Odfjell Opts Not to Take ChemTanker Option

In connection with the newbuilding program for eight stainless steel chemical tankers at the Polish shipyard Stoczcnia Szczecinska Nowa, Odfjell had options to contract for another two sistervessels to be delivered in 2010.

These options had to be confirmed by the end of May 2007.

As a result of very high stainless steel prices and the weak US Dollar, the price for these two optional ships has increased substantially compared to the other eight ships in the series. As a result, the company did not pick up the opotions for the two additional vessels. The eighth and last ship in the series is scheduled to be delivered around June 22, 2007.