News

As the maritime industry navigates uncertain seas in 2024, including geopolitical tensions, major shipping route disruptions, supply-demand imbalance and new environmental regulations, adaptability seems to be the simple secret to survival and business success.

The very large crude carrier (VLCC) tanker sector is no exception when it comes to the multifaceted challenges the shipping industry is experiencing. To weather numerous challenges more effectively, many VLCC owners opt to join tanker pools.

Tankers International is a UK-based company with offices in London, Singapore and New York that operates the world’s largest pool of VLCCs, which has about 40 ships.

Offshore Energy spoke with Charlie Grey, Tankers International’s CEO, on how its members are doing business amid the current disruptions to shipping, environmental regulations, decarbonization and digital transformation and what challenges they are facing.

Read the full interview here!

Latest data sharing collaboration to increase transparency for market stakeholders.

London, 28th November 2023 – Tankers International, the world’s leading shipping pool for VLCCs, today announced that it will be partnering with the Baltic Exchange to further enhance data sharing and the provision of market insights for its popular VLCC Fixture app.

Paid app subscribers will benefit from access to Baltic Exchange benchmarks and forward curves in addition to the current data offering, which includes information on bunker prices, fixing rates, laycan, demurrage and commissions as well as a full breakdown of TCE calculations. Subscribers can also access cargo forecasts and receive real time fixture notifications via WhatsApp. There is also an option to receive fixture data via an API feed to integrate directly into own systems.

The data sharing agreement will provide even greater quality insight and real-time updates for app users and will continue to support market stakeholders in understanding the current developments of the global VLCC market.

First launched in 2014, the Tankers International VLCC Fixture app is the only publicly available source of comprehensive fixture data for the global VLCC fleet and provides wider market access to data that was once only provided to a select few brokers. The app has continued to expand in popularity since it was re-launched in December 2021, as more data points and market insight have been made available to subscribers.

Charlie Grey, Chief Executive Officer, Tankers International, said: “The dynamic nature of our market today means that shipowners, charterers and brokers all need quality data faster to support their decision making. Our partnership with the Baltic Exchange will enable even greater collaboration on real-time information that’s used by both our pool partners and our wider app subscriber base. Our subscribers extend to multiple stakeholders across the supply chain, from media to analysts and market investors. We’re pleased to partner with such a renowned institution regarding trading data and look forward to providing even greater insight into our sector.”

“We are pleased to welcome Tankers International as official members of the Baltic Exchange. We have been providing assessments for the tanker market for more than 25 years and continue to partner with like-minded and valued operators in the tanker sector to ensure our benchmarks remain at the heart of the global shipping industry. I look forward to many years of close dialogue with the team at Tankers International,” said Mark Jackson, CEO of Baltic Exchange.

The Tankers International VLCC Fixture App can be downloaded as an ‘in-browser’ app here.

Kuwait Petroleum Corporation joins the pool, marking growth milestone.

London, 19th October 2023 – Tankers International, the world’s largest shipping pool for VLCCs, has announced today that two VLCCs have joined the VLCC pool, with an additional vessel due imminently.

One VLCC, owned and operated by Kuwait Oil Tanker Company (KOTC), 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 Eco Seas – to the specialist VLCC Scrubber Pool. This brings the total fleet size to 66.

With ownership in 39 ships across the product, crude, LPG, and bunker segments, KPC is a top 10 oil major with a substantial footprint in the Middle East. It will now be able to access support towards compliance with existing and future regulations and unlock efficiencies and commercial advantage through Tankers International’s pool. KPC will also benefit from enhanced charter party terms, market intelligence and a collaborative approach to data insights via Tankers International’s independent and transparent management service.

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

KPC commented: “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.”

TRF joined the Tankers International VLCC pool in June 2023 with the addition of TRF Horten. The second vessel from TRF of the Eco Seas (DWT 299,998 MT / Built 2016), will reduce the average age for the scrubber pool, enabling Tankers International to offer modern, higher-performing vessels to the industry.

