from the producer to the consumer in a dedicated fleet of 2,619 tankers totaling 294 million deadweight tons1 (dwt). While the oil trade is dominated by the world’s super-majors, independent oil companies, traders and refiners, the vast majority of shipping is done by independent shipowners.