Odfjell ASA has contracts with Stocznia Szczecinska Porta Holding S.A. for the construction of four 39,500 tdw. chemical tankers at a total contract price of USD 220 million. Stocznia Szczecinska Porta Holding S.A. was declared bankrupt on 29 July 2002. Accordingly the yard has today been notified that Odfjell will cancel the contracts. Odfjell will not incur any losses on pre-payments made to the yard as these are secured by refund guarantees issued by an AA-rated bank. ChemLog has also notified the yard that they will cancel their contracts for four sisterships that were supposed to enter the Odfjell pool of chemical tankers.
Odfjell is a leading company in the global market for transporting and storage of chemicals and related logistical services. The fleet totals about 90 ships, trading both globally and regionally, of which 50 are owned by the group. Odfjell additionally owns and operates tank terminals and tank containers.