Crude oil shipping firms Frontline Management and Tankers International formed a chartering joint venture called VLCC Chartering Ltd to increase their joint fleet size and reduce operating costs, the two firms said on Wednesday.
"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," the firms said in a joint statement.
Frontline Management operates both Frontline and Frontline 2012, the tanker arms of Norwegian shipping tycoon John Fredriksen.
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