FRO - Frontline, Diamond S. Shipping and Euronav join in formation of Suezmax Chartering
(Thomson Reuters ONE) -
Frontline Ltd. ("Frontline"), today announces the formation of Suezmax
Chartering, a commercial joint venture with Diamond S. Shipping LLC and Euronav
NV. 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, traded
operated on the spot market. Frontline will contribute 22 vessels to the joint
venture, including 14 vessels on the water and 8 newbuildings as they are
delivered.
A larger fleet will provide more flexibility and more options for cargo owners
and also reduce voyage related expenses by optimizing vessel selection based on
proximity to cargoes, thereby reducing greenhouse gas emissions as a direct
consequence of using less fuel for ballasting movements.
Suezmax Chartering will operate from the existing offices of Frontline, Diamond
S and Euronav.
Robert Hvide Macleod, CEO of Frontline Management 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."
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
June 2, 2016
Questions should be directed to:
Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS
+47 23 11 40 84
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 76
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical
facts. Words, such as, but not limited to "believe," "anticipate," "intends,"
"estimate," "forecast," "project," "plan," "potential," "may," "should,"
"expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions.
Although Frontline believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant uncertainties
and contingencies which are difficult or impossible to predict and are beyond
the control of Frontline, Frontline cannot assure you that they will achieve or
accomplish these expectations, beliefs or projections. The information set forth
herein speaks only as of the date hereof, and Frontline disclaims any intention
or obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.
This information is subject to 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#2017468]
Unternehmensinformation / Kurzprofil:
Datum: 02.06.2016 - 17:46 Uhr
Sprache: Deutsch
News-ID 475428
Anzahl Zeichen: 3730
contact information:
Town:
Hamilton
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 299 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"FRO - Frontline, Diamond S. Shipping and Euronav join in formation of Suezmax Chartering"
steht unter der journalistisch-redaktionellen Verantwortung von
Frontline Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