Grey 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, CEO of TRF Ship Management, 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.”

Tankers International’s specialist Scrubber Pool increases in size, reduces in average vessel age.

London, 21st June 2023 – Tankers International, the world’s largest shipping pool for VLCCs, has announced today that Transportation Recovery Fund (TRF) operated vessel the TRF Horten has joined its specialist VLCC Scrubber Pool.

The TRF Horten (297,638 DWT / Built 2018) was delivered to Tankers International on 4th June. The total size of the Tankers International fleet now stands at 65 VLCCs, and the specialist Scrubber Pool has increased in size to 37 vessels.

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, as a part of Tankers International’s mission to replace old and less efficient tonnage with modern and cleaner vessels.

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 through Tankers International’s powerful economies of scale and unparalleled access to relationships and cargoes. TRF will also benefit from more streamlined operations, consistent cash flow, and high-level information sharing associated with Tankers International’s pooling model.

In response to the growing diversification in the VLCC fleet, Tankers International have created a number of sub-pools to reflect unique trading patterners and earning potential to ensure fair sharing of earnings and costs between similar vessel types. For instance, the Tankers International Scrubber Pool functions as a sub-pool operating from a unique financial and commercial perspective while sharing resources across the entire Tankers International fleet.

“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,” Charlie Grey, CEO of Tankers International, said. “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 the pool’s ability to adapt to changing markets and ensure that all partners are optimised for the future.”

Michael Aasland, CEO of TRF Ship Management, added: “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.”

The world’s leading VLCC pool continues to grow its fleet with 20 new additions since the beginning of 2022.

London, 27th April 2023 –  The leading large crude tanker pool, Tankers International, today announced the appointment of Charlie Grey as Chief Executive Officer, replacing CEO Jonathan Lee, who will become Chairman of the board of directors. Grey, who will move from his current role as Chief Operating Officer, will lead the independent organisation through its current phase of growth. Matt Smith will take up the role of COO and will continue to focus on developing voyage optimisation schemes to reduce emissions and improve performance.

Grey officially began his CEO tenure on 3 April and has played a pivotal role to date, alongside the existing board, in expanding Tankers International’s pool of Very Large Crude Carriers (VLCCs). The pool holds 64 vessels today, including an expansion of its specialist scrubber pool from 17 to 34 vessels compared to the start of 2022.

Ensuring a young average vessel age in the pool will be crucial as shipping rides the macro-economic waves, so Tankers International has replaced old and less efficient vessels with modern and energy friendly tonnage. The average age of the pool today is younger than it was at the start of 2022.

Pools have a critical role to play in the safe and transparent transportation of crude across the globe. This is especially true in a highly fragmented VLCC sector. Facing the twin challenges of the energy transition and increasing environmental regulation – shipping pools can allow smaller owners to collaborate more effectively and deliver a more efficient tanker market for all participants.

Tankers International was established in 2000 by a visionary group of tanker owners comprising, amongst others, Euronav NV and International Seaways, inc. VLCC owners who join pools amidst volatile market conditions benefit from improved cashflow and revenues thanks to proven economies of scale, access to a wider customer base, increased financial performance, fairer charter party terms, access to market intelligence and an independent and transparent management service.

The pool has vastly improved in recent years, with its unique revenue sharing methodology and its strength in scale, data, and expertise helping to drive exceptional revenues for participants. Recent developments include the establishment of a new optional climate compensation voyage programme and the continued development of the widely used Tankers International VLCC fixture app.

Charlie Grey, CEO of Tankers International, commented: “I want to thank Jonathan for the fantastic work he’s delivered over the past 10 years, which has ensured that Tankers International has maintained and grown its market-leading position. I am honoured to be able to take the organisation forward, delivering value to the pool partners, expanding our fleet, and continuing to deliver our data-led, analysis-based approach with a human touch; a formula that has served us – and our pool partners – so well.”

