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Odfjell switches to Russian yard.
(From Lloyds List)
Byline: Order for advanced chemical carriers reflects sector's problems, writes Tony Gray
A NOVEL $500m shipbuilding deal with a Russian shipyard has been cemented by Odfjell at the same time as the leading chemical tanker operator reported strong growth in earnings and expressed confidence in the market for the next few years.
Odfjell has reached agreement with the Sevmash yard at Severodvinsk, near Arkhangelsk, for the construction of eight to 12 advanced product-chemical carriers.
These International Maritime Organisation type II fully coated vessels of about 45,000 dwt will be delivered from 2007 onwards and replace some of Odfjell's older chemical carriers.
The first eight vessels will cost on average about $41m each.
The four option ships will be priced according to a mutually agreed market-related formula, Odfjell said.
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