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.