Lois K. Zabrocky, International Seaways Inc.’s President and CEO, commented: “Since he was appointed as COO, Charlie excelled at meeting the needs of pool partners while navigating the uncertain trends driving the VLCC market. I am personally confident that Charlie is the right person to build on Jonathan’s great work to position Tankers International for the future.”

“As a founding member over 23 years ago, we have sought the best stewardship for the leading VLCC pool,” Hugo De Stoop, CEO of Euronav NV, added. “I am confident that under his leadership, along with the support of the management team, Charlie can deliver exceptional value and competitive financial returns for all pool partners.”

Jonathan Lee, outgoing CEO of Tankers International, added: “I believe that we have built something incredible at Tankers International, and I’m very proud to have played my part in building an evolutionary new model for tanker pooling, uniquely positioned to tackle the challenges and maximise the opportunities facing VLCC owners and operators. Since Charlie joined, it has been clear to me that he is the optimal choice to lead Tankers International as it continues to grow and evolve; I look forward to supporting him.”

Updated app will provide indicative CII rating and score for every voyage fixed based on Tankers International’s world-leading VLCC market data.

London, 6th February 2023 – Tankers International, the world’s leading shipping pool for VLCCs, today announced the launch of a new CII feature for its popular VLCC fixture app, which uses Tankers International’s comprehensive market data to calculate indicative voyage CII scores for all market fixtures.

The new CII reporting mechanism uses Tankers International’s extensive knowledge of the global VLCC fleet to benchmark any vessel’s bunker consumption against the closest similar vessel out of the 250 vessels that have traded in the Tankers International pool since 2000. This is set against a benchmark speed, which adapts based on Tankers International’s own data on averages across the sector and market conditions.

Carbon Intensity Indicator (CII) regulations came into effect at the start of January 2023, and represent an ongoing annual measure of the carbon intensity of a ship’s operations in terms of its greenhouse gas emissions relative to the amount of cargo carried and the distance travelled.

The Tankers International VLCC fixture app’s new CII functionality gives shipowners, charterers, and brokers insight into where a vessel or voyage is ranked on the CII scale, helping to make strategic chartering or operational decisions.

The app’s data will show a precise analysis and a breakdown of how a voyage CII score is calculated, so a shipowner will know how their voyage is ranked and where they may need to improve. In addition, if a voyage incurred a long idle period, the app will provide two clearly labelled and accurate CII estimates to account for this. Calculations are listed in full for PLUS and PRO users.

The Tankers International VLCC fixture app was first launched in 2014 and is the only publicly available source of fixture data for the global VLCC fleet. The app was re-launched in December 2021, and the new CII feature will allow users to integrate even more quality data and analysis into negotiations and strategic decision making. This added insight and market transparency will benefit the entire VLCC sector.

Charlie Grey, Chief Operating Officer, Tankers International, commented: “Many people are still uncertain about how to keep up with shipping’s latest regulation, and we recognise the importance and need for quality data, faster to support decision making for shipowners, charterers and brokers. We foresee CII ratings impacting commercial decisions across the sector this year, and providing access to this voyage specific CII information will support key market stakeholders – helping them adhere to decarbonisation regulations and recognise market trends more quickly.”

The Tankers International VLCC fixture app can be accessed directly from any web browser as an ‘in-browser’ app here.

Pool growth continues as complex market conditions highlight the value of pooling.

Tankers International, the world’s leading shipping pool for VLCCs, has grown rapidly throughout 2022, bringing the total size of the Tankers International fleet to 66 VLCCs, across 8 pool partners.

The Tankers International pool has added more modern tonnage throughout 2022, bringing the average age of the fleet down whilst increasing its size. Tankers International’s 66 strong fleet now has an average age of 7.8 years. The specialist scrubber pool has grown to 34 vessels from 19 vessels at the start of 2022 with an average age of 6.8 years decreasing from 7.5 years.

Tankers International pool partners benefit from improved cash flow, allowing the vessels to trade on longer, more profitable routes, alongside streamlined operations and the strong market intelligence of Tankers International. The unique pooling model leverages the collective strength of the pool, in data, scale, and size, to maximise earnings for pool partners.

