Odfjell Advances Fleet Renewal After Committing $290M for Four Newbuilds
Norwegian shipping major Odfjell is pushing ahead with an ambitious fleet renewal program after committing $290 million for four 40,000 dwt newbuild vessels. The company announced that it has signed agreements to buy the stainless-steel vessels that are being built at Kitanihon Shipbuilding in Japan.
Odfjell, which is emerging from a tough 2025 that saw disruption become the new normal for the tanker market while threats of tariffs and port fees led to rapidly changing trade flows and market expectations, is prioritizing fleet expansion and renewal as part of its growth strategy.
For this reason, the company said it will acquire the four vessels that are scheduled for delivery from the first quarter of 2027 until the second quarter of 2029. Apart from the newbuilds, Odfjell also announced that it has recycled three supersegregators since last year and recently divested the newbuilding contract for a 26,000 dwt vessel currently under construction in China.
The company highlighted that the newbuild vessels are designed to meet its decarbonization goals. Specifically, they will be compliant with the future proposed EEDI (Energy Efficiency Design Index) Phase 5 for 2035 and onwards, with a 50 percent reduction compared to the 2009 IMO EEDI reference line.
In essence, it implies that the vessel’s annual efficiency ratio will be approximately 25 percent lower than the most energy-efficient 40,000 dwt vessels in Odfjell’s current fleet.
The newbuilds are part of Odfjell’s ambitious fleet renewal program for its fleet of 70 chemical tankers, with 22 newbuilds on order by the end of last year. Two of the newbuilds are owned, while 20 are time chartered, with delivery of 10 vessels expected this year. The company’s chemical tankers transport more than 13 million tonnes of cargo annually, making over 2,400 port calls.
In 2025, Odfjell also sold four vessels on the basis that commercial trading of vessels above 30 years of age is complicated. Three of the vessels were sold for recycling.
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“The four acquired vessels will be our next-generation supersegregators, tailored for our core deep-sea trades. With a modern design and equipped with sails, gate rudder, and other novel energy-saving technologies, they set a new standard for fuel efficiency,” said Harald Fotland, Odfjell SE CEO.
Odfjell is pushing ahead with the fleet renewal program after generating $1.1 billion in gross revenues in 2025 compared to $1.2 billion in 2024. During the year, its earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $377.6 million, down from $516.8 million in 2024.