ITM looks to officer ‘fixed contracts’

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International Tanker Management boss Lars Modin is looking at introducing fixed contracts for officers on his managed vessels as a way on boosting crew loyalty and ensuring the recruitment and retention of the best officers available.

Admitting the process does have its risks, the ITM President and CEO said his plan was to target around 20% of officers for the fixed contracts.

He told SMI: “We need to increase the emphasis on crewing issues and see if we can come up with new initiatives. If we can draw up fixed contacts with officers at ITM…. this would be a very attractive initiative from our side and we will have all our officers on hand. It is a risk we have to take but it will pay off.

“Some people are keen on this especially in getting a monthly salary into their account. I believe that 20% could be a target but I need to anchor this with my new owners,” he stressed.

Earlier this year, V.Ships took the third party shipmanagement market by surprise by announcing its purchase of the Dubai-headquartered tanker ship management specialist ITM from Wilhelmsen Ship Management for an undisclosed sum.

The move, which immediately strengthened V.Ships foothold in the important Middle East tanker management sector, also safeguarded jobs at a company which Wilhelmsen had been looking to sell. ITM currently has around 60 ships on full management.