Tankers International’s Scrubber Pool operates as a sub-pool, sitting within the Tankers International umbrella of specialised Pools. This means that it operates from a robust financial and commercial perspective whilst continuing to share resources across the entire Tankers International fleet.

Charlie Grey, Chief Operating Officer, Tankers International, commented: “The VLCC sector’s recovery has been dramatic, especially during the second half of last year. However, this recovery has arrived alongside changes in trade routes as our market becomes more complex. As a result, we have seen the value of pooling continue to increase. We are incredibly pleased that the Tankers International VLCC pooling model continues to provide exceptional value for our partners.”

The best commercial decisions are built on good data. Today, more than ever, comprehensive information holds huge power and potential.

The VLCC segment has historically been incredibly opaque. Critical information on fixtures has been held by a select few and not shared with the wider shipowner, charterer, broker, and investor communities. This power imbalance meant that many were making business-critical decisions ‘in the dark’, and addressing the disadvantage that this caused to the market as a whole was one of the driving forces behind the initial development of our VLCC Fixture app.

The ‘live’ fixture data we share via our app can make the difference between maximising profits and missing an opportunity on an individual level. Yet, it can have an even more substantial impact at an institutional level – when it can be integrated into existing systems to supplement other data streams, and seamlessly provide greater levels of support from strategy development to individual deal making.

The right data

If you know at what rate a VLCC was fixed at some point this week, you have some insight into market movements. If you know what are a VLCC was fixed at on the same route that you are contracting for, 5 minutes ago, you have a superior level of insight.

When you can cross-check vessel and contract specifications against your own, you can understand the exact market value of one ship on one route when you are making a deal. By accessing a comprehensive breakdown of that vessel’s Time Charter Equivalent (TCE), you can understand how earnings translate to profits across the market – and where you may need to make adjustments.

Coupling this data with detailed cargo forecasts can further allow decision makers to plan ahead, from strategic decisions on asset plays or dry dock dates, to commercial decisions by charterers and cargo owners guided by VLCC availability and freight levels globally or in specific regions of the World.

This is not an exhaustive list of useful data points by any means, but it does illustrate where the quality of the information you hold feeds into practical, on-the-ground decision making. Decision makers need to have fresh, comprehensive, relevant data that they can trust if they are to maximise their earnings.

An institutional approach to data

Where fixture data is vitally important, it is rarely the only decision-critical information that an organisation will hold. Most shipowners and charterers will hold their own proprietary information or data streams, and many will purchase external data dashboards and terminals from specialist insight partners.

Maximising the institutional value of this data can be a difficult task. The biggest challenge is often ensuring that decision makers are practically able to access, understand, and cross-check different types of data that they have access to at critical times; often data streams provide different types of information in different formats, and switching between dashboards or raw number can be challenging.

Information must be readily accessible and frequently used across each of an organisation’s levels if it is to be used to its full potential. The best way of achieving this is to integrate data streams into a single system, to create cross-stream dashboards and uniform data formatting.

This can be critical for larger shipowners, charterers, and investors. But it is also vital for their external insight providers, who pride themselves on offering an easy-to-navigate one stop shop for high quality data and insights.

We know that this knowledge and insight-based approach works because we use it across Tankers International. By leveraging the strength and scale of our pool, alongside the unrivalled experience and expertise of our team, we can develop enhanced and actionable insights. We then use these insights to reliably boost earnings for all our pool partners.

We provide our VLCC fixture data in an easily accessible format. All users benefit from a simple user interface that can be accessed via a simple web app. PLUS tier subscribers additionally benefit from enhanced search features that allow them to better locate specific data based on different parameters such as vessel type, owner and route, as well as having access to a comprehensive breakdown of TCE calculations. PRO tier subscribers also benefit from cargo forecasts and live WhatsApp notifications.

