John Fredriksen’s SFL Corporation has bought two LNG dual-fuel 33,000 dwt chemical tankers for approximately $114m and arranged long-term charters.
The vessels are built in 2022 and 2023 and fitted with stainless steel cargo tanks. SFL also arranged long-term employment for the vessels with affiliates of Stolt Tankers, a subsidiary of Stolt-Nielsen.
Stolt Tankers and SFL Corporation expect to take delivery between June and August this year and both vessels will be employed for a minimum of eight years. One vessel will be on a fixed-rate time charter while the other will be employed in a pool with similar-sized vessels.
The fixed-rate vessel has extension options of up to three years, in addition to purchase options after years five and eight, subject to a profit share mechanism with SFL.
“With these vessels, we will have six LNG dual-fuel vessels in our fleet. The market dynamics for stainless-steel chemical tankers are also very favourable now, with steady underlying growth in demand, an ageing fleet and a limited orderbook,” said Ole Hjertaker, CEO of SFL Management.
“[These] dual-fuel ships will lower the age profile and carbon intensity of our fleet while offering more flexibility in our core 33,000 dwt segment,” added Udo Lange, CEO of Stolt-Nielsen.
Last month, SFL Corporation bought three new LR2 product tankers for a total purchase price of around $230m which it also fixed on long-term charters. The vessels, bought from affiliates of Hemen Holding, are currently under construction in China. The delivery of the vessels is set between the second and fourth quarters of 2024.
Like the deal with Stolt Tankers, the charterer of these vessels also has the option to purchase the vessels after the fifth and eighth year.
