Stolt-Nielsen Cements its Position in Rival Odfjell

Chemical tanker giant Stolt-Nielsen has established itself as the second-largest shareholder in their Norwegian competitor, Odfjell, by increasing their stake in the firm. 

So far, the Oslo-listed company has accumulated over 8.2m of class A shares. This equals a 13.6% ownership interest, which is named second behind Denmark’s Norchen, which is presently sitting comfortably at the top. Odfjell chairman Laurence Odfjell has a controlling interest.

Concurrently, Johan Odvar Odfjell has offloaded his 5.3% stake in the company, worth about NOK360m through his investment vehicle Farvatn II.

Stolt-Nielsen's tanker unit boasts the world's largest fleet, comprising around 160 chemical carriers. Meanwhile, the Odfjell group operates a fleet of approximately 70 ships and maintains a tank terminal division, comprising four terminals. This division is integrated into a broader network of ten terminals, some of which are partially owned by related parties.

In March 2022, the Udo Lange-led company surpassed a 5% ownership threshold in Odfjell, prompting speculation about a potential merger. However, Jens Grüner-Hegge, Stolt-Nielsen's Chief Financial Officer, clarified to Splash that the action was purely a financial investment. Laurence Odfjell also remarked that the consolidation of the two companies was not a feasible scenario.