Odfjell News

06 Nov 2019

Seasonality Impacts Chemical Tanker Market

Pic: Odfjell SE

The chemical tanker earnings for the third quarter of 2019 was impacted by the usual seasonal slowdown in volumes while rates remained stable, said Odfjell Group.According to the company specializing in worldwide seaborne transportation and storage of chemicals and other specialty bulk liquids,spot rates were stable to slightly stronger on the front haul routes but strong competition and seasonally lower volumes on the back-haul routes had a negative impact on the overall market.A…

30 Sep 2019

Oil Tankers Fire Injures 10 in S.Korea

A fire that spread across two oil tankers in a South Korean port injured 10 people on Saturday, coastguard and fire officials said, adding the blaze had largely been put out.An explosion occurred on the Stolt Groenland, a 25,000-tonne, Cayman Island-flagged oil tanker, at the southern port of Ulsan at around 10:50 a.m. (0150 GMT), a coastguard official said.There were 25 sailors aboard, including Russians and Filipinos.The fire spread to another oil tanker docked nearby, the 9,000-tonne, South Korean-flagged Bow Dalian, with 21 aboard, he said.All of the sailors on both ships were rescued, but 10 people, most of whom were workers at the terminal, have been wounded so far, a fire official told Reuters.

01 Sep 2019

Chemical Tanker Market to Recover

Pic: Odfjell SE

The recovery of the chemical tanker market continued into the second quarter as main drivers were strong US exports and healthy volume development throughout the quarter on main trades, said Odfjell SE.The Clean Petroleum Products (CPP) market weakened which led to a net increase of 20 coated MR's trading chemical/veg-oils during the quarter, hereby increasing supply pressure for chemical tankers towards the end of the quarter, said the company specializing in worldwide seaborne…

16 Jul 2019

Odfjell Sells Stake in Chinese Terminal

Pic: Odfjell SE

Norwegian shipping and tank terminal company Odfjell SE has finalized the sale of its indirect 55% equity stake in Odfjell Terminals Jiangyin (OTJ), China.Reference is made to the stock exchange announcement of May 8th, 2018, in which Odfjell SE (Odfjell) announced that Lindsay Goldberg (LG) is considering a sale of its 49% shareholding in Odfjell Terminals BV.After LG completed the sales of its shareholdings in the US and European terminals, LG is now in the process of selling its shareholding in the Asian terminals.

01 Jul 2019

Odfjell Names Next-Gen Chemical Tankers

Photo: Odfjell

A milestone is reached in Odfjell’s history as the company officially names its next generation of chemical tankers on July 1st. When the ships are delivered to the fleet, these vessels will be the world’s largest stainless steel chemical tankers, taking Odfjell to a new level of capacity, efficiency, and eco-friendly operations.Odfjell has undertaken a major fleet renewal program through measures such as pool cooperation, redelivery of older tonnage and chartering of new ships…

08 May 2019

Chemical Tanker Market Improves: Odfjell

Pic: Odfjell Tankers

The chemical tanker market saw continued improvements into what normally is a seasonally weaker first quarter, said Odfjell Group, a company specialising in worldwide seaborne transportation and storage of chemicals and other speciality bulk liquids.Strong exports from the US and Middle East were key drivers in this quarter which also impacted other trade lanes as well. There was less supply pressure from swing tonnage during the quarter, but we experienced some increased competition…

29 Apr 2019

OKEA Bags Drilling Contract for Deepsea Nordkapp

Pic: OKEA

Norwegian oil and gas company OKEA has secured the Odfjell Drilling-owned semi-submersible rig Deepsea Nordkapp to drill for upside opportunities within and surrounding the Draugen field offshore Norway.The drilling operation is expected to commence in Q4 2019.Deepsea Nordkapp will drill one infill pilot well in the Draugen field and one exploration well in the “Skumnisse” prospect, north-east of Draugen, both within the OKEA-operated PL093 license.Deepsea Nordkapp is a 6th generation…

19 Mar 2019

Neptune Contracts CIMC Raffles, Odfjell Drilling

Pic: CIMC Raffles

Neptune Energy Norge AS has hired the newly built Beacon Atlantic semi-submersible drilling rig for up to 16 wells offshore Norway.The oil and gas producer said in a press release that it has chartered the rig from China’s rig builder CIMC Raffles, and the rig will be managed by the Norwegian offshore drilling specialist Odfjell Drilling.The commencement of the drilling operations is expected to be in Q4 2019 and the estimated duration of the firm program is 400 days. CIMC Raffles…

