Stolt Tankers secure deal for two chemical tankers

Stolt-Nielsen Limited’s subsidiary Stolt Tankers has entered into a long-term agreement with SFL Corporation for two LNG dual-fuel 33,000 deadweight tonne stainless steel chemical tankers.

The modern, fuel-efficient ships were built in 2022-2023 and feature 22 cargo tanks providing a wide range of cargo flexibility.

Stolt Tankers and SFL Corporation (SFL) expect to take delivery of the ships between June and August with one ship secured under a fixed time-charter agreement while the other will be employed in the Stolt Tankers Joint Service (STJS) pool. 

Udo Lange, chief executive officer, Stolt-Nielsen said: “As well as securing attractively priced on-the-water tonnage in a firm chemical tanker market, these dual-fuel ships will lower the age profile and carbon intensity of our fleet while offering more flexibility in our core 33,000 deadweight segment. 

“This transaction also demonstrates our commitment to asset-light fleet replacement with best-in-class partners like SFL Corporation, NYK Line, and CMB Group to enhance profitability and reduce our balance sheet intensity. As a leading liquid logistics provider, it is critical Stolt-Nielsen balances capital allocation across all our businesses to drive further improvements in our industry-leading customer service offering and reliability.” 

Ole B. Hjertaker, CEO of SFL Management, added: “We are excited to build a new relationship with Stolt-Nielsen who has a market leading position in logistics for sophisticated chemicals. The market dynamics for stainless-steel chemical tankers are also very favourable now, with steady underlying growth in demand, an ageing fleet and a limited order book.

“The combination of fixed-rate charter and pool earnings will therefore give us the opportunity to participate in a strong market, while also providing cash flow support.”