Leader of the gang

摘要

The recently announced merger of the chemical shipping operations of Odfjell and Ceres Hellenic demonstrates the imperatives facing owners in this market and sheds light on the trends that the market will have to face up to in the near term. Odfjell ASA and Ceres Hellenic Shipping Enterprises Ltd agreed last month to merge their respective chemical logistics activities, creating the world's largest owner and operator of chemical tanker tonnage. Under the terms of the deal Odfjell will assume ownership of the Seachem Tankers pool operation, in which all Ceres' chemical tankers are operated, and take over ownership of nine existing ships and four under construction. Odfjell will issue new shares to Ceres valued at some NK1 bn ($120m).