Odfjell Expands in Brazil
In 1999 Odfjell entered into a 50% ownership in Flumar Transportes de Quimicos e Gases Ltda (Flumar) in Brazil. Flumar, headquartered in Sao Paulo, is a 50/50 joint-venture between Odfjell SE and Kristian Gerhard Jebsen Skibsrederi (KGJS), both in Bergen, Norway. KGJS and Odfjell have entered into an agreement whereby Odfjell acquires 100% of Flumar. The transaction comprises contracts and ownership of four ships, which are transporting chemicals primarily along the Brazilian coast, where local flag is a requirement. The agreed total price for the four ships on a 100% basis is about USD 50 million. Odfjell's shipping activities in Brazil have increased substantially over the last years…
Odfjell Takes 50% Of Brazilian Shipper
Norwegian chemical tanker operator Odfjell last week acquired a 50 percent stake in Brazilian shipping company Flumar. Odfjell said the purchase would mean an investment of $10 million and would result in a strengthening of both companies' positions in the region. "Brazil has a considerable growth potential in production and handling of chemicals," Odfjell said. Flumar operates three chemical tankers and vessels for liquefied petroleum gases and sails mainly along the Brazilian coast. Odfjell operates more than 60 vessels in a global network.
Odfjell Takes 50% Of Brazilian Shipper
Norwegian chemical tanker operator Odfjell last week acquired a 50 percent stake in Brazilian shipping company Flumar. Odfjell said the purchase would mean an investment of $10 million and would result in a strengthening of both companies' positions in the region. Flumar operates three chemical tankers and vessels for liquefied petroleum gases and sails mainly along the Brazilian coast. Odfjell operates more than 60 vessels in a global network.