Our data can also be integrated into a company’s own systems through our app Application Programming Interface (API). A number of major organisations have already opted for this API integration option. If this is of interest to you or your organisation, please contact the Tankers International team.

Data insights are the foundation of all good commercial decisions. Now more than ever, shipowners, charterers, brokers, and investors must ensure that they have the right data – and are able to seamlessly use it, throughout their organisation.

You can find more information about subscriptions for the Tankers International VLCC Fixture app here. Please contact our team to enquire about our API.

New subscription plans will unlock new levels of bankable data, functionality, and analysis.

Tankers International, the world’s leading shipping pool for VLCCs, today announced an update, including a new subscription scheme, for its popular VLCC Fixture app.

This new subscription structure will provide even better functionality for app users and support market stakeholders in understanding current developments for the global VLCC fleet.
First launched in 2014, the Tankers International VLCC Fixture app is the only publicly available source of comprehensive fixture data for the global VLCC fleet and provides wider market access to data that was once only provided to a select few brokers. The app has received over 259,000 visits a month since it was re-launched in December 2021

Paid app subscribers will benefit from faster data updates and a suite of additional insights. Subscribers to the PLUS tier will benefit from additional information on bunker prices, fixing rates, laycan, demurrage, and commissions as well as a full breakdown of TCE calculations. PRO tier subscribers will additionally benefit from cargo forecasts as well as WhatsApp notifications. Users will also have an option to receive fixture data via an API feed to integrate into their own systems.

These improved features will allow users to integrate even more quality data and analysis into negotiations and strategic decision making, helping the VLCC market make better decisions that improve profit margins for app users and their stakeholders. The app’s BASIC tier will remain free and will continue to provide headline data on VLCC fixtures, but with some delay.

Charlie Grey, Chief Operating Officer, Tankers International, commented: “We recognise that the current market climate means that shipowners, charterers and brokers alike all need quality data, faster to support decision making. The new subscription options for our VLCC Fixture app have been designed to add even greater value and accessibility, including WhatsApp updates for top tier subscribers. By introducing these updates, we are both improving the app for users and, just as importantly, safeguarding the continued development of the app, helping us add even more functionality in the future.”

The newly launched version of the Tankers International VLCC fixtures App can be downloaded as an ‘in-browser’ app here.

The Mercuria-operated Seaways Kilimanjaro will benefit from maximised earnings, operational streamlining, and technical informational sharing as part of Tankers International’s specialist Scrubber Pool.

Tankers International, the world’s leading shipping pool for VLCCs, announced today that the Mercuria operated Seaways Kilimanjaro has joined Tankers International’s specialist VLCC Scrubber Pool.

The Seaways Kilimanjaro (296,999 DWT / Built 2012) was delivered to Tankers International on 15 March. The total size of the Tankers International fleet now stands at 58 VLCCs, and the specialist Scrubber Pool has increased in size to 21 vessels, with four more retrofits expected to join throughout 2022.

Mercuria, one of the largest integrated energy and commodity trading companies, will benefit from a transparent and cost-effective solution to maximise earnings in the spot market through Tankers International’s powerful economies of scale and unparalleled access to relationships and cargoes. Mercuria will also benefit from more streamlined operations, consistent cash flow, and high-level information sharing associated with Tankers International’s pooling model. At the same time, Tankers International will benefit from new insights into Mercuria’s trading markets.

The Tankers International Scrubber Pool functions as a sub-pool within the Tankers International organisation, operating on a financial and commercial perspective while continuing to share resources across the entire Tankers International fleet. It allows Tankers International to leverage the different trading patterns and earning potential inherent in scrubber-fitted vessels to maximise Pool earnings and provide consistent access to more options for customers.

Charlie Grey, Chief Operating Officer, Tankers International, commented: “The addition of the Seaways Kilimanjaro further improves the unrivalled strength and depth of our pool, which will deliver unique benefits for Mercuria as well as our other Pool partners. It also represents an exciting opportunity for us to develop a closer relationship with Mercuria, which has a fantastic reputation and large footprint across the commodities supply chain.