Essential Group's first investment foray into shipping began with the acquisition of a fourteen year old VLCC ("Very Large Crude Carrier"), later renamed to MT "Jade Palms". She was operated as a crude/fuel oil floating storage terminal in Malaysian ports and fully leased to one of the top Japanese trading firms, who remains one of our core clients till this day. 

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Apart from being ship owners, Essential Capital Pte Ltd was also appointed by various reputable oil traders to commercially manage their vessels on time-charter, all as floating storage terminals. At our peak, Essential Group had owned two VLCCs and commercially managed three others, with a stellar record in having zero off-hires, exceptional cargo quality and quantity management.

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Currently, the shipping focus has moved towards trading vessels where we fully own one MR ("Medium Range") tanker that has been actively trading worldwide and performing exceptionally without any undue downtime.

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In early 2020, Essential Group and its business partner, Mr Mangish Kakodkar, formed Elite Tankship Pte Ltd with the primary objective to develop a freight trading book. Under Elite Tankship, we currently have LR2 ("Long Range Two") tankers on commercial management and MR tankers ("Medium Range") which we have time-chartered in, and traded against the freight market.

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(For more information on Elite Tankship, you may visit www.eliteships.sg.)