After a 13-year collaboration in one of the world's biggest LR2 tanker pools, Maersk Tankers and Torm have decided to discontinue the pool, Tina Revsbech, head of Torm's tanker division, tells ShippingWatch.
The pool consisted of a total of 28 tanker vessels, of which Torm contributed 10 and Maersk Tankers 18 vessels.
Torm has in recent years withdrawn from several pool collaborations, and the LR2 pool with Maersk Tankers was the last pool Torm was part of.
According to Tina Revsbech, the decision was reached in complete agreement with Maersk.
"The benefits that were achieved 13 years ago when we established the pool are no longer present. Today we're enjoying economies of scale across our operational platform from cross-selling our MR1, LR1 and Handysize. Two years ago, for instance, we had 25 LR1s. Today we only have seven LR1s, but we've proven that we can deliver a solid result and we're convinced that we can do the same with LR2s," Tina Revsbech tells ShippingWatch.
Discontinuing the collaboration with Maersk will, according to Tina Revsbech, provide certain rationalization benefits, but the move will have zero consequences in terms of employees.
LR2 ships can transport crude oil as well as refined oil products, though Torm's ships primarily transport the latter. Until a few years ago the carrier was mainly transporting crude, but the ships have since then been cleaned up and currently carry oil products.
LR2 is a fairly small product tanker segment with around 250 vessels. In comparison, the global MR fleet stands at around 1,500 vessels, while the LR1 fleet counts approx. 400 ships.