A change in Tankers International’s (TI's) chartering strategy is expected to drive an improvement in the pool’sperformance, according to Morten Arntzen.
The chief executive of Overseas ShipholdingGroup, which helped found the VLCC partnership in 2009, shed light on the shiftingfocus from contracts of affreightment (COAs) to the spot market during aconference call about the US-quoted tanker owner’s second quarter results.
When Michael Webber of Wells Fargo Securitiesasked if the new strategy was motivated by the winding down of a long-term deal withUnipec, Arntzen said the COA with the Chinese crude importer matures in Apriland indicted TI is seeking a contract extension or modification.
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