Navig8 Group (Navig8) announced that it has been advised by Oman Shipping Company SAOC (OSC) that they have decided to internalize the commercial management of their VLCC fleet which had been hitherto in the VL8 pool.
The VL8 pool is one of the largest VLCC tanker pools in the world and one of 16 shipping pools managed by Navig8. The company’s 16 shipping pools bring together multiple, like-minded owners with vessels of similar type and characteristics, into distinct pools. Each pool is managed by the Navig8 as a single, cohesive fleet, allowing owners to leverage Navig8’s leading network of charterer relationships and strong cargo base. The aggregation of pool revenues, diversity of pool member base, quality of counterparties and Navig8’s robust risk management framework heavily mitigates counterparty risks for the pool members.
OSC is a quality ship owner of repute having an array of topnotch customers and operating worldwide a fleet of 51 vessels including 44 owned vessels. Among the fleet, 33 vessels are tankers including 16 VLCCs. Out of 16 VLCCs owned by OSC, 15 have been placed in the VL8 shipping pool by OSC since 2010.
“We have enjoyed a mutually beneficial and close cooperation with Navig8 Group since we joined the VL8 pool as a founding member in 2010,” said Tarik Al Junaidi, Chief Executive Officer of Oman Shipping Company. “Despite the many benefits we have received from our vessel participation in the VL8 pool, we have made the decision to internalize the commercial management of our VLCC fleet to meet our legitimate growth aspirations in every functional area under the OSC brand.”
“Navig8 is grateful to Oman Shipping for placing their VLCCs with us for commercial operations, while they built their own internal capabilities,” said Nicolas Busch, Chief Executive Officer of Navig8 Group. “We look forward to maintaining our close relationship with Oman Shipping and its affiliates.”