Stolt-Nielsen subsidiary Stolt Tankers and Germany’s John T. Essberger Group have entered into a joint venture for the operation of their combined parcel tanker fleets trading within Europe.
Named E&S Tankers, the jv will bring together a fleet of 48 parcel tankers ranging in size from 2,800 dwt to 11,300 dwt. The vessels will trade in Europe, particularly within the Baltic, Mediterranean and Northwest Europe.
Lucas Vos, president of Stolt Tankers, commented: “This joint venture demonstrates Stolt Tankers’ proven ability to develop opportunities and generate value in a changing market. E&S Tankers will provide enhanced reliability, logistical flexibility, and minimise network inefficiencies across our combined fleets.”
Vos also said he expects the joint venture to deliver significant cost savings.
Jan Eghøj, managing director of John T. Essberger, commented: “Essberger and Stolt Tankers are strong heritage businesses with a very good match in their values and business approach. With this joint venture we have combined our vast experience in the parcel tanker market for the benefit of our customers.
“We are not only pleased that our fleet of 34 tankers will be fully integrated into the joint venture, but also that our experienced and dedicated staff will continue to work at the E&S Tankers company, located in Hamburg, Germany.”