Odfjell gets back into gas tanker market

JUNE 25, 2012 — Norway’s Odfjell is adding a couple of gas tankers to its fleet of some 96 chemical tankers. It has acquired two modern 9,000 cu.m LPG/Ethylene gas carriers from two Singaporean companies controlled by the BLT Group. The vessels, MT Gas Sumbawa and MT Gas Lombok were built at STX Shipbuilding, Korea in 2008. Delivery to Odfjell will take place in August and September 2012.

Odfjell says the main reasons it is getting back into the gas tanker market are:

Ocean transportation of LPG/Ethylene is strongly related to the chemical tanker market, in which Odfjell is already a major and leading operator, as customers and broker community are often the same.

Odfjell has knowhow and competence related to the market segment. Its brand-name and global marketing/operational network will give it a competitive advantage. The market is industrial and has in recent years shown earnings stability. Future demand for gas, both LPG and LNG, shows continued growth potential.

Odfjell says it will evaluate further investments in the gas market.