Stolt Tankers to buy CTG’s chemical tanker fleet

Norwegian shipping company Stolt-Nielsen Limited revealed today that Stolt Tankers B.V. has agreed to acquire five chemical tankers from Chemical Transportation Group (CTG) for trading in the Stolt Tankers Joint Service. 

The five 26,000 dwt stainless steel ships were built in China in 2016 and 2017. 

As informed, the purchase of each ship is expected to close between December 2020 and February 2021.

“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,” Lucas Vos, Stolt Tankers President, said, commenting on the transaction.

“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.”

CTG owns five 2205 duplex stainless steel chemical tankers — CTG Argon, CTG Bismuth, CTG Cobalt, CTG Magnesium and CTG Mercury, according to the company’s website. The ships are part of Norwegian Chempool 25.

Although no financial details of the deal have been disclosed, VesselsValue’s data shows that the market value of CTG’s fleet currently stands at $157.05 million.