HAMILTON, Bermuda and CYPRUS, Oct. 1, 2014 (GLOBE NEWSWIRE) -- 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 6th 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@tankers.uk.com
Jens Martin Jensen, CEO, Frontline Management AS, +47 23 11 40 00 / +44 (0) 207 824 5530, jens@frontlinemgt.com
| VLCC Chartering Ltd., London Office Moreau House, 116 Brompton Road, London SW3 1JJ chartering@vlcc-chartering.com Telephone: +44 207 870 4710 | VLCC Chartering Ltd., Oslo Office Bryggegata 3, 0112 Oslo chartering@vlcc-chartering.com Telephone: +47 2311 4090 |
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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