Odfjell SE to take long-term charter on four vessels from Sinochem Shipping Singapore

Odfjell SE has signed a Framework Agreement with Sinochem Shipping Singapore Pte. Ltd (Sinochem) that will see the company take four of eight newbuilding 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 sophisticated chemical tankers. The pool will be managed by Odfjell SE and trade as part of the Odfjell Tankers fleet.

The series of newbuildings were 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 in December 2017. 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.

Odfjell SE CEO, Kristian Mørch 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.”

Sinochem Shipping CEO, Zhang Xin 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.”

For more information visit www.odfjell.com

Image depicts Odfjell’s Bow Pioneer

14th Nov 2017