Japanese shipping major Mitsui O.S.K. Lines and compatriot Asahi Tanker Co. have signed a contract to establish a pool operation company, Asahi MOL Tankers Ltd.
The company will be headed by Shigekazu Haruyama, director and board member at Asahi Tankers, and headquartered in the Republic of the Marshall Islands.
The duo has also inked an agreement to launch Medium Range (MR) type product tankers, pertaining to the 45,000-55,000 deadweight ton class, which will be assigned to the new pool.
This ship type has great versatility in transporting petroleum products such as gasoline, naphtha, gas oil, and jet fuel, and is in high demand around the world. The demand for medium range tankers, especially in the product tanker sector, is expected to increase further, especially amid growing demand for compliant bunker fuels across global ports which are required for the implementation of the 2020 sulphur cap.
The pool will own a fleet of about 25 vessels and allocate them mainly to Asia and Oceania from the three centers of Tokyo, Singapore, and London. As informed, the pool will start operation on January 21, 2019.