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Odfjell has recorded a steep fall in net profit for the first quarter compared to the year-ago period, as the company is anticipating a challenging year ahead.

Odfjell has confirmed a deal to build a pair of stainless steel chemical tankers at Hudong-Zhonghua Shipbuilding (Group) Co in China.

Odfjell has penned a letter of intent for a pair of 38,000-dwt chemical tankers worth $116m at China’s Hudong-Zhonghua Shipbuilding (Group) Co.

Odfjell has returned to the black in 2016 with a net profit of $100m, as it looks to expand its fleet to 100 ships in a continuing challenging market.

Odfjell has revealed that it will “most likely” cancel orders for a remaining five LPG/ethylene gas carriers at China’s Nantong Sinopacific Offshore & Engineering (SOE) due to delivery delays.

Odfjell has confirmed an order for four stainless steel chemical tankers at $60m apiece with China Shipbuilding Trading and Hudong-Zhonghua Shipbuilding (Group) Co.

Odfjell has penned a letter of intent valued at $240m to build four stainless chemical tankers at a state-owned Chinese shipyard, with the final contract expected to be signed in the second half this year.

Bergen-headquartered Odfjell has returned to profit in the third quarter ended 30 September 2015 despite a fall in revenue, aided by improved operational performance.

Odfjell has retrofitted 11 37,000dwt chemical tankers with equipment providing a fuel saving of 20%, and plans to retrofit a further eight 40,000teu vessels.

Odfjell has reported net profit of $7m in the second quarter, the company’s best quarterly result since Q3 2008, reversing a $26m loss in the same period last year.

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