June 15, 2009
As part of Teekay’s ongoing strategy to optimize our earnings through the effective commercial management of our fleet, Teekay announced the formation of Taurus Tankers, a pool of modern, double hull LR2 class product tankers.
Pool structures provide a number of advantages as a result of the economies of scale that can be achieved when you operate a larger fleet of high quality, homogenous vessels. For example, customers see benefits as we are better able to meet their preferred dates and positions, and also offer tailor-made contracts. Pool partners will receive improved fleet utilization, cost efficiencies and more stable revenues.
“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.”
At present, the Taurus Tankers pool consists of nine product tankers, including four Teekay vessels, two Almi Tankers vessels, two Interorient vessels and newbuilding from Four Jolly, a joint venture between Premuda and Messina.
Taurus Tankers is unique in that it is able to operate in both the clean product and crude oil markets. This cross trade, which will be made possible by the vessels’ coated tank configuration, will also serve to help meet customer requirements while optimizing vessels earnings.