Tanker segments
Residual fuel moves in a range of tanker sizes. Handysize and MR tonnage serves short-haul and regional distribution, Aframax and LR2 tonnage handles medium-haul cargoes, and larger vessels are used where the arbitrage economics support a full cargo over a long distance.
Coated versus uncoated tanks, heating capability and previous cargo history all constrain which vessels can be offered for a given fuel oil fixture.
Voyage economics
The relevant number for an owner is time charter equivalent earnings: voyage revenue less bunkers, port costs and canal dues, divided by the days employed. Freight rate alone says little without those inputs.
For a charterer, freight is one line in a landed cost calculation alongside product cost, financing, insurance and demurrage risk. A cheaper freight rate on a slower vessel can be the more expensive option.
Chartering structures
Voyage charter — the owner is paid a freight rate to carry a defined cargo between defined ports.
Time charter — the charterer takes commercial control of the vessel for a period and pays hire plus bunkers.
Contract of affreightment — a commitment to carry a series of cargoes over a period, giving both sides volume certainty.
The terminal interface
Berth availability, draft, pumping rates, heating capability and tank segregation determine turnaround time. Terminal performance therefore feeds directly into effective fleet supply: faster turnarounds release tonnage back to the market.