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Odfjell and Sinochem form new tanker pool

Odfjell and Sinochem form new tanker pool

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Odfjell has signed a framework agreement with Sinochem Shipping Singapore whereby Odfjell will take four of a total newbuilding order of eight 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 four vessels, which together with the four bareboat vessels will form a pool of eight 40,900 dwt chemical tankers. The pool will be managed by Odfjell and the vessels will trade as part of the Odfjell Tankers fleet.

The series of newbuildings have been built at Hantong Wing Shipyard in China, with 30 stainless steel tanks capable of handling speciality products. Seven of the vessels were delivered in 2016 and 2017, with the eighth newbuilding expected for delivery next month. The eight 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.

“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.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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