Statoil has sanctioned the last ultra-large tanker on the planet, TI Europe, to Malaysia, where the oil will be transferred onto littler tankers to send to the company’s customers in Asia.
Statoil’s senior VP of crude and refining Stale Endre Berg, revealed to Reuters that the ULCC was picked in a bid to minimize the time it takes clients to transport the oil they purchase from Statoil to their final destination. He said: “Our strategy in Asia for crude has been to basically make long-haul barrels available on a short-haul basis to bring flexibility to customers in Asia. Most refiners, in a backwardated market, cherish a three-day sailing of an Atlantic basin grade than 70 days from North America.”
TI Europe will be anchored off Malaysia to distribute crude oil around Asia, as needed. According to Tanker Operator, the ULCC has been receiving crude from the VLCC Athenian Victory via a ship-to-ship transfer in the Strait of Malacca
The TI class of supertankers are currently the four largest ships in the world according to a formula based on internal volume). The class comprises the ships TI Africa, TI Asia, TI Europe and TI Oceania, where the TI refers to the VLCC Tanker Pool operator Tankers International . All four 380 meters long oil tankers were constructed for shipping company Hellespont by Daewoo Shipbuilding & Marine Engineering in Okpo, South Korea in 2002/3. (Image: Euronav)