Bermuda-based shipping company Frontline, along with US firm Diamond S Shipping and Belgian international shipping firm Euronav have formed a joint venture (JV), Suezmax Chartering, to create a single point of contact for cargo owners to access a fleet of 43 Suezmax vessels, operated on the spot market.
For the JV, Frontline will provide 22 vessels, which includes 14 vessels on the water and eight new-builds as they are delivered.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The new JV will function from the current offices of Frontline, Diamond S Shipping and Euronav.
Frontline management CEO Robert Hvide Macleod said: "I look forward to working with Diamond S and Euronav on this important venture.
"We share the common goal of providing safe, timely and high-quality service to our customers."
Suezmax Chartering will help provide more flexibility and more options for cargo owners by offering a large fleet of vessels with the added advantage of lesser voyage expenses.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataEuronav CEO Paddy Rodgers said: "All three companies’ management share a similar vision in bringing greater transparency to what is a highly fragmented industrial structure.
"We look forward to working closely with our partners in this initiative."
Currently, Euronav has a fleet of 55 vessels, including one V-Plus vessel, two floating, storage and offloading (FSO) vessels, 22 Suezmax and 30 very large crude carriers (VLCCs).
With a workforce of 2,847, the company provides complete shipping services in addition to its fleet of new large tankers.
