Scorpio Tankers in new pool operation

SCM is the commercial arm of Scorpio Tankers, which is mainly known as a product tanker owner and operator and part of the group that operates the 43-vessel strong Scorpio LR2 tanker Pool.

Mercuria Shipping is the Singapore entity that is part of the Mercuria commodity trading house. Founded in 2004 by Swiss traders Marco Dunand and Daniel Jaeggi, it lists its specialisations as trading and supplying physical commodities, investing in strategic assets and providing financing and logistics services. It has a shipping interest in Minerva Bunkering, which operates 34 bunkering tankers and one Suezmax tanker, according to VesselsValue.

Mercuria itself is listed as operating one small tanker and a Suezmax tanker, which are connected to Mercuria Shipping. However, as one of the top-10 commodity trading houses, it is also a charterer of Aframax tanker tonnage.

It currently has seven Aframax tankers under charter, which happens to be around the pool size mentioned in media reports of the formation of the Mercury Pool – but that could be a coincidence.

The formation of the Mercury Pool indicates a new direction for both companies and sets the new pool against the likes of the Penfield Aframax Pool (18 vessels), N2Tankers Pool (12 vessels) and Signal Maritime Aframax Pool (7 vessels).

The Mercury Pool would bring the number of Aframax tankers operating in pools to around 70 vessels, approximately 10% of the live fleet.

In Scorpio Tankers latest financial briefing, there was no mention of the formation of the Mercury Pool.

For the three months ended 30 June 2023, Scorpio Tankers had a net income of US$132.4M and for the six months ended 30 June 2023, the company had a net income of US$325.6M.