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.
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.
Euronav 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.