rss icon Subscribe
desktop mobile

Odfjell, Sinochem Form Chemical Tanker Pool

Kristian Mørch, CEO of Odfjell SE (Photo: Odfjell SE)

By Eric Haun

Odfjell SE said it has signed Framework Agreement with Sinochem Shipping Singapore Pte. Ltd whereby the Norwegian ship owner will take four vessels on long-term bareboat charter and together form a pool of eight 40,900 dwt chemical tankers.

The four chemical tankers are part of Sinochem's series of eight ordered from Hantong Wing Shipyard in China. Sinochem will retain ownership of the series' four other vessels, which together with the bareboat vessels will form a pool managed by Odfjell SE and trading as part of the Odfjell Tankers fleet.

The bareboat charters include purchase options at the end of the charter period.

Seven of the vessels were delivered in 2016 and 2017, with the eighth newbuilding expected for delivery in December 2017. The eight vessels will join Odfjell's fleet over the coming months and will replace existing tonnage currently on charter to Odfjell from other owners.

Kristian Mørch, CEO of Odfjell SE, said, "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."

Zhang Xin, CEO of Sinochem Shipping, said, "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."

The transaction is subject to satisfactory completion of competition law assessment and customary closing conditions.

Nov 14, 2017

 

Contracts

DeepOcean Wins Equinor Susbsea Deal

Photo: DeepOcean Group Holding BV

Subsea services provider DeepOcean has been awarded a long-term contract involving subsea life of

Awilco Drilling Signs Contract With Shell

Photo: Awilco Drilling

Aberdeen-based Awilco Drilling said today that it had tied up a contract with Shell UK for the

Colombo Dockyard to Build Two Vessels for Iraq

D.V. Abeysinghe, Managing Director/ CEO of Colombo Dockyard PLC and Hiroki Namikawa, General Manager Energy Infrastructure Project Department of Toyota Tsusho Corporation exchanging the Contracts witnessed by Dr Toru Takehara Chairman of Colombo Dockyard PLC. Photo: Colombo Dockyard PLC

The leader of Shipbuilding Industry in Sri Lanka Colombo Dockyard PLC (CDPLC) has successfully

News

HMM to Order 20 Mega Containerships

(File photo: Hyundai Merchant Marine)

South Korea’s largest shipping line Hyundai Merchant Marine (HMM) announced it will order 20 new

Remote Control Gantry Cranes for Felixstowe Port

Two new remote-controlled gantry cranes have been delivered to the Port of Felixstowe Photo Felixstowe Port

The Port of Felixstowe has taken delivery of its first two remote control ship-to-shore gantry

Pirate Attacks Worsen in Gulf of Guinea - IMB

Photo courtesy ICC

A surge in armed attacks against ships around West Africa is pushing up global levels of piracy

Maritime Apps