Kuwait Petroleum and TRF commit VLCCs to Tankers International Pool

UK-based Tankers International is expanding its pool portfolio with the addition of two VLCCs from Kuwait Oil Tanker Company (KOTC), while its existing pool partner Transportation Recovery Fund (TRF) has added another vessel.

Specifically, the one VLCC, owned and operated by Kuwait Oil Tanker Company, a subsidiary of state-owned Kuwait Petroleum Corporation (KPC), has joined the VLCC pool, while another vessel from KPC is expected to join later this month.

Meanwhile, existing pool partner Transportation Recovery Fund (TRF) has added another vessel, the 2016-built Eco Seas of dwt 299,998 MT, to the specialist VLCC Scrubber Pool.

This move will bring Tanker´s International fleet size to 66.

KPC is an oil major with a substantial footprint in the Middle East, and ownership in 39 ships across the product, crude, LPG, and bunker segments.

Meanwhile, TRF joined the Tankers International VLCC pool in June 2023 with the addition of TRF Horten.

Tankers International said the second vessel from TRF of the Eco Seas, will reduce the average age for the scrubber pool, enabling Tankers International to offer modern, higher-performing vessels to the industry.

Charlie Grey, chief executive of Tankers International, said: “KPC’s vessels are a significant addition to our pool’s efficient, and diversified fleet, and reflect the ambitions of the pool. 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.”

The chief executive continued: “TRF’s addition to the pool only improves Tankers International’s ability to offer top-quality vessels to the industry. We’re proud that our professionalism and experience are reflected in their vote of confidence, and the pool will benefit from younger tonnage with better earnings distributed across the members.”

Michael Aasland, chief executive of TRF Ship Management, noted: “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.”