Euronav operates the majority of its VLCC fleet in the TI Pool. A number of its VLCC vessels are chartered out on long term.
Euronav is a founding member of the TI Pool, which commenced operation in January 2000. The pool was established by Euronav and other leading companies to meet the global transportation requirements of international oil companies and other major charterers. The TI Pool operates the largest modern fleet available in the world.
By participating in a pool, Euronav and its customers benefit from the economies of scale inherent to such arrangement. Furthermore, the pool has been able to enhance vessel earnings by improved utilization (increased proportion of laden days versus ballast days) through use of combination voyages, contracts of affreightment and other efficiences facilitated by the size and quality of its modern VLCC fleet. The TI pool's ability to substitute vessels when delayed, to reduce waiting time, or to meet a customer requirement is unsurpassed. By operating together scores of modern vessels, the pool is almost certain to have a modern high-quality VLCC available in the right place at the right time. Thus, customers receive better, more flexible services and are assured of high-quality tonnage.
In June 2016 Euronav also founded Suezmax Chartering, a commercial joint venture with Diamond S Management LLC and Frontline Ltd. The aim of the joint venture is to create a single point of contact for cargo owners to access a large fleet of 43 modern Suezmax vessels, including newbuildings, operated on the spot market.