Odfjell Axes Three Newbuild Contracts

4 October 2010 (Last Updated October 4th, 2010 18:30)

Odfjell has terminated three of six tanker newbuild contracts with Chongqing Chuandong Shipbuilding Industry, China (CCSIC). The Norwegian tanker operator said it had ordered six 9,000dwt stainless steel chemical tankers at the Chinese yard, which were scheduled for delivery between 2010

Odfjell has terminated three of six tanker newbuild contracts with Chongqing Chuandong Shipbuilding Industry, China (CCSIC).

The Norwegian tanker operator said it had ordered six 9,000dwt stainless steel chemical tankers at the Chinese yard, which were scheduled for delivery between 2010 and 2012.

Under the termination agreement, Odfjell will receive $30m from CCSIC after the repayment of a bank loan associated with the three cancelled newbuilds.

The three remaining vessels, however, will be built at CCSIC and will be delivered between 2011 and 2012.