Nova Tankers, which until recently has operated up to 50 very large crude carriers (VLCC), will close down its business at end of June, the company said in a statement.

The vessel sharing pool was originally led by Maersk Tankers, a unit in Denmark’s A.P. Moller-Maersk, in partnership with Phoenix Tankers, controlled by Japanese Mitsui OSK Lines, and Singaporean Samco Shipholding and Ocean Tankers.

Maersk Tankers sold 15 VLCCs earlier this year to Belgian Euronav and, according to shipping newspaper Lloyd’s List, Samco Shipholding has received a takeover offer from DHT Holdings.

“Following the development of the participating partners’ fleets in the Nova Tankers Pool, the partners have agreed for Nova Tankers to cease to do business as of June 30,” the pool operator said on its website.

The commercial benefits of pools to ship owners are many, including the ability to generate higher returns due to the economies of scale derived by operating a larger fleet.

However, the global tanker industry has been depressed for years because of an oversupply of vessels, meaning returns for some ship owners in pools have not been satisfactory.