Norwegian chemical tanker owner Odfjell is still looking for an exit from the gas carrier segment, but it has taken longer than expected to clinch a deal for two ethylene carriers.
The 9,000-cbm Bow Guardian and Bow Gallant (both built 2008) have been for sale for more than six months.
Chief executive Kristian Morch said the duo is still for sale.
“But we will wait for the right price for these assets. In the meantime, the vessels are making money and have a good home in the Lauritzen Kosan pool, so we are not in a hurry as such,” he said.
Oslo-listed Odfjell is believed to hope for a sale to the Danish operator, but there are diverging views on what the ships are worth.
Seasure Shipbroking affiliate VesselsValue says vessels of the Bow Guardian and Bow Gallant's characteristics are worth about $20m each. But other European brokers estimate they are only worth $15m.
Morch declined to comment on ongoing discussions regarding a sale and on potential buyers.
He said: “We want to be industry-leading in chemical tankers, and do not see the need to also build a strong presence in the gas market. There are others that can do this better than us.”
Odfjell entered the gas sector before Morch joined as CEO in 2015. The company bought the duo from Berlian Laju Tanker for $31m each in 2012.
A year after, the Norwegian owner stepped up the LPG position sharply with an order for four 17,000-cbm ships and four 22,000-cbm LPG carriers at Nantong Sinopacific Offshore & Engineering in China.
Jan Hammer was Odfjell CEO at the time, leaving at the end of 2014 because of different views on the strategic direction for the company. The Odfjell family controls about 44% of the shares in the outfit and Laurence W Odfjell is chairman.
The newbuilding project was concluded in partnership with Oak Hill Advisors and Breakaway Capital. But Odfjell cancelled the orders after all ships suffered significant delays.
The Norwegian shipowner was fully refunded by the Chinese yard.
“This was the luck of God [for Odfjell]” one European broker commented. “Even if the charterers may be the same in gas and chemicals, they do not necessarily want to do business with the same people.”
