Odfjell has announced an agreement with affiliates of Breakwater Capital and Oak Hill Advisors to form a liquefied petroleum gas and ethylene shipping joint venture.
In accordance with the agreement, Breakwater and Oak Hill Advisors have jointly agreed to invest approximately US$50 million as consideration for a 50 per cent equity interest in the joint venture.
Further, Odfjell and the partners have each agreed to commit another approximately US$50 million to finance the growth of the joint venture.
Odfjell also announced that it has exercised options for construction of four 22,000m3 LPG/E gas carriers at Nantong Sinopacific, scheduled for delivery between September 2016 and June 2017.
According to Odfjell, the total contract price is in the region of US$200 million.