20 Dec 2018

Borr Drilling Deploys IFS Applications

Image: IFS

The global enterprise applications company IFS announced that international offshore drilling contractor Borr Drilling has deployed IFS Applications to improve operations and optimize its IT landscape.The enterprise software company said in a press release that the go-live is part of an implementation that will see IFS Applications rolled out to 10 oil rigs and over 1,000 users by January 2019.Borr Drilling, with a fleet of 36 rigs, 9 of which are currently under construction…

12 Dec 2018

Norway to Drillers: Fix Oil Rig Lifeboat Safety

© Marius Dobilas / Adobe Stock

Norway's Petroleum Safety Authority (PSA) has told Transocean, Maersk Drilling and Odfjell Drilling to beef up emergency evacuation equipment and procedures on 22 offshore oil rigs, it said on Wednesday.Drilling rigs are equipped with enclosed lifeboats that can be dropped into the ocean in an emergency and owners must meet a series of technical and operational requirements for how to plan and carry out evacuations."All the audits identified a non-conformity from the regulations.

09 Nov 2018

Odfjell: Chemical Tanker Market Remains Stable

Photo Credit:  Odfjell

Odfjell SE has reported its results for Third Quarter 2018. The results reflect a stable chemical tanker market and stable underlying results from Odfjell Terminals when adjusting for the Rotterdam terminal.Odfjell SE reports EBITDA of USD 32 million compared with USD 37 million in the previous quarter.Highlights for the third quarter of 2018:• EBITDA of USD 27 million from Odfjell Tankers compared to USD 28 million in second quarter• ODFIX was down 2.0% for the quarter compared…

23 Sep 2018

Koole Terminals Acquires Odfjell Terminals Rotterdam

Image: Koole Terminals B.V.

Odfjell Terminals entered into an agreement with Koole Terminals B.V. of the Netherlands (Koole) to sell its 100% ownership of Odfjell Terminals Rotterdam (OTR).The sale will generate USD 100 million of cash proceeds to Odfjell. Odfjell announced that the transaction has closed.According to  Koole Terminals, Odfjell Terminals will be rebranded to Koole Tankstorage Botlek (KTB). Located in the heart of the Port of Rotterdam, KTB stores both chemical and mineral oil products and operates a PID facility.John Kraakman…

20 Sep 2018

Odfjell Finalizes Sale of Rotterdam Tank Terminal

(Photo: Odfjell)

Norwegian shipping and tank terminal company Odfjell SE announced on Thursday that it has finalized the sale of its tank terminal in Europe's largest port.The company announced in July that Odfjell Terminals entered into an agreement with Koole Terminals B.V. of the Netherlands to sell its 100 percent ownership of Odfjell Terminals Rotterdam in a move to help reduce debt. Odfjell said the sale has generated $100 million of cash proceeds.The terminal in the Port of Rotterdam has total storage capacity of 1,622,000 cbm in 270 tanks.

13 Sep 2018

Odfjell Says It Will Not Install Scrubbers

(Photo: Odfjell)

Chemical tanker firm Odfjell said it will not invest in scrubbers to clean fuel on its vessels to comply with new stricter emission rules from 2020 but instead buy fuel which meets the new standards.To combat air pollution, the International Maritime Organization (IMO), the United Nations' shipping agency, has set global regulations to cap the sulphur content in marine fuel, known as bunkers, at 0.5 percent, down from 3.5 percent now.Shipowners can either install scrubbers, which clean the cheaper high sulphur fuel oil, or buy costlier marine gasoil."Our conclusion for the moment is that it do

28 Aug 2018

DNV GL Rolls-out Cloud Shore Monitoring Module for Navigator Port

Image: DNV GL

DNV GL is launching a completely renewed Shore Monitoring module for Navigator Port. Installed on more than 2500 vessels, Navigator Port is the industry's leading port clearance solution.With a strong focus on the user experience, this module is the first of DNV GL's next generation fleet management solutions to be developed on the latest cloud technology.Most shipping companies find it challenging to keep on top of crew work and rest hour compliance. It is essential to have the same view and information on board and in the office.Navigator Port’s Shore Monitoring module is a user-friendly…

27 Aug 2018

Kongsberg's Operational Advisory Solution for Harsh Environment Semi-Submersible

Photo: Kongsberg Maritime

Odfjell Drilling has awarded Kongsberg Maritime the contract to deliver a real-time monitoring and advisory solution to provide operational safety and non-productive time (NPT) improvements for the 6th generation semi-submersible, Deepsea Stavanger. The contract is in specific relation to an upcoming offshore South Africa campaign awarded to Odfjell Drilling.Kongsberg Maritime’s integrated services and systems delivery for Deepsea Stavanger is designed to provide high operational safety and availability in deepwater harsh environments, strong currents and high waves.

