Press Release Frontline and TI Join in Chartering Partnership
October 01 2014 - 08:01AM
Bermuda/Cyprus, 1st October
2014:
Frontline Management (Bermuda) Ltd. and Tankers
International LLC (TI) today announced the formation of a new
company, VLCC Chartering Ltd ('the Company'). The aims of the
Company will be:
-
to create a larger fleet with more flexibility
and more options for cargo owners and a single point of contact to
access these benefits;
-
to reduce voyage related expenses and thereby
improve the net earnings (TCE) of the Very Large Crude Carriers
(VLCCs) operated by both owning companies through optimisation of
voyages.
-
to reduce carbon emissions as a direct
consequence of using less fuel for cargo movements through fleet
optimisation.
VLCC Chartering will have access to the combined
fleets of Frontline and the TI Pool and will primarily identify the
right ship for each cargo offered and on that basis select one ship
to bid taking into consideration operational factors. By
reducing the fuel wasted by sailing too far or too fast to load a
cargo, vessel net earnings can be improved by reducing bunker
consumption.
Reducing fuel consumed to move cargoes through
optimisation will directly proportionally reduce the fuel emissions
which are the primary source of pollution from ships.
Improving net voyage returns to tanker operators
and through them to providers of capital will support the raising
of funds that are necessary to pay for the modification of the
existing tankers in order that they may meet the requirements being
imposed on the industry to reduce harmful emissions from ships
whether from exhaust gas or in ballast water.
VLCC Chartering Ltd. will be jointly owned by the
partners and the services provided by it will be subcontracted to
it by TI and Frontline Management AS. The Company will accept
appointment as voyage charter manager for the VLCC fleets of
Frontline and TI and will work to deliver the improvements outlined
above.
It is intended that the Company will commence
operation on 6th October 2014
from the existing offices of Frontline Management AS and TI.
For further information contact:
Jonathan Lee, CEO, Tankers International, + 44
(0)207 870 4700, management@tankers.uk.com
Jens Martin Jensen, CEO, Frontline Management AS,
+47 23 11 40 00 / +44 (0) 207 824 5530, jens@frontlinemgt.com
VLCC Chartering Ltd., London Office
Moreau House, 116 Brompton Road,
London SW3 1JJ
chartering@vlcc-chartering.com
Telephone: +44 207 870 4710 |
VLCC Chartering Ltd., Oslo Office
Bryggegata 3, 0112 Oslo
chartering@vlcc-chartering.com
Telephone: +47 2311 4090 |
This information is subject
of the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Frontline Ltd. via Globenewswire
HUG#1860009
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