The two companies have inked a framework agreement under which Odfjell will bareboat charter four 40,900 dwt chemical tanker newbuilds which are part of a series of eight ordered by Sinochem Shipping at Hantong Wing Shipyard.
Sinochem Shipping will continue own the other four vessels and the two companies will form a pool for the eight ships which will be managed by Odfjell and be managed as part of its fleet.
Seven of the eight newbuildings have been delivered with the eighth expected to leave the yard next month. All eight vessels will join Odfjell’s fleet over the coming months.
"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", said Kristian Mørch, ceo of Odfjell.