Press Release Frontline and TI Join in Chartering Partnership
(Thomson Reuters ONE) -
Bermuda/Cyprus, 1(st) 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 6(th) 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(at)tankers.uk.com
Jens Martin Jensen, CEO, Frontline Management AS, +47 23 11 40 00 / +44 (0)
207 824 5530, jens(at)frontlinemgt.com
+-------------------------------------+-----------------------------------+
| VLCC Chartering Ltd., London Office | VLCC Chartering Ltd., Oslo Office |
| Moreau House, 116 Brompton Road, | Bryggegata 3, 0112 Oslo |
| London SW3 1JJ | chartering(at)vlcc-chartering.com |
| chartering(at)vlcc-chartering.com | Telephone: +47 2311 4090 |
| Telephone: +44 207 870 4710 | |
| | |
+-------------------------------------+-----------------------------------+
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Frontline Ltd. via GlobeNewswire
[HUG#1860009]
Unternehmensinformation / Kurzprofil:
Datum: 01.10.2014 - 14:01 Uhr
Sprache: Deutsch
News-ID 342562
Anzahl Zeichen: 3931
contact information:
Town:
Hamilton
Kategorie:
Business News
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"Press Release Frontline and TI Join in Chartering Partnership"
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