Ellis Named Chembulk Tanker CEO
Chembulk Tankers appointed David Ellis as Chief Executive Officer (CEO), succeeding Jack Noonan who will retire after 10 years of leading the team at Chembulk Tankers. Effective November 1, 2017, Jack will take on the role of CEO Emeritus through the balance of the year and will continue to advise and counsel Chembulk as part of the leadership transition. Ellis has more than 30 years in chemical and petroleum transportation experience, including over 20 years with Odfjell SE in various leadership roles culminating in the global leadership position in Odfjell’s joint venture with Lindsay Goldberg.
Odfjell Divests Share in Singapore Tank Terminal
Odfjell Terminals B.V. has entered into an agreement with a fund managed by Macquarie Infrastructure and Real Assets to sell its 50 percent ownership in Oiltanking Odfjell Terminal Singapore Pte Ltd for a price around $300 million. This implies an enterprise value of around $330 million for Odfjell Terminals B.V.'s share in the Singapore terminal. “This divestment is in line with our strategy to focus on the terminals where we have managerial control of the assets and to further invest in growth opportunities in our core markets, such as Houston and Rotterdam," said Frank Erkelens, CEO of Odfjell Terminals B.V.
Odfjell Orders Two Chemical Tankers
Odfjell SE has announced the signing of long term charter agreements for two chemical tankers with stainless steel cargo tanks, for construction in Japan. The agreement includes two vessels of 35,500 dw tonnes and 28 stainless steel cargo tanks. They are scheduled for delivery in Q4 2018 and Q1 2019 and the agreements run for a minimum of eight years. The vessels will be built in Shin-Kirushima dockyard in Japan. The agreement is in line with the new Odfjell strategy as launched in February, where the Company announced its targets for tonnage renewal and fleet growth.
Odffjell to Build Record Size Stainless Steel Chem Tankers
Odfjell has ordered four chemical tankers (with options for an additional four) with stainless steel cargo tanks from China Shipbuilding Trading CO., Ltd. and Hudong-Zhonghua Shipbuilding (Group) CO., Ltd. The ships cost $60m each. The 49,000 dwt ships, with a cargo capacity at 54,600 cbm, reportedly makes them the world's largest stainless steel chemical tankers, according to the Norwegian owner. The first ship is expected to be delivered in June 2019 and the following vessels with three months intervals.
Norchem Buys Odfjell SE B-shares
Norchem AS in Denmark, in which Laurence Odfjell, Chairman of the Board in Odfjell SE, has a controlling interest, has today acquired 1,121,287 Odfjell B-shares in Odfjell at NOK 18.85 per share, the company reported. Following this transaction, Norchem AS owns 25,966,492 A-shares and 3,536,381 B-shares in Odfjell SE, equivalent to 34% of the total outstanding stock of Odfjell SE.
Restructuring Can Save Odfjell $100 Mln
In May 2014 Odfjell SE announced a review of all aspects of our business model in order to improve our financial results through a more competitive cost structure. The Board has today approved a restructuring plan which, fully implemented, is estimated to improve the net result by in excess of USD 100 million on a yearly basis within 2016. The cost saving initiatives are related to operating expenses, general and administrative expenses, trade optimisation and bunker consumption. The reorganisation will result in a reduction of up to 85 positions at the office in Bergen of which 32 are already concluded through attrition and early retirement.
