Odfjell terminates Chinese shipbuilding contracts

Under the termination agreement of the 9,000 dwt vessels, scheduled for delivery between Q4 2010 and Q1 2012, Odfjell will receive $30 million after repayment of bank loan associated with the three cancelled newbuildings.

The remaining three vessels will be built at CCSIC and are slated for delivery between December 2011 and April 2012. These tankers will replace smaller, owned vessels trading by Odfjell in the Asia Region.