In 2012 Odfjell re-entered the gas market through the establishment of Odfjell Gas AS and the subsequent acquisition of two gas carriers; Bow Guardian and Bow Gallant. This took place a full 25 years after Odfjell had previously exited the LPG market with the sale of the Bow Elm, a multi-purpose carrier that could carry both chemicals and gases.
The reason for the re-entry was to establish an additional business segment for Odfjell SE in a market with which the Company has a long-standing association, and to leverage synergies with the chemical tankers and the tank terminal divisions. Odfjell Gas focus primarily on the market for petrochemical gases, whose producers and traders are all well known to our Company. The products are part of the same chemical families, although transported under special conditions; mostly refrigerated. In overall terms the new segment will prove a good fit in the prevailing business model. The Company has for a long time been considering re-entering this market and 2012 was deemed an appropriate time for execution of these plans.
Odfjell Gas AS is the ship-owning company and Odfjell Gas Carriers AS has been made responsible for Chartering and Operations. The long-term strategy is to become a leading operator in the market for the transport of chemical gases. THE GAS CARRIER FLEET
Odfjell Gas Carriers AS currently owns and operates two vessels; Bow Guardian and Bow Gallant, both gas carriers and built at the STX yard in Korea in 2008. Both ships are 9,000 cbm and offer cooling capacity to minus 104 °C needed to carry ethylene an thus considered the most ‘advanced’ of the chemical gases. Eight newbuildings of 4 x 17,000 cbm and 4 x 22,000 cbm are on order and will be delivered between 2016 and 2017.
Our global organisation gives us the ability to monitor and assist all ships and customers. A dedicated staff of brokers, ship operators and port captains’ work around the clock to serve our customers and other units operating under the Odfjell Gas banner.
Odfjell gives great emphasis to safety, being reliable and providing efficient transportation and storage, and is through HSE expectations and programmes committed to high quality, safety and environmental standards.
Odfjell Ship Management is ISM and ISO 14001 certified, and is in the process of achieving Green Passport for all its ships.
Gas is not new for Odfjell. Our first LPG tanker of about 2,000 cbm (Gazelle) was built in 1965, followed by Gazania (about 3,000 cbm) in 1967 and Cypress (22.000 cbm) in 1969 and represent an innovative period in our Company’s history. In the early 70’ies Bow Elm was delivered as one of the most advanced vessels ever built, having cooling capacity to minus104 and heating capacity to 85°C plus. Odfjell sold the Bow Elm in 1987 and has since been out of the LPG market, until 2012.