Cargill and Maersk Tankers create joint medium range tanker pool
October 24, 2019
Global agribusiness giant Cargill’s fleet of medium range (MR) tankers entered the Maersk Tankers MR pool on 1 October, creating a new joint pool that Cargill says will significantly increase the scope of their MR spot tanker business.
The new joint pool was announced on 16 September and is managed by Denmark’s Maersk Tankers, which operates 44 vessels for 10 partners.
Cargill added its fleet of up to 20 vessels, increasing the total number of vessels to more than 60, “making the new pool one of the market leaders in the MR segment,” Cargill said.
The joint pool does not include derivatives or MR tankers for period employment, which will be handled by Cargill and Maersk Tankers independently.
Cargill said the new partnership combined its experience in trading with the digital expertise of Maersk Tankers, which used algorithmic trading to position vessels to improve customer service and optimise earnings for partners.
The new joint pool would also harness the two companies’ combined expertise in fuel optimisation, reducing bunker consumption and CO2 emissions.
Cargill said both companies planned to attract additional vessels from other shipowners and further increase the pool’s capacity over time.
Cargill charters over 650 dry bulk and tanker vessels every year. Maersk Tankers is a leading player in the product tanker industry, operating one of the world’s largest fleets of vessels.