Swiss trader Cargill is placing its MRs into the Maersk Tankers pool to create a new joint pool in a bid to improve flexibility and reduce fuel consumption and emissions.
The strategic partnership also aims to have a positive impact on time-charter-equivalent (TCE) earnings.
Maersk Tankers currently operates 44 vessels for 10 partners in its existing MR pool.
Cargill is adding a fleet of up to 20 ships, giving a total of more than 60 - one of the biggest fleets in the MR segment.
The partnership will be up and running from 1 October.
Both companies said they intend to attract additional tankers from other shipowners and further increase the pool’s capacity over time.
Cargill told TradeWinds the two sides had been in talks since May.
It also confirmed that Cargill does not own the MRs it is contributing, but is placing its entire time-chartered fleet in the pool.
Talks have not yet started with other owners about adding further units, it added.
Scope increased
The new joint pool "will significantly increase the scope" of the MR spot tanker business, combining Maersk Tankers’ digital expertise with Cargill’s experience in trading, the companies said.
It will be managed by Maersk Tankers, with members of Cargill’s tanker team joining to provide support on a full-time basis.
Staff will be located in Copenhagen, Singapore and Houston and will cover all daily commercial and operational tasks.
The agreement does not include derivatives or MR tankers for period employment, however. These will be handled by Cargill and Maersk Tankers independently.
Algorithmic advantage?
Claus Gronborg, CCO at Maersk Tankers, said, “We are excited to partner with Cargill, a key industry player."
The joint pool will enable vessels to gain exposure to the spot market, while benefiting from Maersk Tankers’ digitalised approach to trading. The company uses algorithmic trading to position vessels to improve customer service and optimise earnings for partners, it said.
“Our teams share a passion for safety and sustainability and combine complementary skills. This partnership will bring a progressive approach to our customers, notably increased digitalisation and sustainable shipping,” added Olivier Josse, global head of tankers, Cargill Ocean Transportation.
The two sides said they are fully committed to reducing emissions and will play a leading role in moving the shipping industry towards a more sustainable future.
The pool will draw on their combined expertise in fuel optimisation.
