Odfjell takes five chemical resales for $200m and forms new pool with Georgiopoulos

Odfjell has signed a term sheet with Peter Georgiopoulos ‘s Chemical Transportation Group (CTG), to buy the last five of a total newbuilding order of ten 25,000 dwt vessels with 24 stainless steel tanks from Chinese shipbuilder AVIC Dingheng.

CTG will continue to own five vessels which will be placed in a pool commercially managed by Odfjell Tankers. The vessels will – together with Odfjell’s current fleet of five 25,000 dwt vessels and the five vessels acquired by Odfjell – form a pool for fifteen 25,000 dwt chemical tankers.

The vessels acquired by Odfjell are costing $40m per unit, and are scheduled for delivery from this month through to May next year.

The vessels that will remain under CTG ownership will enter the pool as soon as existing pool agreements and charters expire in the coming six to 12 months.

“We are excited about the strategic relationship between CTG and Odfjell, and are pleased to take part in the consolidation of the chemical tanker industry”, said Kristian Mørch, CEO of Odfjell.

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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