Bow Balearia 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.