Norway: Odfjell Acquires Two Modern Gas Carriers

Norway - Odfjell Acquires Two Modern Gas Carriers

Odfjell has acquired two modern LPG/Ethylene gas carriers of about 9,000 m3 carrying capacity each from two Singaporean companies controlled by the BLT Group.

The vessels, MT Gas Sumbawa and MT Gas Lombok were built at STX Shipbuilding, Korea in 2008. Delivery to Odfjell will take place in August and September 2012.

The main reasons for Odfjell to re-enter the gas market are:

Ocean transportation of LPG/Ethylene is strongly related to the chemical tanker market, in which Odfjell is already a major and leading operator, as customers and broker community are often the same.

“We have know-how and competence related to this market segment. Our brand-name and global marketing/operational network will give us a competitive advantage.” Company said.

The market is industrial and has in recent years shown earnings stability.

Future demand for gas, both LPG and LNG, shows continued growth potential.

Source: Odfjell, June 25, 2012

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