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.