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Cargill and Maersk Tankers will be joining forces in the Medium Range (MR) tanker segment as part of a strategic partnership that will see Cargill’s entire MR fleet joining Maersk Tankers’ existing MR pool.
A press release said the partnership will create a new joint pool that will significantly increase the scope of their MR spot tanker business, combining Maersk Tankers’ digital expertise with Cargill’s experience in trading.
Maersk Tankers currently operates 44 vessels for 10 partners in its existing MR pool. Cargill will add its fleet of up to 20 vessels, increasing the total number of vessels to more than 60 and making the new pool one of largest in the MR segment.
The agreement does not include derivatives or MR tankers for period employment, which will be handled by Cargill and Maersk Tankers independently, the press release said.
The pool will be managed by Maersk Tankers, with members of Cargill’s tankers team joining to provide support on a full-time basis. The new team will be located across Copenhagen, Singapore and Houston.
“We are excited to partner with Cargill, a key industry player. The new set-up will substantially increase the scale of the pool and give us more flexibility to offer a better service to our customers,” said Claus Gronborg, chief commercial officer at Maersk Tankers.
The joint pool will enable vessels to get exposure to the spot market, while benefiting from Maersk Tankers’ unique digitalized approach to trading which uses algorithms to position vessels to benefit partners.
“Our teams share a passion for safety and sustainability and combine complementary skills. This partnership will bring a progressive approach to our customers, notably increased digitalization and sustainable shipping,” said Olivier Josse, global head of tankers at Cargill Ocean Transportation.
“Both Cargill and Maersk Tankers are fully committed to reducing emissions and strive to play a leading role in moving the shipping industry towards a more sustainable future. The new joint pool will harness their combined expertise in fuel optimization, reducing bunker consumption and CO2 emissions,” the joint press release stated.
Cargill’s vessels will enter the pool from 1 October 2019. Both companies also intend to attract additional vessels from other shipowners and further increase the pool’s capacity over time.
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