Stolt-Nielsen Limited has recently agreed to acquire the chemical tanker operations of Jo Tankers. The transaction comprises 13 chemical tankers and a 50% share in a joint venture with eight chemical tanker newbuildings. The total purchase price is approximately USD 575.0M, including the proportional share of the newbuildings in the joint venture.
The transaction is subject to competition authority approval, with a decision expected before the end of September 2016. The 13 chemical tankers consist of eight all stainless steel ships, ranging from 19,000 dwt to 38,000 dwt, and five ships with a combination of stainless steel and coated tanks, all of approximately 37,000 dwt. Six of the 13 ships have been on time charter to Stolt Tankers for the last five years. The newbuildings included in the transaction consist of eight all stainless steel eco-friendly ships of 33,000 dwt on order from New Times Shipbuilding in China, the first of which was delivered in early July 2016. The seven remaining newbuildings are to be delivered in the second half of 2016 and in 2017.