Bold shift to a greener future is unavoidable in the shipping world, and the growing role of VLCC pooling could be the decisive move that keeps momentum going. As the maritime sector navigates 2024 with geopolitical tensions and tighter environmental rules, adaptability remains essential. The very large crude carrier (VLCC) segment is under particular pressure, prompting many owners to join tanker pools to bolster resilience.
Tankers International, headquartered in the UK, runs the largest VLCC pool, now comprising 40 vessels, with 29 of them fitted with scrubbers. CEO Charlie Grey underscored the organization’s dedication to sustainability, highlighting efforts like trialing biofuels and preparations for the EU Emissions Trading System (ETS) that began in 2024.
The pooling approach enables participating members to achieve better Carbon Intensity Indicator (CII) ratings while optimizing financial performance. By distributing high-value voyages across pool members, Tankers International can balance profitability with environmental responsibility, helping owners meet evolving compliance demands.
Grey noted that the pooling structure provides cash-flow stability and supports investment in emissions-reduction technologies. With many VLCCs aging beyond 15 years, concerns about a potential tonnage shortfall loom, especially as global oil demand trends upward even in the face of a slow new-building cycle. The recent uptick in VLCC orders signals room for expansion, reinforcing the value of pooling in the shifting market landscape.
Geopolitics also shapes VLCC dynamics. Movements such as Russian oil displacements and OPEC+ policy shifts are reconfiguring trade routes. Even with softer rates, global oil demand continues to climb, notably in China, where the economy is pivoting toward petrochemical production.
The push toward digitalization and decarbonization presents both hurdles and opportunities. Grey highlighted Tankers International’s emphasis on data-driven optimization to improve vessel performance and ensure compliance with CII and the Energy Efficiency Existing Ship Index (EEXI). Their in-house fixture app offers actionable insights into efficiency and emissions, empowering partners to make informed decisions aligned with environmental objectives.
In short, VLCC operators face immediate geopolitical and regulatory headwinds, but the pooling model delivers flexibility that supports compliance and sustainable practices. Tankers International is strategically addressing these challenges, continuously adapting practices and technologies to meet the industry’s future needs.
Source: https://www.offshore-energy.biz/exclusive-interview-with-tankers-international-ceo-vlcc-poolings-role-poised-to-grow-with-energy-transition-demands-rising/
