New York-listed tanker company International Seaways has acquired Tuesday sole ownership of Tankers International, a shipping pool founded in 2000, providing commercial and administrative management of VLCC tonnage.
At the same time the London-based VLCC pool Tankers International announced the formation of a new pool to commercially manage suezmaxes, with International Seaways contributing its spot trading suezmaxes to such new pool.
With the formation of a new pool, International Seaways, who acquired sole ownership of Tankers International, will add their spot trading suezmaxes to Tankers International’s long-standing platform.
With this move, Tankers International extends its coverage beyond the VLCC market to include suezmax vessels also.
Tankers International said this expansion allows the company to support its charterers and partners with a more diverse group of assets, operational efficiency and a broader cargo base across crude transportation markets.
Charlie Grey, chief executive officer, Tankers International, commented: “Today’s announcement is very much the culmination of a strategic plan that has been years in the making, and signals the start of a new, exciting phase for Tankers International.”
Grey explained the strategic rationale behind diversifying beyond VLCCs. “While VLCCs will remain a cornerstone of what we do, we recognised that there is an overarching need for greater agility and flexibility amid a rapidly changing global marketplace. We believe that agility is the new stability. This is something that we are excited about – the expansion means we will have access to more data and our pool members benefit from those additional insights.”
“As the market continues to evolve, the company’s pooling model – with Tankers International’s team managing all operations and each pool member granted an equal vote – will remain critical in navigating complex trade routes, meeting charterers’ transportation needs and delivering competitive returns,” he noted.
Lois K Zabrocky, chief executive officer of International Seaways, pointed out: “We’re excited about Tankers International’s expansion into the suezmax sector, which we believe creates highly attractive opportunities going forward. Our relationship dates back more than 25 years, and the success we’ve achieved together with our co-founding partners has created a strong, well-positioned entity with a clear strategy for the future. As we take full ownership, we recognise the legacy of that long-standing partnership and are enthusiastic about the next phase of growth.”
Tankers International has offices in London, New York and Singapore.
