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>

<< Dec 2017 >>
MTWTFSS
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

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >