London pool operator Tankers International has added three new VLCCs to its commercial management.
State-owned Kuwait Petroleum Corp is placing two ships with the company for the first time, and existing partner TRF Ship Management of Norway is adding another.
The world’s largest VLCC pool said KPC shipping subsidiary Kuwait Oil Tanker Co has already delivered one unnamed ship, with another to follow later in October.
TRF has placed its 300,000-dwt Eco Seas (built 2016) with the specialist VLCC scrubber pool.
The deal brings the fleet to 66 VLCCs at a time when there are question marks over 24 Euronav ships that operate in the pool but are being bought by John Fredriksen’s Frontline for $2.35bn.
Frontline is not a member of the pool, having been a founding member in 2000 but later pulled out.
KPC has a mixed fleet, including offshore vessels, LPG carriers and 26 tankers, of which 11 are VLCCs.
Ten were built between 2006 and 2014, and the other in 2021.
Tankers International said the oil company would now be able to access support towards compliance with existing and future regulations and unlock efficiencies and commercial advantage.
“KPC’s vessels are a significant addition to our pool’s efficient and diversified fleet, and reflect the ambitions of the pool,” said Tankers International chief executive Charlie Grey.
“Adding KPC to the pool provides our partners access to KPC’s cargo base, as well as adding another layer of data and insights into the oil markets in the region,” he added.
‘Gold-standard owners’
KPC said in a statement: “We have set ourselves the target to be a world leader in marine transport, and becoming a member of the Tankers International VLCC pool will further enable us to achieve this.”
“The pool offers a great depth of market information and knowledge-sharing opportunities amongst gold-standard owners, and we are looking forward to collaborating with the other partners,” the company added.
TRF joined the pool in June with its 298,000-dwt TRF Horten (built 2018).
The latest addition will reduce the average age of the scrubber pool.
Michael Aasland, CEO at TRF, said: “Since our first addition to the pool, we have been impressed with the team at Tankers International’s determination to deliver value. We have achieved strong financial returns in the near term, leading us to add another vessel to the pool.”
As for the Euronav ships, TradeWinds reported Frontline CEO Lars Barstad as saying: “I wouldn’t assume anything, to be honest.”
“This is because these are ongoing discussions. For obvious reasons, this is something that comes after [any deal goes through],” he added.
