Odfjell has now exercised purchase options for an additional four vessels currently on long-term lease to the company. With these agreements, Odfjell is set to purchase a total of seven chemical tankers over the next 14 months.

All vessels are fully stainless-steel chemical tankers, classified as super-segregators with sizes ranging from 35 to 41,000 dwt. The vessels were built between 2016 and 2020, two in Japan and five in China.

All seven vessels are part of the core fleet today and are currently on lease to Odfjell, five on operational lease, two on financial lease. The operating leases' purchase option prices are around 30 % below current market prices.

Six of the vessels will be acquired during first half 2025 and financed by a syndicate of Odfjell's relationships banks under a new revolving credit facility of up to USD 242 million, secured on favorable terms. The facility is set to close early in 1Q25.

With these transactions, Odfjell has secured long-term ownership for seven of its core vessels and in average reduced the cash break-even for these vessels by more than USD 3,000 per day given the attractive purchase prices and competitive financing.