Odfjell to Acquire CTG’s Five Stainless Steel Newbuildings

Image Courtesy: Odfjell

Norwegian shipping and tank terminal company Odfjell has signed a Term Sheet with Chemical Transportation Group (CTG) to purchase the last five stainless steel newbuildings.

The ships are a part of a newbuilding order of ten 25,000 dwt vessels with 24 stainless steel tanks, under construction at Chinese shipbuilder AVIC Dingheng.

With these additions, Odfjell and CTG will form a pool with fifteen 25,000 dwt chemical tankers. CTG will continue to own the quintet, which will be placed in the pool commercially managed by Odfjell Tankers AS.

The company said that it will pay a price of USD 40 million per vessel upon delivery from yard. The vessels are scheduled to be handed over during a period from June 2017 through May 2018.

Ships 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.

“This transaction will be in line with our strategy ‘the Odfjell Compass’ and will complete most of our current tonnage ambitions. It will, together with other recent tonnage initiatives, ensure that Odfjell can continue to offer competitive and efficient service to our customers,” Kristian Mørch, CEO of Odfjell SE, said.

The transaction is subject to final negotiations and execution of definitive documentation and customary closing conditions.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Europort 2017

The 38th edition of Europort will take place from 7-10 November 2017 in Rotterdam Ahoy. Established as one of the world’s leading maritime…

read more >

Mozambique Gas Summit & Exhibition

Mozambique Gas Summit & Exhibition is recognised as the leading strategic meeting for Mozambique’s gas industry. Working in partnership…

read more >

FCCA Cruise Conference & Trade Show

The ​FCCA ​Conference ​is ​a four-day ​event ​designed ​to ​foster ​a ​better ​understanding ​of ​the ​inner ​workings ​of ​the ​cruise…

read more >

Bulk Liquid Storage Europe 2017

The event will cover current key challenges and issues faced by the industry and provide in depth discussions and analysis of today`s…

read more >