The transaction has been signed and completed, Odfjell said, after it announced on June 16 that it inked a term sheet with CTG to form the vessel pool and acquire CTG’s final five 25,000 dwt stainless steel newbuilds on order from Chinese shipyard AVIC Dingheng.
Odfjell said it will pay $40 million per vessel upon delivery from shipyard. The first vessel will be delivered on July 14, 2017, followed by the remaining four newbuilds delivered in intervals through May 2018.
Under the agreement, CTG will continue to own five vessels which will be placed in a pool commercially managed by Odfjell Tankers AS. These, together with Odfjell’s current fleet of 5 x 25,000 dwt vessels and the five acquired vessels, will form a pool of 15 chemical tankers.