Oslo-listed Stolt-Nielsen announced today that subsidiary Stolt Tankers has agreed to acquire five chemical tankers from Chemical Transportation Group (CTG) for trading in the Stolt Tankers Joint Service.
The five ships, which are 26,000 dwt and with stainless steel cargo sections, were built in China in 2016 and 2017. The purchase of each ship is expected to close between December 2020 and February 2021. No price has been revealed in the transaction.
The deal takes the Stolt Tankers fleet to more than 60 ships.
Buying existing tonnage means capacity is not added to a market that doesn’t need it
Commenting on the purchase, Stolt Tankers president, Lucas Vos, said “This acquisition is an excellent opportunity for Stolt Tankers to replace ships being retired in the next few years, lowering our fleet age profile with competitively priced ships that can trade in any of our deepsea lanes. Newer, fuel-efficient ships help us reduce our carbon footprint while buying existing tonnage means capacity is not added to a market that doesn’t need it. In a cyclical industry like ours, buying the right ships at the right price is the path to financial sustainability.”