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Odfjell spins LPG-ethylene shipping business into JV, orders four vessels

5:58 AM MDT | May 16, 2014 | Ian Young

Odfjell says it has agreed with affiliates of investment firms Breakwater Capital and Oak Hill Advisors to form a liquefied petroleum gas (LPG) and ethylene shipping joint venture. Odfjell, meanwhile, says it has exercised an option for Nantong Sinopacific (Nantong, China) to construct four 22,000–cubic meter LPG-ethylene carriers. The vessels are scheduled for delivery between September 2016 and June 2017, and the total contract price is about $200 million. Breakwater and Oak Hill will create the jv by jointly acquiring a 50% stake in Odfjell's...

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