New York-listed oil tanker shipping firm Frontline Thursday announced that it has entered into memorandum of agreement (MOA) to acquire a 20% stake in exhaust gas cleaning systems manufacturer Feen Marine Scrubbers Inc (FMSI).
The development includes an intention to order FMSI exhaust gas cleaning systems for 14 vessels, with options to order an additional 22 systems at fixed prices.
“The economic case to install scrubbers is very compelling, particularly for larger vessels,” said Robert Hvide Macleod, CEO of Frontline Management.
“Scrubbers installed on existing vessels provide the same benefit as those delivered from the yard on newbuildings and our solution comes at a much cheaper cost.
“Additionally, this transaction allows Frontline to secure the capacity to source a large volume of scrubbers, which we believe will present a challenge to many owners as the deadline for sulphur emissions compliance approaches.
“Our relationship with Feen Marine has been structured in a manner that will be beneficial to both parties and would not have been possible absent our significant commercial scale and long-standing industry relationships.”
Bjørnar Feen, Founder of Feen Marine Scrubbers is “extremely pleased” about the partnership with Frontline.
“We believe that this memorandum of agreement is indicative of both Frontline’s industry-leading approach to managing its fleet as well as the high quality EGCS systems Feen Marine produces,” he says.
“We are proud that some of the world’s largest shipping and trading companies, including Frontline, Navig8 Group and Trafigura have chosen Feen Marine as their main provider of EGCS systems.”
Photo credit: Feen Marine Scrubbers
Published: 29 June, 2018
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