Tanker owner Euronav NV has established a joint venture with Diamond S Management LLC and Frontline Ltd focusing on chartering of Suezmax vessels.

The join venture will be named Suezmax Chartering and will have a large fleet of 43 Suezmaxes, including newbuildings, operated on the spot market.

“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 companies said in a joint statement.

Frontline said that it would contribute 22 vessels to the joint venture, including 14 vessels on the water and 8 newbuildings as they are delivered.

“I look forward to working with Diamond S. and Euronav on this important venture. We share the common goal of providing safe, timely and high quality service to our customers,” Robert Hvide Macleod, CEO of Frontline Management commented.

“All three companies’ management share a similar vision in bringing greater transparency to what is a highly fragmented industrial structure,” Paddy Rodgers, CEO of Euronav, said.

The joint venture will commence operation today from the existing offices of Euronav, Diamond S and Frontline Management AS.