Odfjell adds coated tanker pools to its platform

Odfjell Tankers has welcomed 32 new chemical tankers to its commercially managed fleet during the past 3.5 years, while 24 older ships have been redelivered to owners.

Odfjell now controls one of the most modern and energy-efficient fleets with the latest addition, two pools of a total 19 coated tankers, adding further strength to its platform.

The new pool agreement with Navig8 was launched at the presentation of Odfjell’s Q3 2020 results on 5 November 2020. The next day, Odfjell Tanker chief executive officer Kristian Mørch announced another agreement with New York-based Transportation Recovery Fund (TRF).

“By establishing this pool, we take another step in consolidating the chemical tanker market. The pool will strengthen our platform in a capital-efficient way, and with little downside risk,” said Mr Mørch, “The fact Navig8 and TRF trust us with their vessels is another testament to Odfjell’s strong platform, and it underlines the quality of the Odfjell team’s expertise.”

The ships are coated tankers and comprise of six vessels from Navig8, six Odfjell vessels and seven from TRF.

TR’s six 37,000-dwt IMO2 chemical tankers have coated tanks, mainly coated with Interline 9001. The vessels were built in 2016 and named after locations in Norway and the US: TRF Mobile, TRF Mongstad, TRF Mandal, TRF Marquette and TRF Memphis and TRF Moss. The latter has Marine Line 784 coating.

The seventh is 49,000-dwt TRF Bergen, an IMO2 chemical tanker coated with epoxy (Sigma Phenguard), built in 2015 at the Hyundai Vinashin Shipyard in Vietnam. TRF Bergen also has two stainless steel tanks and is a sister ship of Navig8’s Violette and Victoria.

The six Odfjell ships to be included in the pool are Bow Elm, Bow Lind, Bow Triumph, Bow Trident, Bow Trajectory and Bow Tribute.

The vessels will be organised as two pools: The Odfjell Coated MR Pool, 45k dwt+, and the Odfjell Coated Handy Pool, 35-40k dwt. The MR Pool will count 13 vessels including a tonnage contribution from Odfjell of six vessels, while the Handy Pool will count six of the TRF vessels.

Odfjell Tankers global head of tanker trading Bjørn Hammer, said “We are excited to welcome the Navig8 and TRF vessels to the Odfjell Tankers fleet. This is an important milestone in our strategy to increase our presence in the coated chemical market and is an excellent addition to our existing trading platform.

“In total, this gives Odfjell an increased market share and improved competitive positioning overall, a flexible cost structure with lower risk than conventional TC tonnage, and also an improved position in contract negotiations.”