Charlie Grey has become CEO of VLCC tanker pool operator Tankers International, moving up from COO and succeeding Jonathan Lee who is now chairman of the board of directors. Matt Smith will take up the role of COO and will continue to focus on developing voyage optimization schemes to reduce emissions and improve performance.
“I want to thank Jonathan for the fantastic work he’s delivered over the past 10 years, which has ensured that Tankers International has maintained and grown its market-leading position,” said Grey. “I am honored to be able to take the organization forward, delivering value to the pool partners, expanding our fleet, and continuing to deliver our data-led, analysis-based approach with a human touch; a formula that has served us – and our pool partners – so well.”
As COO, Grey has played a key role to date in expanding the Tankers International pool of VLCCs. The pool holds 64 vessels today, its specialist scrubber-equipped pool growing from 17 to 34 vessels compared to the start of 2022.
Tankers International sees ensuring a young average vessel age in the pool as crucial as shipping rides the macro-economic waves and has replaced old and less efficient vessels with modern and energy friendly tonnage. The average age of the pool today is younger than it was at the start of 2022. It says that pools have a critical role to play in the safe and transparent transportation of crude across the globe, especially in a highly fragmented VLCC sector. Facing the twin challenges of the energy transition and increasing environmental regulation, pools can allow smaller owners to collaborate more effectively and deliver a more efficient tanker market for all participants.
Tankers International was established in 2000 by a group of tanker owners that included, among others, Euronav NV and International Seaways Inc. VLCC owners who join pools in volatile market conditions benefit from improved cashflow and revenues through economies of scale, access to a wider customer base, increased financial performance, fairer charter party terms, access to market intelligence and an independent and transparent management service.
Tankers International says it has “vastly improved” in recent years, with a unique revenue sharing methodology and strength in scale, data, and expertise helping to drive revenues for participants. Recent developments include the establishment of a new optional climate compensation voyage program and the continued development of the widely used Tankers International VLCC fixture app.
International Seaways Inc. president and CEO Lois K. Zabrocky said: “Since he was appointed as COO, Charlie excelled at meeting the needs of pool partners while navigating the uncertain trends driving the VLCC market. I am personally confident that Charlie is the right person to build on Jonathan’s great work to position Tankers International for the future.”
“As a founding member over 23 years ago, we have sought the best stewardship for the leading VLCC pool,” added Hugo De Stoop, CEO of Euronav NV. “I am confident that under his leadership, along with the support of the management team, Charlie can deliver exceptional value and competitive financial returns for all pool partners.”
Jonathan Lee, outgoing CEO of Tankers International, added: “I believe that we have built something incredible at Tankers International, and I’m very proud to have played my part in building an evolutionary new model for tanker pooling, uniquely positioned to tackle the challenges and maximise the opportunities facing VLCC owners and operators. Since Charlie joined, it has been clear to me that he is the optimal choice to lead Tankers International as it continues to grow and evolve; I look forward to supporting him.”
