World News
Fredriksen Sets Up New Tanker Pool, Aims to Reduce Bunker Consumption
A new partnership between John Fredriksen's Frontline Management Ltd. (Frontline) and the tanker pool Tankers International LLC (TI) will create a larger fleet designed to reduce fuel use and other costs, the companies say.
The new firm, VLCC Chartering Ltd, will allow for more flexible options for cargo owners, while optimising voyages to reduce the expenses of operating very large crude carriers (VLCCs) for both owners.
The company will have access to both company's fleets, providing a unified point of contact for charterers and identifying the best ship for any given cargo, reducing fuel wasted by sailing too far or too fast to load a cargo and improving returns for each vessel.
Reducing fuel consumed will also keep emissions down.
VLCC Chartering will start operations on October 6 from the headquarters of Frontline and TI.
The new company will have access to the 28 VLCCs owned by Frontline and the 39 operated by TI, industry news site IHS Maritime 360 reports.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 641.00 | 4.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 629.50 | 2.00 | 802.50 | 6.50 |
| Fujairah | 647.50 | 2.00 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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