The presentation will discuss the parallel developments in the commerical oil industry and related chartering models. It begins with the colonization of producer nations (mainly by the British and Dutch) to Independence movements in the Middle East, Africa, and South America. It then follows the corresponding change in oil trading from a strictly term-driven process to a spot market emerging in the early 1970s to the commoditization of oil in the following decade and beyond. The shipping industry has evolved from a pure supply chain function with major oil company owned tonnage to a primarily time-charter market (thanks to the emergence of Greek and Norwegian independent owners after World War II). It then continued to a spot-driven market and is now back to a contract driven market (thanks to indices such as the FFA market and The Baltic Exchange).