Tankers International Aims To Expand Under New CEO

Tankers International believes ensuring a young average vessel age in the pool is crucial as shipping rides the macro-economic waves. To this end, the company has continued to replace old and less efficient vessels with new tonnage and said the average age of the pool today is younger than it was at the start of 2022.

The pool has continued to grow its fleet, adding 20 vessels since the beginning of 2022. Mr Grey was part of the team, alongside the existing board, that expanded

Tankers International’s pool of VLCCs, which today holds 64 vessels and has doubled its specialist scrubber pool from 17 to 34 vessels compared with the start of 2022.

Tankers International was established in 2000 to mitigate the risks faced in this highly volatile sector.

Major hurdles to profitability

Now, the company believes the major hurdles to profitability are the twin challenges of the energy transition and increasing environmental regulation.

To that end, recent developments include establishing a new optional climate compensation voyage programme and the continued development of the widely used Tankers International VLCC fixture app.

Mr Grey said of his appointment, “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.”

“As a founding member over 23 years ago, we have sought the best stewardship for the leading VLCC pool,” said Euronav chief executive Hugo De Stoop. He 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.”

Outgoing chief executive Jonathan Lee said, “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 he is the optimal choice to lead Tankers International as it continues to grow and evolve; I look forward to supporting him.”

Mr Lee will take over as chairman of the Board of Directors now, while Matt Smith will take up the role of chief operating officer and continue to focus on developing voyage optimisation schemes to reduce emissions and improve performance.