Odfjell has entered into an agreement to sell the parcel tanker M/T Bow Bahia (5,870 dwt/built 1996). The sale is part of a two-ship sale, which also included the sistership M/T Multitank Bolognia, owned by our partner Ahrenkiel. Expected time of delivery to the new owners is August/September and the sale of the M/T Bow Bahia gives Odfjell a gain of about USD 3 million.
Both ships are operating in our inter-European trade as part of a fleet of nine tankers managed by Odfjell Ahrenkiel in Hamburg.
The two ships that are being sold will be replaced by new larger ships on order. Odfjell currently has ordered six 9 000 dwt stainless steel chemical tankers from Chuan Dong Shipyard, China, for delivery in 2010-2012. These ships will operate in our regional trades in Asia and Europe, and will replace the smaller vessels currently trading in these areas.