The Board of Tankers International LLC (TANKERS) decided in a Board Meeting yesterday to start the companys chartering operation as of 1 February 2000.
Frontline Ltd. will as of this date transfer all the chartering of the companys 12 VLCCs to the new organization in London. Frontlines Chairman, John Fredriksen, who is also a Board Member of TANKERS, says in a comment It is a large step for Frontline to transfer the chartering of our VLCCs away from Frontlines office in Oslo. However, based on the strong partnership we have created together with A.P. Møller, OSG, Euronav, Osprey, and Oldendorff and the positive response we have got from our major clients, we are sure this is the right thing to do. Through a combination of up to 55 modern VLCCs we are convinced that we shall be able to increase the trading flexibility, widen the charter coverage and thereby improve the earnings of the ships to the best interest of our companys shareholders. Frontline will as one of the two largest shareholders of Tankers International LLC take an active role in the future development of the company.