Stolt-Nielsen Limited’s subsidiary, Stolt Tankers B.V., has recently partnered with SFL Corporation Ltd. to acquire two LNG dual-fuel 33,000 deadweight tonne stainless steel chemical tankers. These modern and fuel-efficient ships, built between 2022 and 2023, feature 22 cargo tanks, providing a wide range of cargo flexibility.
The delivery of these ships is expected to take place between June and August of this year. One of the vessels has been secured under a fixed time-charter agreement, while the other will be employed in the Stolt Tankers Joint Service (STJS) pool. This collaboration between Stolt Tankers and SFL Corporation aims to enhance their operations and capitalise on the firm chemical tanker market.
The CEO of Stolt-Nielsen, Udo Lange, expressed his satisfaction with the partnership, highlighting the attractive pricing of the tonnage and the positive impact the dual-fuel ships will have on the fleet’s age profile and carbon intensity. Moreover, the new vessels will offer increased flexibility in Stolt Tankers’ core 33,000 deadweight segment.
Lange also emphasised the company’s commitment to asset-light fleet replacement and its focus on collaborating with best-in-class partners like SFL Corporation, NYK Line, and CMB Group. This strategic approach aims to enhance profitability and reduce the balance sheet intensity of Stolt-Nielsen, while further improving their industry-leading customer service offering and reliability.
Ole B. Hjertaker, CEO of SFL Management AS, expressed his excitement about the new partnership with Stolt-Nielsen, acknowledging the company’s market-leading position in logistics for sophisticated chemicals. Hjertaker also highlighted the favourable market dynamics for stainless-steel chemical tankers, including steady growth in demand, an aging fleet, and a limited order book. The combination of fixed-rate charter and pool earnings presents an opportunity for SFL Corporation to participate in a strong market while providing cash flow support.
Overall, this long-term agreement between Stolt Tankers and SFL Corporation represents a strategic move to enhance their operations, capitalise on market opportunities, and drive further growth in the liquid logistics industry.
For more information visit www.stolt-nielsen.com
23rd April 2024
