Marine Link
Sunday, May 27, 2018

Odfjell Buys 5 Chemical Tanker Newbuilds

Maritime Activity Reports, Inc.

June 16, 2017

Odfjell SE informs it has signed a term sheet with Chemical Transportation Group, Inc (CTG) whereby Odfjell will acquire the last five of a total newbuilding order of 10 25,000 dwt vessels with 24 stainless steel tanks from Chinese ship builder AVIC Dingheng

CTG will continue to own five vessels which will be placed in a pool commercially managed by Odfjell Tankers AS. The vessels will, together with Odfjell's current fleet of five 25,000 dwt vessels and the five vessels acquired by Odfjell, form a pool for 15 25,000 dwt chemical tankers.
The vessels acquired by Odfjell will be bought at $40 million per vessel upon delivery from yard, and are scheduled for delivery from June 2017 through May 2018.
The vessels that will remain under CTG ownership will enter the pool as soon as existing pool agreements and charters expire in the coming 6-12 months. 
Kristian Mørch, CEO of Odfjell SE, said the transaction will “complete most of our current tonnage ambitions.” He added, “It will, together with other recent tonnage initiatives, ensure that Odfjell can continue to offer competitive and efficient service to our customers. 
The transaction is subject to final negotiations and execution of definitive documentation and customary closing conditions.
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