Idan Ofer seals BW Chemical Tankers fleet deal

Idan Ofer seals BW Chemical Tankers fleet deal

Idan Ofer’s Singapore-based Eastern Pacific Shipping and Israel-based XT Shipping have closed a deal to acquire the chemical tanker fleet of BW Chemical Tankers.

First reported in November, the deal – worth approximately $350m – for 13 vessels had subjects lifted just before Christmas after financing was put in place. The vessels were acquired between the two Ofer companies with a view to taking advantage of an improving chemical tanker market.

Now that subjects are lifted, over the next six months delivery of the vessels will be completed and all 13 will go into the Ace Quantum chemical tanker pool, which will grow to around 35 ships.

The vessels acquired are the BW Argon, BW Boron, BW Cobalt, BW Gallium, BW Helium, BW Iridium, BW Lithium, BW Mercury, BW Mia, BW Neon, BW Radon, BW Silicon and BW Stream, all which are in and around the 19,900 dwt mark.

The chemical tanker sector has seen plenty of consolidation in the last 18 months, notably deals including Team Tankers acquiring Laurin in April and the announcement yesterday that MOL has acquired Denmark’s Nordic Tankers.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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2 Comments

  1. Avatar
    Allan Ryszka-Onions
    January 9, 2019 at 9:38 pm

    3 of the vessels listed are 76,000dwt LR2 product tankers, whilst BW Gallium and BW Helium, both 19,000dwt chemical tankers do not figure in your list of vessels involved in the sale…does not make a lot of sense

    1. Grant Rowles
      Grant Rowles
      January 10, 2019 at 6:47 am

      Quite right Allan, list has been updated.