Bow Brasilia News

Odfjell today signed an agreement for the sale of Bow Balearia, Bow Bracaria and Bow Brasilia, all 5,800 dwt, built 1997/1998. The vessels are the last remaining vessels within Odfjell’s trade in the European short sea market, and are being divested as a part of the Company’s cost-cutting and efficiency programme which includes exiting from unprofitable trades. The sales will result in an accounting loss, but will have a positive effect on the group’s liquidity and profitability.

Odfjell announced the formation of Odfjell Euroceanica As, a 50/50 Joint Venture between Odfjell SE and Euroceanica Ltd. The J/V will trade all vessels currently operated by Crystal Pool and Odfjell Europe in the European short sea market. The new Crystal Pool set-up will open up for possibilities to offer combined services from Baltic to and from the Mediterranean, and give extensive world-wide coverage via the global presence and services of Odfjell Tankers. Existing contracts and commitments with all respective customers will remain unchanged. The new J/V looks forward to starting renewal dialogues of existing contracts as well as discussing new contracts and commitments for 2012 and beyond.

Odfjell brought M/T Bow Brasilia (5,870 DWT/built 1997) and a newbuilding from Korea into the Norwegian International Ship Register (NIS). The M/T Bow Brasilia and the 51,000 DWT newbuilding are two out of five vessels that Odfjell has planned to bring into NIS registration in 2010. Odfjell took delivery of the newbuilding on 28 April from SLS Shipbuilding Co Ltd, Korea. The change of flag on Bow Brasilia is due to relocation of chartering, operation and ship management from Germany to Bergen. Odfjell has 25 vessels registered in NIS, and is the largest employer of Norwegian mariners under NIS flag. “If we see the shipping industry getting more stable conditions in the future, we will consider increasing our number of vessels in NIS,” said Jan A. Hammer, President/CEO Odfjell SE.