26 Aug 2018

Sale of Rotterdam Terminal Impacts Odfjell

Jesper Ridder Olsen. Photo: Maersk Drilling

Tank terminal transactions will further strengthen Odfjell SE but the company experienced another challenging quarter in the chemical tanker markets.The second quarter 2018 results reflect the impact of the sale of the Rotterdam terminal, while underlying results from Odfjell Terminals improved compared to the previous quarter. The chemical tanker market remains challenging, but Odfjell’s TCE performance remains stable.“The sale of our Rotterdam terminal will further strengthen Odfjell SE as a company.

09 Aug 2018

Rotterdam Port to Replace Slopes to Clean-up of Oil Pollution

Photo: Port of Rotterdam Authority

The Port of Rotterdam Authority is to replace a section of the slopes stretching over more than 9 kilometres that have been contaminated by the Bow Jubail oil spill.The Port Authority announced earlier that the damage resulting from the oil spill is estimated at around 80 million euros. The Port Authority will recover this damage from Odfjell, owner of the leaking Bow Jubail.“We will do everything in our power to recover these damages. Society here cannot be left to pay for this…

10 Jul 2018

Hundreds of Oil Workers Strike in Norway

Photo: Harald Pettersen / © Equinor

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.One union said hundreds more workers would join the strike on Sunday if an agreement over union demands for a wage increase and pension rights was not reached.Royal Dutch Shell said that due to the strike it was temporarily closing production at its Knarr field, which has a daily output of 23…

24 Jun 2018

Major Oil Spill in Rotterdam

Bow Jubail. Photo: The Odfjell Group

The Odfjell tanker Bow Jubail struck a jetty at the Port of Rotterdam, rupturing her hull and releasing an estimated 220 tons of bunker fuel into the water. No injuries were reported, and she berthed without further incident. According to a Reuters report, a clean-up operation was underway after an oil freighter punctured its hull while mooring, releasing a “considerable” amount of heavy fuel oil. Odfjell, the owner of the freighter Bow Jubail, said in a statement the ship had lost 220 tons of heavy fuel oil in the incident, which took place Saturday afternoon.

28 May 2018

Odfjell Wins Drilling Contract from Equinor

Simen Lieungh, CEO Odfjell Drilling, and Geir Tungesvik, senior vice president for Drilling & Well, with a model of the Deepsea Atlantic drilling rig. Photo: Kjetil Eide, Equinor

Equinor has awarded Odfjell a contract for drilling two times three production wells for the Fram and Askeladd licences by using the Deepsea Atlantic rig. Odfjell has also been awarded a master framework agreement (MFA). Equinor has signed a framework agreement with Odfjell with terms that will be used for future rig contracts with Odfjell on the Norwegian continental shelf. At the same time, the first rig contract has been signed for Deepsea Atlantic under this contract format.

08 May 2018

Lindsay Goldberg Mulls Selling Stake in Odfjell Terminals

Photo: Odjfell

Odfjell SE said it has been informed by Lindsay Goldberg that they are considering a sale of its 49% shareholding in Odfjell Terminals B.V.Lindsay Goldberg has been Odfjell's joint venture partner in Odfjell Terminals's U.S. and European terminals since 2011. In 2013, the partnership was expanded to include Odfjell Terminals's global terminal operations.Odfjell said it continues to consider Odfjell Terminals as core business and emphasized its long term commitment to owning, developing and operating tank terminals.

29 Apr 2018

Odfjell Drilling buys “Deepsea Nordkapp”

Odfjell Drilling announced that Aker BP has today awarded Odfjell Drilling a 2 year firm drilling contract with 1+1 year optional periods. The day rates for the drilling contract will be based on market terms to be determined prior to commencement of drilling operations. In addition to the market linked day rate, a performance bonus as agreed in the alliance agreement with Aker BP, as announced on 21 November 2017, will apply. The contract has a minimum value of USD 245 million, subject to certain adjustments. The commencement of drilling operations is expected in Q2/Q3 2019. For the purpose of the drilling contract with Aker BP, Odfjell…

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