How the Pool works
Tankers International LLC
...a company formed in the Marshall Islands with its head office in Cyprus. The company has responsibility for the commercial management of the vessels in the Tankers International Pool and oversees and authorises all fixtures arranged through its subsidiary company Tankers (UK) Agencies Ltd.
Tankers (UK) Agencies Ltd
...has offices in London and New York and is responsible for the commercial and post-fixture operation of the vessels in the TI Pool.
Tankers International Pool
...is a Pool of Very Large Crude Carriers (VLCC).
...undertake to trade their qualifying vessels in the Pool and receive a share of the freights in accordance with the Pool Points allotted to each of their vessels. All commercial decisions are handled by the Pool's independent agent with the exception of any specific trading restrictions which Owners may stipulate.
...are established using a weighted average of the TCE for each vessel on three selected voyages, which is then compared with an agreed reference vessel. Variable parameters affecting the calculations, such as fuel oil price and actual speed and consumption, are reassessed and reapplied every six months to ensure that the overall weighting remains fair.