Odfjell SE signs term sheet with CTG

Odfjell SE has signed a term sheet with Chemical Transportation Group, Inc (CTG) whereby Odfjell will acquire the last 5 of a total newbuilding order of 10 x 25,000 dwt vessels with 24 stainless steel tanks from Chinese ship builder AVIC Dingheng.

CTG will continue to own 5 vessels, which will be placed in a pool commercially managed by Odfjell Tankers AS. The vessels will – together with Odfjell’s current fleet of 5 x 25,000 dwt vessels and the 5 vessels acquired by Odfjell – form a pool for 15 x 25,000 dwt chemical tankers.

The vessels acquired by Odfjell will be bought at USD 40M per vessel upon delivery from yard, and are scheduled for delivery from June 2017 through May 2018.

The vessels that will remain under CTG ownership will enter the pool as soon as existing pool agreements and charters expire in the coming 6-12 months.

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