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The new LR1 pool is set up

The new LR1 pool is set up
Seaarland Shipping Management and Athens-based Roxana Shipping have set-up a new LR1 pool called the Global Tanker Pool (GTP).

Seaarland Shipping Management and Athens-based Roxana Shipping have set-up a new LR1 pool called the Global Tanker Pool (GTP).

Seaarland Shipping Management and Athens-based Roxana Shipping have set-up a new LR1 pool called the Global Tanker Pool (GTP).

GTP is already up and running with six double-hulled LR1 tankers and is being operated from Seaarland's Asian unit, Seaarland Management Services Singapore.

The previous head of chartering in Asia-Pacific for ConocoPhillips ? Karl Arthur Braein is managing the pool.

?We have committed five new, owned ships and one chartered ship shared with Roxana to the pool, and Roxana has committed four ships with delivery starting by the end of 2009,? said Antonio Zacchello, managing director of Seaarland.

?We aim to attract other long-term-minded owners/operators of LR1 tankers and build the pool to around 20 vessels. The present market conditions invite more consolidation in the shipping industry and this consolidation is something we will continue to be part of,? he added.

GTP is slated to initially focus on the growing clean petroleum products trade as its core business.

According to a press release, ?Seaarland has established itself as a major operator of pool tonnage in a number of sectors and has a strong track record of long-term commitment to pool operations and partnerships.?

?Irrespective of the present serious global financial constraints we have a fundamental belief that consolidation is the way forward,? said Zacchello.

Roxana's director Constantinos Krontiras wants GTP to provide his company with ?a less volatile earnings stream.?

?Global Tanker Pool is our first active pool participation and we appreciate the importance of consolidation in the industry. The concept of revenue consisting of spot market exposure as well as fixed and floating rate coverage, which the pool intends to offer going forward, covers our portfolio management needs very well,? he said.

Seaarland Shipping Management is a Netherlands-based ship management company which operates tankers and bulk carriers.

Roxana Shipping is a Greek ship-management company which operates a number of chemical/product tankers.

www.TurkishMaritime.com.tr

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