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Odfjell and new investors in gas shipping venture

Norwegian Odfjell has teamed up with investors in a new joint venture aimed at LPG shipping, and the carrier is also exercising options for four gas vessels. The goal is to become a leading player in the segment, says the company.

Photo: Odfjell

Odfjell is now entering the gas segment for real with the establishment of a new joint venture in collaboration with investors Breakwater Capital and Oak Hill Advisors, says the carrier in a company announcement.

The new venture will focus on LPG (liquefied petroleum gas) and ethylene gas. In relation to the agreement, Odfjell has decided to exercise options for four new LPG and ethylene vessels of 22,000 cubic meters, from Chinese shipyard Nantong Sinopacific. The ships are scheduled for delivery from September 2016 to June 2017, for a total price of around USD 200 million.

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