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Odfjell, Breakwater and Oak Hill complete LPG ethylene transaction

Odfjell, Breakwater and Oak Hill complete LPG ethylene transaction
Odfjell, Breakwater Capital and Oak Hill Advisors have completed the $50m transaction behind their LPG and ethylene (LPG/E) shipping joint venture

Odfjells new partners have jointly paid $50m for half of Odfjell's LPG/E business and will invest a further $50m for its expansion, along with commitment of the same growth investment from Odfjell.

The new JV, which was announced in May 2014, aims to build a leading LPG/E platform "through consolidation and partnerships with other first -class operators... founded upon operational excellence, a modern and eco-friendly fleet and a long-term market perspective".