Odfjell Cancels Orders for Three New Ships

Odfjell has cancelled orders for three stainless steel chemical tankers from Chongqing Chuandong Shipbuilding Industry (CCSIC; Chongqing, China). The three vessels formed part of an order of six tankers, all of 9,000 dwt m.t., that Odfjell placed with CCSIC in early 2008. Odfjell will receive a payment of $30 million under the termination agreements, after repayment of a bank loan associated with the three cancelled newbuildings. CCSIC will build the remaining three vessels and deliver them to Odfjell between December 2011 and April 2012. They will replace...

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