Teekay recently announced the launch of Taurus Tankers, a pool of modern LR2-class product tankers, formed as part of Teekay’s continuous efforts to improve service to customers and maximize fleet utilization.

At present, the pool comprises nine product tankers, each with a cargo capacity of 105,000 to 115,000 dwt, and includes four Teekay vessels, two Almi Tankers vessels, two Interorient vessels, and one newbuilding from Four Jolly, a joint venture between Premuda and Messina.

“We believe the Taurus Tankers pool provides an opportunity to better serve our customers,” says Bruce Chan, President, Teekay Tanker Services. “A homogeneous fleet of high-quality, double-hull LR2 product tankers creates greater flexibility to meet their preferred positions and cargo lifting dates.”

Other pool advantages include the ability to develop tailor-made contracts, which can, in turn, improve fleet utilization and achieve cost efficiencies through economies of scale.

Taurus Tankers is also eyeing expansion and has targeted a pool size of approximately 15-20 vessels by the end of 2009.

“Pool membership offers numerous benefits to ship owners,” adds Mr. Chan. “Among these are enhanced operational efficiency, improved revenue stability and experienced chartering personnel.”

Teekay’s large presence in the adjacent Aframax crude oil tanker market adds a unique layer to pool operations and positions Taurus Tankers vessels to participate in both the clean product and crude oil markets. This cross trade is made possible by the coated tank configuration and is another means by which Taurus Tankers will optimize vessel earnings and provide more options to customers.

Taurus Tankers’ commercial management will be run primarily by Teekay’s London office, though expertise may also be drawn from across its global chartering network.