Odfjell Expands its Chemical Tanker Fleet

Friday, September 22, 2006
Odfjell has invested more than $130m recently in expanding its fleet, acquiring five chemical tankers. Four of the chemical tankers are second-hand ships with stainless steel cargo tanks and are built between 1995 and 1997.

M/T "Giada D" (10 115 dwt./built 1996) is built in Italy, and was delivered 12 September from Italian owners. The vessel has been renamed "Bow Querida".

M/T "Euro Azzurra" (13 843 /1997) is built in Italy, and will be delivered late 2006/early 2007 from English owners. This ship is acquired by a Norwegian 50/50 joint venture company owned by Odfjell ASA and Kristian Gerhard Jebsens Skipsrederi AS.

M/T "Brage Atlantic" (17 460/1995) and M/T "Brage Pacific" (17 460/1997) are built in Norway. The vessels are bought from Norwegian owners, and delivery will take place in first and second quarter 2007.

On 13 September 2006 a Joint Venture company in China, owned 49 % by Odfjell ASA took delivery of a newbuilding of 3 850 dwt. This chemical tanker with MarineLine cargo tanks will operate in the Chinese domestic market.

Further, Odfjell has sold M/T "Bow Heron" (35 289/1979) to Norwegian owners. She is built in Norway in 1979 and has mainly coated cargo tanks. The ship will be delivered to the new owners in November 2006. The net profit from this transaction will be USD 0.7 mill.

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