| Frontline Ltd. and OMI Corp. announced today the formation of `Alliance Chartering LLC`, which will handle the chartering of the companies` Suezmax fleets. This company will initially operate from the offices of the two owners, with a view to open a joint office as soon as feasible.
John Fredriksen, CEO of Frontline stated that `the chartering of the fleets, including three vessels being delivered to each company this summer, presents opportunities to reduce overhead costs for both companies and to offer a more efficient and flexible service to our customers`. Mr. Stevensen of OMI agreed, noting that `these are two of the best fleets in our business. We expect to be able to better service our customers` needs through this company.`
The new chartering company will initially commercially manage a fleet of 26 Suezmax tankers and OBOs. In addition, the companies have 10 newbuildings on order.
Contact persons:
Frontline - Sten Ahren +47 23 11 40 19
OMI - Fred London +1 212 297 2160
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Press
release from Frontline Ltd. - 05.05.1998