Tanker owners Frontline, Euronav and Diamond S Shipping are ending a joint marketing arrangement of their suezmax vessels.
In a note to industry clients today the one-time partners said: “Please note that effective today Frontline, Euronav and Diamond S will terminate the marketing of their respective suezmax fleets through Suezmax Chartering.”
The companies did not give any reason for the decision but advised they each be contacted directly regarding their respective fleets.
Suezmax Chartering was launched just over two years ago in May 2016. The commercial hook up launched with a fleet of 43 suezmax vessels.
At the time, Euronav chief executive Paddy Rodgers said: “All three companies’ management share a similar vision in bringing greater transparency to what is a highly fragmented industrial structure.”
The move to break up Suezmax Chartering comes one day after VLCC Chartering partners Tankers International and Frontline announced they were splitting after working together on a similar joint market agreement for VLCCs for almost three and a half years.
Brokers have suggested that the tie-ups have not proved that productive for the companies and point out that their fleets and styles have diverged over time.
Both companies have said little about their decision to split.
Speaking about the VLCC Chartering break-up Frontline Management chief executive Robert Hvide Macleod said: “We enjoy an excellent relationship with TI.”
He echoed this on the mirror suezmax split saying: “ The breakup is very friendly from all parts.”
TI chief executive Jonathan Lee said: “We would like to thank Robert Hvide Macleod and his colleagues for all their hard work and cooperation during the tenure of VLCC Chartering and wish them all the best for the future.”
