Norway's Odfjell ASA and Greece's Ceres Hellenic Shipping will merge their chemical transport assets to create the world's largest fleet
of clean tanker tonnage. The transaction, a combined $360 million investment, will create a combined fleet of 92 ships, of which 49 would be wholly or partly owned, company officials said.
Odfjell will issue 4.9 million shares
to Ceres, worth about $121 million, in exchange for nine chemical tankers totaling 335,000 dwt and four ships totaling 160,000 dwt to be delivered in 2001-2002. Odfjell will also purchase all the shares in Ceres' chemical tanker company Seachem and remaining Seachem ships in its 23 vessel fleet would
be managed by the combined group.
The group's turnover is expected to increase to about $666.3 million in the first year after
the deal, from about $520.9 million.