Idan Ofer seals BW Chemical Tankers fleet deal

Idan Ofer’s Singapore-based Eastern Pacific Shipping and Israel-based XT Shipping have closed a deal to acquire the chemical tanker fleet of BW Chemical Tankers.

First reported in November, the deal – worth approximately $350m – for 13 vessels had subjects lifted just before Christmas after financing was put in place. The vessels were acquired between the two Ofer companies with a view to taking advantage of an improving chemical tanker market.

Now that subjects are lifted, over the next six months delivery of the vessels will be completed and all 13 will go into the Ace Quantum chemical tanker pool, which will grow to around 35 ships.

The vessels acquired are the BW Argon, BW Boron, BW Cobalt, BW Gallium, BW Helium, BW Iridium, BW Lithium, BW Mercury, BW Mia, BW Neon, BW Radon, BW Silicon and BW Stream, all which are in and around the 19,900 dwt mark.

The chemical tanker sector has seen plenty of consolidation in the last 18 months, notably deals including Team Tankers acquiring Laurin in April and the announcement yesterday that MOL has acquired Denmark’s Nordic Tankers.