New Joint Venture for the Suezmax Market
Euronav, Diamond S Shipping and Frontline join in Suezmax Chartering Joint Venture
Euronav NV has formed a commercial joint venture with Diamond S Management LLC and Frontline Ltd. with the aim of creating a single point of contact for cargo owners to access a fleet of 43 Suezmax vessels, including newbuildings, operated on the spot market.
The joint venture, which will be named Suezmax Chartering, will commence operation June 2 from the existing offices of Euronav, Diamond S and Frontline Management AS.
A larger fleet will provide more flexibility and more options for cargo owners, reduce voyage related expenses through optimization of voyages and thereby reduce greenhouse gas emissions as a direct consequence of using less fuel for cargo movements, Euronav said in announcing the joint venture.
“All three companies’ management share a similar vision in bringing greater transparency to what is a highly fragmented industrial structure,” said Euronav CEO Paddy Rodgers, commenting on the new marketing venture.