Frontline JV in suezmax creates fleet of 43 suezmax vessels

Fri Jun 3, 2016 1:26am EDT
 
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OSLO, June 3 (Reuters) -

* Frontline Ltd. announces 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

* Suezmax is a crude tanker vessel carrying around 130,000 tonnes of crude

(Reporting By Ole Petter Skonnord)