Stolt-Nielsen to Buy Five Chemical Tankers from CTG

Stolt-Nielsen has via Stolt Tankers B.V. agreed to buy five chemical tankers from Chemical Transportation Group (CTG) for trading in the Stolt Tankers Joint Service, in a move to modernize its fleet.

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. Further terms of the transaction were not disclosed.

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 deep-sea 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.  In the end, Stolt Tankers' customers are the real winners in this deal, as these ships will support our proven platform that provides a high quality, reliable, and flexible service offering."