Frontline and Golden Ocean Group entered into a non-binding term sheet agreement with Trafigura Group to establish a marine fuels joint venture ("JV"). Frontline and Golden Ocean will acquire 15% and 10% interests in the JV, respectively and Trafigura will contribute its existing physical bunkering activities to the JV. Subject to agreement on final terms, the JV is expected to commence operations in 3Q19 and will act as the exclusive purchaser of marine fuels for Trafigura, Frontline and Golden Ocean.