STOLT-NIELSEN ACQUIRES JO TANKERS

Chemical tanker and terminal operator Stolt-Nielsen has acquired the chemical tanker fleet of fellow Norwegian operator Jo Tankers for $575 million, with the purchase price including 13 chemical tankers and a 50 per cent share in a joint venture, with eight newbuildings.

The transaction is expected to cover the tonnage replacement needs of Stolt-Nielsen’s chemical tanker fleet for the next few years while also giving the company operational savings, as well as new trade routes.

The 13 tankers being acquired comprise eight all-stainless steel ships, ranging from 19,000dwt to 38,000dwt, and five ships with a combination of stainless steel and coated tanks of around 37,000dwt. Six of these vessels have been on a time charter to Stolt Tankers for the past five years.

The newbuildings, eight all-stainless steel ships of 33,000dwt, were ordered from China’s New Times Shipbuilding in November 2013 and are to be delivered though the second half of this year, with several of the vessels already having entered service. JS