US owner Transportation Recovery Fund (TRF) is the latest recruit to London-based Tankers International’s (TI) scrubber-fitted VLCC pool,
The UK operator took delivery of the 298,000-dwt TRF Horten (built 2018) earlier this month.
TI said the demand for diverse fleets from its clients continues.
The world’s largest VLCC pool company now has 64 tankers under its control.
And the specialist scrubber pool now makes up 36 of these.
The addition of the TRF Horten has reduced the average age for the scrubber pool to seven years, in contrast to the industry average of 10.7 years, TI said.
This is “aligned with Tankers International’s mission to replace old and less efficient tonnage with modern, cleaner vessels,” it added.
With ownership in 19 ships in the chemical and crude segments, TRF will benefit from a transparent and cost-effective solution to maximise earnings in the spot market, TI said.
The pools operator has created a number of sub-pools in response to the growing diversification in the VLCC fleet.
This reflects unique trading patterns and earning potential to ensure a fair sharing of profit and costs between similar vessel types, the company said.
A closer relationship
“The addition of the TRF Horten further improves our pool’s unrivalled strength and depth, delivering clear benefits for TRF and our other pool partners,” said TI chief executive Charlie Grey.
“It also represents an exciting opportunity for us to develop a closer relationship with TRF, which offers value to the pool with its knowledge, experience, and expertise. TRF’s decision to join the pool is a statement of trust in our ability to adapt to changing markets and ensure that all partners are optimised for the future,” he added.
Michael Aasland, CEO of TRF Ship Management, said: “We applaud Tankers International’s reputation for professionalism, trustworthiness, flexibility and service with its experienced management team and relentless focus on driving value for pool partners.”
“We look forward to improved cash flow and revenue as part of a mutually beneficial partnership that sees strong financial returns in the near and long-term,” he added.
TRF was launched in March 2013 and was backed by WL Ross & Co — the New York-based private equity firm founded by Wilbur Ross and now controlled by publicly listed Invesco.
The fund’s shipping business is run by Fearnleys-linked TRF Ship Management in Oslo.
Clarksons lists TRF with a fleet including two VLCCs, three LR1s and 12 chemical tankers of between 19,900 dwt and 37,300 dwt.
TradeWinds reported last month the owner made its first direct investment in aframax product tankers, joining the orders rush that has taken hold of the ship type this year.
Shipbuilding sources said TRF has contracted China’s Jiangsu New Hantong Ship Heavy Industry to build three 115,000-dwt product carriers to be delivered in 2025.
Shipbuilding sources said the last time TRF ordered newbuildings was in late 2014, when it commissioned New Times Shipbuilding in China to build two suezmax tankers.
