Marine Link
Sunday, December 15, 2024

Odfjell, Ceres To Merge Chem Tanker Fleets

Maritime Activity Reports, Inc.

February 18, 2000

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. The group's turnover is expected to increase to about $666.3 million in the first year after the deal, from about $520.9 million.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week