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Odfjell tanker Tankers Bow Olympus on the river Elbe near Wedel, Port of Elbe, April 17, 2021.

Stock Photo: PierreBoerm / Shutterstock.com

Odfjell Expands Chemical Tanker Fleet with Six Newbuilds

Mike Schuler
Total Views: 1559
November 13, 2023

Oslo-based Odfjell SE, a leading global chemical tanker company, has announced the expansion of its fleet with the addition of six newbuildings.

The vessels will be acquired through a combination of long-term time charter and pool agreements.

With this acquisition, Odfjell’s fleet will now comprise a total of twelve 25-40,000 deadweight tonnage (dwt) stainless steel vessels.

The six newbuildings will be constructed at multiple shipyards in Japan with deliveries scheduled in 2026 and 2027.

The fleet expansion will include two 40,000 dwt stainless steel “supersegregator” chemical tankers with 28 tanks, as well as four 25-26,000 dwt stainless steel chemical tankers with 24 tanks. All vessels are designed to handle a wide range of specialty liquid products.

“We are pleased to announce these agreements as they further strengthen our fleet composition and serve as a confirmation of our growth ambitions. The collaboration between the shipbuilders, suppliers and our team has resulted in tailored vessels that are sustainable, efficient and cost-effective,” said CEO Harald Fotland.

Odfjell has opted for a combination of long-term time charter and pool arrangements for the newbuilds. The company said agreements have been entered into at “attractive levels.” Odfjell also has purchase options on the vessels that are under time charter.

“This approach allows us to continue to deliver exceptional services to our customers and optimize our operations without compromising our commitment to sustainability. We introduce modern and sophisticated tonnage in a capital-efficient way,” Fotland said.

This fleet expansion is a notable milestone in Odfjell’s ambitious fleet renewal plan. The company has already established itself as a leader in energy efficiency within the deep-sea chemical tanker segment. Odfjell is actively involved in the ship design process to ensure that the newbuildings are “future-ready.”

Odfjell already achieved its target of reducing carbon intensity by 50% by 2030 and the company remains dedicated to further reducing emissions and is currently testing various innovative solutions.

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