Odfjell buys four leased tankers, CMB.Tech sells three Suezmaxes

Odfjell has now exercised purchase options for an additional four tankers currently on long-term lease to the company. With these agreements, Odfjell said it is set to purchase seven chemical tankers over the next 14 months.

All are stainless-steel chemical tankers, classified as super-segregators with sizes ranging from 35,000 dwt to 41,000 dwt. The vessels were built between 2016 and 2020, two in Japan and five in China.

"All seven vessels are part of the core fleet today and are currently on lease to Odfjell, five on operational lease, two on financial lease. The operating leases’ purchase option prices are around 30% below current market prices," the company said.

Odfjell said six of the vessels will be acquired during first half 2025 and financed by a syndicate of banks under a new revolving credit facility of up to US$242M, secured on favourable terms. The facility is set to close early in Q1 2025.

"With these transactions, Odfjell has secured long-term ownership for seven of its core vessels and on average reduced the cash break-even for these vessels by more than US$3,000 per day given the attractive purchase prices and competitive financing," Odfjell said.

In the tanker S&P market, Belgium-headquartered CMB.Tech said it has sold three of its Suezmax-class tankers to an unnamed subsidiary of CMB NV. The three Suezmax vessels were built in 2007 and 2008 and include Selena (2007, 150,205 dwt), Cap Victor (2007, 158,853 dwt) and Cap Felix (2008, 158,765 dwt).

The company said it took the transaction as part of an ongoing fleet rejuvenation.

"The sale will generate a capital gain of US$71M. The vessels will be delivered to their new owner in December 2024," CMB.Tech said.