Stolt and John T. Essberger in Shipping JV
Stolt Tankers, the wholly owned subsidiary of Norway’s Stolt-Nielsen, has entered into a joint venture with Germany’s John T. Essberger Group to operate a combined fleet of chemical tankers within Europe.
As of Jan. 1, 2021, E&S Tankers will offer customers a combined fleet of 48 tankers ranging in size from 2,800 to 11,300 deadweight tonnes (dwt), trading particularly within the Baltic, Mediterranean and Northwest Europe.
“E&S Tankers will provide enhanced reliability, logistical flexibility, and minimize network inefficiencies across our combined fleets,” said Lucas Vos, president of Stolt Tankers, adding that the partnership will also reduce CO2 emissions and deliver significant cost savings.
The formation of the JV, which will be based in Hamburg, Germany, remains subject to clearance by the German competition authorities – expected during December 2020. The companies did not reveal the size of their stakes in the venture.
In August, Stolt agreed to buy five chemical tankers from US-based Chemical Transportation Group. The 26,000 dwt ships have stainless steel cargo sections and were built in China in 2016 and 2017.
Vos described the acquisition as an “excellent opportunity” 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.”
The purchase of each vessel is expected to close between December 2020 and February 2021. A purchase price was not disclosed.
