Wednesday 2 September 2009

Odfjell buys and sells vessels with time charter swap

Wednesday, 02 September 2009

Odfjell yesterday, September 1st 2009, signed an agreement with Star Tankers Ltd, Isle of Man for the purchase of Jo Brevik (1986) built at Aker Florø Norway, 33,190 dwt with 17 stainless steel cargo tanks and 14 coated cargo tanks. Jo Brevik is a sister vessel of Bow Viking (1981). In addition, the agreement includes sales to Star Tanker Ltd. of Bow Pioneer (1982) and Bow Hunter (1983), 23,000 dwt with time charter back to Odfjell. At the same time, Odfjell terminates the current time charter agreement, also with Star Tankers Ltd., concerning Bow Asir (1982) and Bow Arar (1982). Star Tankers Ltd. is a company controlled by Torkel Alendal.The Odfjell Group is a leading participant in the global market of the seaborne transportation and storage of chemicals and other speciality bulk liquids. The Odfjell fleet exceeds 90 ships, trading both globally and regionally. The tank terminal division consists of eight fully or partially owned tank terminals and nine associated tank terminals strategically located. The Odfjell Group is headquarted in Bergen, Norway and has about 20 offices located world wide. Odfjell has about 3 700 employees and an annual gross revenue of about USD 1,5 billion.

Source: Odfjell

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