Stolt-Nielsen subsidiary Stolt Tankers and UK-based Tufton Investment Management have struck a deal for seven of Tufton’s 19,000-21,999 dwt chemical tankers to join the Stolt Tankers Joint Service (STJS) pool.
The agreement is effective immediately, with Tufton contributing the vessels during the second and third quarters of 2021.
Lucas Vos, president of Stolt Tankers said: “The addition of Tufton’s ships to the STJS fleet demonstrates Stolt Tankers’ ability to generate customer value in a challenging market by adding tonnage from a top-tier platform to our trading network.”
Tufton’s chief investment officer, Paulo Almeida, added: “Tufton funds own twelve chemical tankers, a market segment with a very attractive risk-return profile, especially if operated in a well-aligned partnership like the one we have with Stolt Tankers.”
In addition, Stolt Tankers and Tufton have agreed to share carbon reduction and sustainability information.
The two companies said they will jointly explore and pursue vessel efficiency and propulsion research, environmental projects, and a biofuel testing programme.