OceanPal invests in two methanol-ready chemical tankers to be built in China
- Published
by Admin
Nasdaq-listed global shipping firm OceanPal Inc. on Tuesday (29 August) announced that it agreed to become a strategic partner and invest in a Norwegian entity, RFSea Infrastructure II AS, that will construct two 6,600 dwt methanol-ready, stainless steel chemical tankers.
The tankers under two separate newbuilding contracts, will be built at Wuhu Shipyard Co., Ltd. (China) with expected deliveries during the fourth quarter of 2025 and the first quarter of 2026, respectively.
OceanPal said the transaction remained subject to the satisfaction of customary closing conditions.
“The Company is partnering with a private London-based alternative investment and commercial management firm focusing on the maritime industry and other partners and investors. Fearnley Securities AS acted as the project arranger,” it said in a statement.
Robert Perri, CEO of OceanPal, said: “We are pleased to invest in these state of the art, methanol-ready chemical tankers, in a chemical tanker market where we believe the fundamentals will improve in the next several years. In addition, this investment will improve our environmental footprint, as these newbuildings are expected to be 20-25% more fuel efficient than conventional chemical tankers.”
Photo credit: OceanPal
Published: 5 September, 2023
