John Fredriksen controlled Frontline and Teekay have agreed to commercially combine their suexmax vessels within the Gemini pool. Frontline will place its suezmax vessels operating at the spot market in the pool. The pool now consists of 36 vessels.
"For Frontline, we expect to improve the utilization of our fleet and to reduce the cost basis by entering a large pool. We believe this action will be an advantage both for the Gemini Pool, Frontline's customers and shareholders", Jens Martin Jensen, Acting CEO of Frontline Management AS, says in a comment.
König & Cie and Hyundai Merchant Marine are also Gemeni pool partners.
"For Frontline, we expect to improve the utilization of our fleet and to reduce the cost basis by entering a large pool. We believe this action will be an advantage both for the Gemini Pool, Frontline's customers and shareholders", Jens Martin Jensen, Acting CEO of Frontline Management AS, says in a comment.
König & Cie and Hyundai Merchant Marine are also Gemeni pool partners.