Chemical tanker carrier Odfjell is launching a comprehensive retrofit program for 19 of the company's vessels, of which will be equipped with new propulsion systems aimed at optimizing the vessels' energy efficiency.

The new technology will reduce the ships' fuel consumption and CO2 emissions by upwards of 20 percent, says Odfjell in a statement on Friday.

Among other things, the vessels will be equipped with new propeller blades, rudder-bulb and will undergo technical upgrades of the main engine, turbo chargers and shaft generator. The new system was developed in a collaboration between Odfjell, MAN Diesel & Turbo, Grenaa Motorfabrik and ABB AS Turbocharging.

The first ship, Bow Clipper of 37,000 dwt, was retrofitted in August, and the remaining vessels will be upgraded ahead of 2017.

Last week Odfjell secured two new credit agreements worth a total USD 190.5 million for seven of the carrier's vessels. The agreements mean that Odfjell has now completed all planned loan refinancing for 2015. The credit agreements will give Odfjell SE USD 43.8 million in extra liquidity.

MAN Diesel & Turbo announced back in June that the company had won an order from Odfjell to retrofit and upgrade 11 chemical tanker vessels of 37,500 dwt each.

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