The broker who was handling the client noticed that another oil major was shipping oil on similar routes. She introduced both parties before proposing and implementing a co-shipping agreement with a new shipowner. This continued for two years and saved both parties significant costs.

After two years, the broker saw an opportunity for increased savings by setting the arrangement on a time charter, which continues to this day.

In the first two years, the time charter co-arrangement saved both parties £1M. It has also given both parties the added security benefit of fixed pricing. Five years later, this arrangement is still in place and delivering significant savings to both oil majors.