Odfjell reportedly sells two chemical tankers for more than $62m

Odfjell reportedly sold the 46,098-dwt Bow Elm and 46,047-dwt Bow Lind for more than $62m, a two-vessel coated chemical-tanker deal that would release gross proceeds and remove 2011-built ships from the fleet listed in Odfjell’s June 30 register.

Unnamed shipbrokers identified a joint sale of the pair, with the deal agreed on a surveys-passed basis. Both ships belong to Odfjell’s coated tanker fleet.

• Bow Elm: 46,098 dwt; built in 2011 at SLS Shipbuilding in South Korea.
• Bow Lind: 46,047 dwt; built in 2011 at the same South Korean yard.

Since entering service in 2011, both ships have traded in Odfjell’s chemical and product tanker operations. The company’s latest published fleet register, covering June 30, lists the pair as owned tonnage.

The transaction carries material caveats. The buyer has not been identified, and Odfjell has neither publicly confirmed the sale nor disclosed the final price. The more-than-$62m figure therefore remains a reported gross value, not a company-confirmed proceeds figure, and the report gives no closing date.

What does the sale change for shippers and carriers?

For Odfjell, the reported disposal would convert two ships approaching 15 years of age into more than $62m in gross sale proceeds. It would also remove aging tonnage from the Bergen-based owner’s fleet as Odfjell continues its renewal program.

The cash release adds to capital available for fleet renewal, but the report does not say how much has been earmarked for the April newbuilding agreement.

For shippers, the immediate commercial effect remains unquantified. The report identifies no trade lane, sailing schedule, cargo contract or freight rate affected by either ship, so it cannot support a claim of tighter chemical-tanker capacity or higher spot rates.

For charterers and forwarders, the unknown buyer and absence of charter terms prevent a firm view on whether either ship changes operator, service or cargo mix. The report also provides no utilization data showing where the two vessels might trade next.

How large is the fleet renewal behind the sale?

In April, Odfjell agreed to acquire four 40,000-dwt stainless-steel chemical tanker newbuildings from an unnamed Japanese owner for approximately $290m. Kitanihon Shipbuilding will build the vessels, which Odfjell expects to enter its fleet between 2027 and 2029.

The wider renewal program encompasses more than 20 newbuildings, including owned and chartered vessels. Odfjell says the program will increase the proportion of modern, fuel-efficient ships in its deep-sea fleet. It has also used long-term charters and disposals of older tonnage to renew capacity.

That modernization claim still lacks a measurable baseline in the report. Odfjell provides no fleetwide fuel-consumption rate, emissions comparison or scheduled delivery list for the other newbuildings, so buyers cannot test how much efficiency the program will deliver or when.

What remains unproven about the disposal?

The reported sale combines more than $62m in gross proceeds with the exit of two 2011-built vessels, but neither the amount nor completion has been confirmed by Odfjell. The June 30 register supports the ships’ prior ownership status; it does not independently verify the sale.

The four announced newbuildings cannot provide replacement vessels before 2027. Any nearer-term capacity change would depend on other charters or disposals within Odfjell’s wider program, yet the report does not itemize their dates. No Odfjell executive comment or operational timetable accompanies the shipbrokers’ identification, leaving the timing of any fleet or freight-market effect uncertain.

Future fleet filings and charter disclosures should show whether the reported cash release accelerates chartered replacements and whether the four 2027-2029 deliveries add modern capacity faster than the two 2011-built ships leave; until then, rate and trade-lane effects remain unquantified.