Norway's Odfjell is considering disposing of stock it received in BW Epic Kosan (BWEK) after selling its last two ethylene/LPG carriers to the company.
The Oslo-listed chemical tanker specialist offloaded the 9,000-cbm Bow Guardian and Bow Gallant (both built 2008) in August for an undisclosed amount of cash and nearly 6.9m in freely transferable shares issued by the BW Group-controlled buyer.
The vessels were delivered on 17 September and 5 October.
Odfjell said it has brought in investment bank SEB to explore strategic options for the stock, including a potential sale.
Chief executive Kristian Morch told a conference call with analysts: "The shares are fully transferable and they're not strategic for Odfjell."
The BWEK share price is currently NOK 20 in Oslo, meaning the Odfjell slice of 4.3% is worth NOK 138m ($16.1m).
Another 362,611 shares in BWEK can be received by Odfjell subject to certain conditions being fulfilled by the ships over the next 18 months.
The sale of the duo marked Odfjell's exit from the gas carrier market.
Asian pull-out
The shipowner is also exiting the shortsea Asian chemical trades.
Its last three vessels in this market are being sold, and another chartered-in tanker will be redelivered to its Japanese owner early next year.
The ships were no longer seen as a strategically good fit with its core deepsea operations, which are now the focus of the group.
The three vessels being sold are the 9,150-dwt Bow Fuling, 9,000-dwt Bow Dalian (both built 2012) and 9,100-dwt Bow Nangang (built 2013).
One unnamed buyer is taking all three, the company has told TradeWinds.
VesselsValue assesses the trio as worth $27m combined.
