Odfjell and NCC dissolve tanker pool

Four years of cooperation between the Norwegians and Saudis will come to an end as Bahri (formerly National Shipping Company of Saudi Arabia) subsidiary NCC acquires Odfjell's 50% stake in the joint venture company NCC Odfjell Chemical Tankers (NOCT), worth around $450,000.

NCC, which owns 13 of the ships currently in the pool, is looking to pursue a strategy focussed on serving the Saudi chemical market whereas Odfjell, which owns the remaining five tankers, will continue its strategy of trading the pooled vessels worldwide.

The joint venture is the result of 20 years of cooperation between the two companies in the chemical tanker sector, a cooperation set to continue for the two joint owned 75,000 dwt chemical tankers under construction in Korea which will be managed by an NCC subsidiary.

Odfjell also announced it will also be reopening its Dubai office effective 1 June 2013 with Erik Nilsen, the current head of NOCT, as managing director.

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