Japanese Shipyard Receives Order? Odfjell Adds 2 Stainless Steel Chemical Tankers

2023-05-15 09:00

Recently, Norwegian chemical tanker company Odfjell SE placed an order for two 26,000-dwt stainless steel chemical tankers.

Odfjell stated that this new order will bring the number of 26,000-dwt chemical tankers under construction to seven, scheduled for delivery between 2023 and 2026. Although Odfjell did not disclose details such as the shipyard and price, it is reported that the two new vessels will be built at a Japanese shipyard. The company's previous five 26,000-dwt chemical tankers were all built by Japan's Asagawa Shipbuilding.

It is understood that Asagawa Shipbuilding, established in 1947, currently focuses on the medium-sized chemical tanker market. In addition to its shipyard in Imabari City, Ehime Prefecture, Asagawa Shipbuilding established the Toyo Factory in Saijo City, Ehime Prefecture in 2010, responsible for section construction. Clarkson's data shows that Asagawa Shipbuilding currently has a total of seven vessels on order, including five 26,000-dwt and two 21,000-dwt chemical tankers, which will be delivered between 2023 and 2025.

Odfjell disclosed the new order in its recently released first-quarter financial report. At the same time, the company also announced that it would purchase two chartered vessels: the 26,197-dwt "Pacific Endeavor" (now renamed "Bow Endeavor," built in 2011) and the 40,929-dwt "Bow Capricorn" (built in 2016). Both vessels were previously bareboat chartered vessels.

Odfjell pointed out that newbuilding activity remains quite limited, especially in the area of large stainless steel chemical tankers, which is the company's core business. Available shipyard capacity is low, prices remain high, and delivery times are long.

Financial report data shows that Odfjell Tankers' time charter contract revenue in the first quarter of this year was US\$181 million, lower than US\$187 million in the fourth quarter of 2022. The company's net profit in the first quarter was US\$47 million, also slightly lower than in the fourth quarter of 2022.

Odfjell stated that the decline in time charter contract revenue reflects a brief period of weakness in the spot market in the early part of the first quarter, but it has since rebounded. With a well-balanced supply and demand, Odfjell expects chemical tanker freight rates to remain stable, and second-quarter time charter contract revenue will be flat or slightly higher than the first quarter.

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