Penfield Marine enjoyed a growth spurt in 2021 amid a tanker market that was one of the worst in decades.
The Connecticut outfit led by former Heidmar executives Tim Brennan and Eric Haughn expanded its managed fleet by nearly one-third and continued to pursue carbon-neutral options for members and customers by adding a second such voyage.
"For the tanker market, it was a very challenging and difficult year. This is the kind of market our pool partners pay us for. This is where we add value," chief executive Brennan told TradeWinds.
Penfield's fleet grew to 75 vessels, up from 57 at the start of last year, with the growth coming primarily from shipowners already in its pools, which serve the panamax, aframax and suezmax sectors.
"The fact that the majority of our growth came from existing partners shows they're committed to what we are doing," Brennan said.
"When Eric and I started Penfield [in 2012] we said we wanted to work with people we liked and trusted. We've been fortunate enough to continue that."
Still, Penfield did bring in three new partners in 2021, pushing the total to 29.
Joining were Celsius Shipping in panamaxes with the 74,600-dwt GH Madison (built 2010); Conti with the 105,300-dwt Sigma Triumph (built 2009); and Fratelli D'Amico in suezmaxes with the 158,400-dwt Mare Picenum (built 2011), scheduled to deliver this month.
"We’re very selective about the new partners we’ve added. Most partners we've known for 10 to 20 years personally," Brennan said.
Outlook for the new year
Penfield's greatest growth was in its newest pool for suezmaxes. As TradeWinds has reported, New York-listed International Seaways committed 11 units acquired in its takeover of Diamond S Shipping, with all delivered by September.
The suezmax pool has reached 14, not counting Fratelli D'Amico's imminent delivery.
Penfield's oldest pool in panamaxes had a net gain of four to 37. Aside from the Celsius unit, three came from one of Penfield's oldest relationships, with German owner Chemikalien Seetransport: the 72,300-dwt Chemtrans Polaris (built 2005), 72,800-dwt Chemtrans Taurus and 72,700-dwt Chemtrans Naos (both built 2006).
The pool also took in a tanker from long-time partner Paradise Gas Carriers, the 74,900-dwt PGC Alexandria (built 2006).
The aframax pool grew by a net three ships to 24, helped by two units from Greek owner Chartworld: the 116,100-dwt Pegasus Star and Aigeorgis (both built 2021).
Penfield also took in on time charter the Bergshav-owned, 105,800-dwt Bergitta (built 2007) for its own account and was among several major pools to substantially increase numbers as the dire tanker market dragged on in 2021.
Brennan expects a recovery in rates by the second half of 2022, and Penfield's numbers to be fairly stable through the year after the strong growth.
"I'd expect our fleet to remain around the same total number of vessels in the coming year, which is really our preference," he said.
A second carbon-neutral voyage
Penfield sees its chief competition coming not from rival pools, but the time-charter market.
"I think many owners are reluctant to put their ships out for longer periods because they don't want to give up the potential upside of 2022 into 2023," Brennan said.
On the green front, Penfield has added a second carbon-neutral voyage in aframaxes to the one it completed in June for suezmaxes. It told TradeWinds in July that the suezmax journey was the first carried out by a tanker pool.
The second voyage was done by Neverland Shipping's 115,900-dwt Neverland Dream (built 2010) in partnership with Minerva Bunkering, which sourced the carbon offsets.
The Neverland Dream loaded crude oil in Kozmino, eastern Russia, and delivered to two ports on the US west coast.
The offsets came from several Verra-registered projects, including one that prevents deforestation of threatened areas in Brazil. Another offset involved a hydropower installation in Cote D'Ivoire.
Penfield is now planning a third voyage in the panamax sector. It has thus far borne the costs of the projects, Brennan said: "We paid for them on a trial basis to learn the process and get more experience with it."
Asked how future voyages would be funded, he replied: "I don't know. I think that's the question. I think everyone involved is going to have to contribute."
