03-06-2016

Euronav, Diamond S Shipping and Frontline Join in Suezmax Chartering Joint Venture

Euronav

Euronav NV announces the formation of a commercial joint venture with Diamond S Management LLC and Frontline Ltd. 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, including newbuildings, operated on the spot market. The joint venture will be named Suezmax Chartering.

A larger fleet will provide more flexibility and more options for cargo owners, reduce voyage related expenses through optimisation of voyages and thereby reduce greenhouse gas emissions as a direct consequence of using less fuel for cargo movements.

The joint venture will commence operation today from the existing offices of Euronav, Diamond S and Frontline Management AS.

Paddy Rodgers, CEO of Euronav, said: “I am delighted to start this exciting marketing venture in the Suezmax sector with Diamond S and Frontline. 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.”

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil and petroleum products. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav’s owned and operated fleet consists of 55 double hulled vessels being one V-Plus vessel, 30 VLCCs (of which 1 in 50%-50% joint venture), 22 Suezmaxes (of which four are owned in 50%-50% joint ventures) and two FSO vessels (both owned in 50%-50% joint venture). The Company’s vessels mainly fly Belgian, Greek, French and Marshall Island flags.

Source: Euronav

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