European Tanker Companies Pool Together

Danish shipping companies Maersk Tankers, owned by shipping and oil group A.P. Moeller, and D/S Torm said on Wednesday they had established a new product tanker pool with two other international shipping lines.

The pool, named LR2 Pool, will manage the companies fleets of 100,000 dead weight (dwt) product tankers (LR2 vessels) and commence operations on April 23.

The other members of pool are Russian Primorsk Shipping Company and Germany`s Reederei Nord Klaus E. Oldendorf.

"The LR2 Pool will manage a fleet of exclusively modern LR2 vessels numbering initially 14 vessels. As participants take delivery of newbuildings, the fleet will grow to more than 20 vessels by 2003," A.P. Moeller officials said.

A commercial management company owned jointly by Torm and Moeller with offices in Copenhagen and Tokyo as well as representations in Seoul and Singapore will be established to handle chartering and post-fixture operations for the pool.