New VLCC Joint Venture on Horizon

New VLCC Joint Venture on Horizon

Frontline Management (Bermuda) Ltd., and Cyprus-based Tankers International LLC (TI) have started a new company named VLCC Chartering Ltd., pooling together their respective VLCC fleets in an effort to enhance flexibility and provide cargo owners with more options.


The companies also hope that the new joint venture will enable them to to reduce voyage related expenses and thereby improve the VLCC’s net earnings, as well as to reduce carbon emissions as a direct consequence of using less fuel for cargo movements through fleet optimisation.

Reducing fuel consumed to move cargoes through optimisation will directly reduce the fuel emissions which are the primary source of pollution from ships.

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.

It is intended for VLCC Chartering Ltd., to start operating on October 6, 2014,  from the existing offices of Frontline Management AS and TI.

Press Release, October 01, 2014



Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >