Odfjell quits European short sea market with trio of tanker sales

Odfjell quits European short sea market with trio of tanker sales

Oslo: In its ongoing cost-cutting Odfjell has sold three small tankers. The Bow Balearia, Bow Bracaria and Bow Brasilia, all 5,800 dwt, built 1997/1998, represented the last remaining vessels within Odfjell’s trade in the European short sea market, deemed by the company as an unprofitable trade.

“The sales will result in an accounting loss, but will have a positive effect on the group’s liquidity and profitability,” Odfjell said in a statement to the Oslo Bors.

The identity of the buyers of the three ships has not been revealed, nor the price.

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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