Odfjell and NCC to dissolve NOCT chemical tanker pool

APRIL 9, 2013 — After four years of cooperation Odfjell Tankers (Odfjell) and National Chemical Carriers (NCC) have agreed, effective June 1, 2013, to dissolve their pool of 40,000 to 45,000 dwt coated chemical tankers. Thirteen of the ships currently in the pool are owned by NCC, and five ships are owned and/or controlled by Odfjell. The pool, managed by the joint venture company NCC Odfjell Chemical Tankers (NOCT) in Dubai, was established in 2009 following almost 20 years of cooperation in trading and operations of stainless steel chemical tankers.

The discontinuation comes as a result of different strategies related to trading of the NOCT vessels. NCC has a desire to trade its ships more independently and with a primary focus on the Middle East whilst Odfjell, on the other hand, prefers to continue the current pattern of trading the pool vessels world-wide.

With new ships under construction combined with tonnage already chartered in, Odfjell says it is sufficiently positioned to maintain its position as a major operator in the coated chemical tanker segment.

The cooperation will continue for the two 75,000 dwt coated chemical tankers currently under construction in Korea. The vessels will be commercially managed by a subsidiary of NCC.

Odfjell Tankers will, also effective June 1, 2013, re-open its marketing and representation office in Dubai with Mr. Erik Nilsen, the current head of NOCT, as Managing Director.