Frontline JV Creates Suezmax Vessel Fleet
Frontline Ltd. has announced the formation of Suezmax Chartering, a commercial joint venture with Diamond S. Shipping LLC and Euronav NV.
The aim of the joint venture is to create a single point of contact for cargo owners to access a large fleet of 43 modern Suezmax vessels, traded operated on the spot market. Frontline will contribute 22 vessels to the joint venture, including 14 vessels on the water and 8 newbuildings as they are delivered. A larger fleet will provide more flexibility and more options for cargo owners and also reduce voyage related expenses. Suezmax Chartering will operate from the existing offices of Frontline, Diamond S and Euronav.
Note: Suezmax is a crude tanker vessel carrying around 130,000 tonnes of crude.
Reporting By Ole Petter Skonnord