TANKER OPERATORS SET UP VLCC POOL
A.P. Moller, Euronav, Frontline, Overseas Shipholding Group Inc., Osprey
Maritime and Reederei "Nord" Klaus E. Oldendorff are setting up a joint venture,
"Tankers International LLC," to pool their Very Large Crude Carrier fleets.
Maersk Tankers, a unit of A.P. Moller, said that operations would start on
receipt of required regulatory approvals, expected by Feb. 15.
Initially, the pool will manage a fleet of 38 modern VLCCs. As the
participants take delivery of new ships and vessels are redelivered from
period charters, the fleet is expected to exceed 50 vessels by 2002.
Maersk Tankers said the pool is being established to provide customers around
the globe with "tools to manage shipping programs, inventories and risk."
S'ren Skou, vice president of A.P. Moller, will be chairman of the board
of Tankers International LLC, which will comprise representatives of the participating
companies involved. The venture will have a unit based in London and another one based in
New York. E. Michael Steimler, currently president of Euronav, will be appointed chief
executive officer of Tankers London.