Tankers International Announces Expansion With Addition of New Members and Opening of New York Office
NEW YORK--(BUSINESS WIRE)--Sep 12, 2019--
Tankers International, one of the largest pool operators of VLCCs worldwide (“Tankers International”, the “TI Pool” or “TI”), announced today the addition of two new members, the Hunter Group ASA and Hartree Maritime Partners LLC, and the expansion of its global presence with the opening of an office within the New York offices of International Seaways, Inc. Upon delivery, this brings to 73 the number of tankers under the commercial management of Tankers International incorporating both scrubber and non-scrubber fitted VLCCs. Arctic Securities acted as adviser in facilitating the Hunter Group joining the Tankers International pool.
“I am very pleased to welcome both the Hunter Group and Hartree Maritime Partners to the TI Pool,” said Jonathan Lee, Tankers International’s CEO. “The introduction of these new vessels will further enhance the ability of TI to maximize the efficiency of the inherent design capabilities of each type of ship we operate and give our customer base consistent access to the highest quality fleet. I would like to thank Hartree Maritime Partners and the Hunter Group for their hard work that allowed us to complete all documentation for entry of vessels into the TI Pool and also thank our existing members, who have worked closely with the management of TI, to achieve a trading structure which is optimal for all members.”
“As a founding member of Tankers International over 19 years ago, we are excited to help expand the global presence of the leading VLCC pool,” said Lois K. Zabrocky, International Seaways Inc.’s president and CEO. “Tanker International’s new offices located in our New York headquarters will further TI’s leadership and bring us closer to our customers in the Western Hemisphere, which is particularly important given increasing US Gulf exports.”
“This is a hugely positive development and we welcome our new partners to the TI Pool,” added Hugo De Stoop, Euronav NV’s CEO. “The arrival of the Hunter Group and Hartree Maritime Partners in bringing vessels fitted with scrubber technology illustrates the flexibility of the TI platform and highlights how commercial consolidation can benefit both tanker owners and charterers. We look forward to working with them and for further development of the TI Pool.”
“Hartree Maritime Partners LLC is pleased to be a founding member in the next development phase of Tankers International,” added Guy Merison, Founding Partner at Hartree Partners LP. “We believe that the creation of a dedicated scrubber fitted section of the Tankers International VLCC pool is a best in class decision for the commercial management of Hartree’s four DSME VLCCs. These vessels have been built to exacting specifications and will be amongst the most ECO efficient modern vessels. We are confident that vessel earnings will be maximized for our scrubber fitted tonnage under the operation of the experienced and safe hands of Tankers International. Hartree looks forward to working with the existing and new pool members on this unique and exciting venture.”
About Tankers International
Tankers International was formed in 2000 and is today one of the largest commercial operators of VLCCs in the world with a fleet of 62 vessels. Tankers International is jointly owned by Euronav NV (NYSE:EURN and Euronext:EURN) and International Seaways, Inc. (NYSE:INSW). Tankers International is based in London, with offices in New York and Singapore.
About International Seaways, Inc.
International Seaways, Inc. (NYSE:INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 46 vessels as of August 31, 2019, including 13 VLCCs, two Suezmaxes, six Aframaxes/LR2s, 11 Panamaxes/LR1s and 8 MR tankers. Through joint ventures, it has ownership interests in four liquefied natural gas carriers and two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at www.intlseas.com.
Euronav NV is an independent tanker company engaged in the ocean transportation and storage of crude oil. Euronav is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 2 ULCCs, 42 VLCCs, 25 Suezmaxes and 2 FSO vessels (both owned in 50%-50% joint venture).
About Hartree Maritime Partners LLC
Hartree Maritime Partners LLC is a subsidiary of Hartree Partners, LP which is a global merchant commodities firm specializing in energy and its associated industries. Hartree focuses on identifying value in the production, refinement, transportation and consumption of tradable commodities and anticipating opportunities in the supply chain where they may be under or over-valued. Founded originally as Hess Energy Trading Company LLC (HETCO) in 1997, Hartree has a global reach spanning 10 offices. Hartree’s rigorous research, analytical approach, and entrepreneurial culture have contributed to its strong track record and growth. Hartree Partners, LP is owned by the company’s Managing Partners, senior staff, and an affiliate of Oaktree Capital.
About Hunter Group ASA
Hunter Group ASA is a publicly traded investment company listed on the Oslo Axess. Hunter Group currently has 8 high spec VLCC’s with scrubbers under construction at DSME in Korea.
Tankers International, International Seaways Inc., Euronav NV, Hartree Maritime Partners LLC and Hunter Group ASA are collectively referred to as the “Companies.” This release contains forward-looking statements. In addition, the Companies may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC) and other regulatory authorities, in press releases, or in oral or written presentations by representatives of the respective Companies. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the respective Companies’ plans to issue dividends, their respective prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the respective Companies’ current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K and 20-F for 2018 for International Seaways and Euronav, respectively, the Quarterly Report on Form 10-Q and 6-K for the period ended June 30, 2019 for International Seaways and Euronav, respectively, and in similar sections of other filings made by the respective Companies with the SEC and other regulatory authorities from time to time. The Companies assume no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Companies or their representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the respective Companies with the SEC and other regulatory authorities.
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CONTACT: Investor Relations & Media:
David Siever, International Seaways, Inc.
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: OIL/GAS MARITIME ENERGY TRANSPORT
SOURCE: Tankers International
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PUB: 09/12/2019 02:00 AM/DISC: 09/12/2019 02:01 AM