EMEA News
Odfjell Exits European Short Sea Market
Odfjell SE (Odfjell) Monday announced that it has signed an agreement for the sale of three 5,800 dwt vessels, Bow Balearia, Bow Bracaria, and Bow Brasilia, all built in 1997/1998.
The vessels are said to be the last remaining vessels within Odfjell's trade in the European short sea market, and are being divested as a part of the company's cost-cutting and efficiency programme, which includes exiting from unprofitable trades.
"The sales will result in an accounting loss, but will have a positive effect on the group's liquidity and profitability," said Odfjell.
The sales come alongside news that Kristian Verner Mørch will be taking up the position of President and CEO of the company, effective August 1, 2015.
In May, Odfjell announced that Mørch would be succeeding Tore Jakobsen as the company's new President and CEO, but did not specify an exact start date for Mørch and noted only that it would be sometime before November 2015.
