It has been nearly 16 months since Chembulk Tankers split from Indo-nesia’s Berlian Laju Tanker (BLT) to emerge from its parent’s restructuring as an independent chemical tanker owner controlled by two private-equity powerhouses.

Chief executive Jack Noonan says the company spent all of 2016 continuing that transition by selling off non-core assets such as small chemical tankers and LPG carriers, refocusing its fleet on the stainless-steel chemical carriers that are at the heart of its business.