FRO - Frontline and Teekay agree to expand Gemini Suezmax Pool
Press release from Frontline Ltd. 15.12.2008
Hamilton, Bermuda, December 15, 2008 - Teekay Corporation (Teekay) and Frontline Ltd. (Frontline) today announced an agreement to commercially combine their Suezmax vessels within the Gemini Pool, a Suezmax tanker pool serving customers around the globe.
Frontline will place its spot Suezmax vessels within the Gemini Pool, bringing the total number of vessels in the pool to 36. To manage the larger fleet and establish a chartering presence in Europe to supplement its existing Stamford, Connecticut operations, Gemini has opened an office in Oslo, Norway and is pleased to announce that four commercial personnel from Frontline have joined the new office.
"Frontline has always been a frontrunner in consolidating the tanker industry and entering the Gemini Pool is an important element in such. For Frontline, we expect to improve the utilization on 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," commented Jens Martin Jensen, Acting CEO of Frontline Management AS.
"Teekay and the other members of the Gemini Pool are pleased to welcome Frontline as a new partner," said Bjorn Moller, President & CEO of Teekay Corporation. "Combining our respective Suezmax fleets will enable us to better meet the needs of customers through a large, homogeneous modern fleet, and be more responsive to customer requirements with the addition of a European office."
In addition to Frontline and Teekay, König & Cie and Hyundai Merchant Marine are also Gemini Pool partners.
The expanded Pool will commence January 1, 2009.
For media inquiries, please contact:
+1 604 844 6631
Frontline Management AS
+ 47 23 11 40 00
Gemini Pool Office Info:
Stamford chartering office:
One Station Place, 7th Floor
Stamford, CT 06902
Phone: + 1 203 602 6888
Oslo chartering office:
Gemini Chartering AS
Phone: + 47 23 11 40 80
Teekay Corporation transports more than 10 percent of the world's seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), and is further growing its operations in the offshore production, storage and transportation sector through its publicly listed subsidiary, Teekay Offshore Partners L.P. (NYSE: TOO), and continues to expand its conventional tanker business through its publicly listed subsidiary, Teekay Tankers Ltd. (NYSE: TNK).
With a fleet of 180 vessels, offices in 17 countries and more than 6,400 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. Teekay's reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company.
Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK".
About Frontline Ltd.
Frontline Ltd. has its origin in Frontline AB, which was founded in 1985, and listed on the Stockholm Stock Exchange from 1989 to 1997. In May 1997 Frontline AB changed domicile from Sweden to Bermuda and listed its shares on the Oslo Stock Exchange and later on the New York Stock Exchange.
Since 1996, Frontline has been actively involved in consolidation of the tanker industry and has established itself as a world leader in the international seaborne transportation of crude oil, with one of the world's largest fleets of VLCC and Suezmax tankers and Suezmax OBO carriers. Frontline is committed to providing quality transportation services to all its customers and to developing and maintaining long-term relationships with the major charterers of tankers.
Frontline's common stock is listed on the New York Stock Exchange and the Oslo Stock Exchange where it trades under the symbol "FRO".