Odfjell Group

M&A Activity • Nov 20, 2025

Odfjell SE and Nissen Kaiun Co., Ltd establish joint venture for operation of chemical tankers out of Bergen, Norway

Odfjell SE and Nissen Kaiun Co., Ltd establish joint venture for operation of chemical tankers out of Bergen, Norway

Leveraging Odfjell's worldwide trading platform and Nissen Kaiun's modern

chemical tanker fleet will provide significantly increased flexibility and

capacity to the global customer base.

| "The new JV, named Odfjell Hakata Maritime AS, marks another chapter in the

| long-standing partnership between Odfjell and Nissen Kaiun," says CEO of

| Odfjell SE, Harald Fotland. "Nissen Kaiun controls a significant fleet of

| advanced chemical tankers, built to the highest quality and sustainability

| standards. With their contribution to this joint venture, we further

| reinforce Odfjell's position as one of the world's leading and most

| energy-efficient chemical tanker operators."

Odfjell Hakata Maritime AS will initially comprise 10 stainless steel vessels

equally contributed by Odfjell and Nissen Kaiun. Nine of the vessels are

already operated by Odfjell Tankers under various charter agreements, while

the tenth will join the fleet early December. The impact of this initiative

and Odfjell's other fleet renewal projects in 2026 will be a ~12% increase in

commercial trading days compared to 2025.

Odfjell's chartering organization, Odfjell Tankers, will be the commercial

manager. The vessels will be fully integrated into Odfjell's commercial fleet,

operating across all major deep-sea trade lanes and global shipping hubs.

| "The partnership comes amid growing demand for safe and efficient chemical

| transportation as we transition to lower-emission operations," Fotland says.

| "We are pleased to expand our collaboration with Nissen Kaiun. We share a

| common goal of reducing the industry's carbon footprint and Japanese

| shipyards are frontrunners in terms of quality and energy-saving technology.

| Together, we now continue on a path that grows our fleet and strengthens our

| services, while keeping decarbonization at the core."

Odfjell Hakata Maritime AS will be a Norwegian entity, headquartered in

Bergen, Norway, and operational from December 2025.

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About Nissen Kaiun Co. Ltd:

Nissen Kaiun Co., Ltd. is widely recognized as one of the world's leading

shipowners. With a fleet of more than 200 vessels, the company maintains

strong partnerships with charterers and shipyards across the globe.

Headquartered on Hakata Island in Ehime Prefecture, Japan, Nissen Kaiun

continues to play a pivotal role in advancing Japan's maritime industry.

Contact

Nils Jørgen Selvik, VP Finance & IR

Tel: +47 920 39 718

E-mail: nils.jorgen.selvik@odfjell.com

About Us

The Odfjell Group is one of the leading players in the global market for

seaborne transportation and storage of chemicals and other specialty bulk

liquids. The Odfjell fleet comprises of approx. 70 ships, which trade both

globally and regionally. The tank terminal division comprises four tank

terminals, strategically located at select international shipping hubs. The

Odfjell Group's headquarters are in Bergen, Norway, and the Group has offices

in 12 locations around the world. Odfjell employs around 2300 staff and posted

annual gross revenue of USD 1249 million in 2024. Read more on

www.odfjell.com.