Odfjell Forms Tanker Pool With Sinochem Shipping Singapore
Odfjell SE signs Framework Agreement with Sinochem Shipping Singapore Pte. Ltd to take 4 stainless steel vessels on long-term bareboat charters and to form a pool of 8 chemical tankers.
Odfjell SE (“Odfjell”) has signed a Framework Agreement with Sinochem Shipping Singapore Pte. Ltd (“Sinochem”) whereby Odfjell will take 4 of a total newbuilding order of 8 x 40,900 dwt chemical tankers on long-term bareboat charters.
The bareboat charters include purchase options at the end of the charter period. Sinochem will continue to own 4 vessels, which together with the 4 bareboat vessels will form a pool of 8 x 40,900 dwt sophisticated chemical tankers. The pool will be managed by Odfjell SE and the vessels will trade as part of the Odfjell Tankers fleet.
The series of newbuildings are built at Hantong Wing Shipyard in China, with 30 stainless steel tanks capable of handling speciality products and with a proven energy efficiency. 7 of the vessels were delivered in 2016 and 2017, with the 8th newbuilding expected for delivery in December 2017.The 8 vessels will join Odfjell’s fleet over the course of the coming months, and will replace existing tonnage which is currently on charter to Odfjell from other owners. The replacement of existing chartered-in vessels will have a positive impact on Odfjell SE earnings.
“With this structure, we will replace a large part of our maturing chartered-in fleet with more modern and sophisticated tonnage, and in a highly capital efficient way. We are also very pleased with the new relationship with Sinochem and with the trust they place upon us as managers of the pool”, said Kristian Mørch, CEO of Odfjell SE.
“We
are excited to embark on this new journey with Odfjell SE whom are both a recognized industry pioneer and market leader. The high-quality, sophisticated and flexible nature of our chemical tankers which are, proudly “Built-in-China”, will be a natural fit in and an immediate enhancement to their first class global operating platform”, said Zhang Xin, CEO of Sinochem Shipping.
The transaction is subject to satisfactory completion of competition law assessment and customary closing conditions.
Reference: odfjell.com
Shipping News You Would Like:
Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Do you have info to share with us ? Suggest a correction
Latest Shipping News You Would Like:
U.S Navy Accuses Iranian Vessels Of Harassing Its Marine Attack Helicopter With Lasers
European Maritime Companies Ditching Toxic Ships On Bangladesh Beaches, Killing Workers
HII Achieves Construction Milestone For Virginia-Class Submarine USS Arkansas
Improperly Declared Dangerous Goods Putting Lives At Risk In The Supply Chain
NYK To Trial Mooring System To Suppress Hull Shaking With Jera And Trelleborg Marine Systems
Get the Latest Maritime News Delivered to Your Inbox!
Our free, fast, and fun newsletter on the global maritime industry, delivered everyday.