Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav”) announced 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.”