Euronav announce joint venture

Chartering, Markets, Mergers and Acquisitions, Shipmanagement, Stock Markets — By on June 2, 2016 at 5:59 PM

EURONAV funnelANTWERP, Belgium, 2 June 2016 – Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav”) today announces 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.”

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