Odfjell to Acquire CTG’s Five Stainless Steel Newbuildings

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.

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