Bulk Distributor Sept/Oct 16 - Page 5

September/October 2016 Tank Containers BULKDISTRIBUTOR 5 Stolt-Nielsen acquires chemical tanker operations from Jo Tankers and begins new joint venture S tolt-Nielsen Limited is expanding its fleet with the acquisition of 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 $575 million, including the proportional share of the newbuildings in the joint venture. Stolt-Nielsen secured funding through some of its main banks with a combination of bridge financing, secured term loans and available corporate funds. The transaction is subject to competition authority approval. Niels G Stolt-Nielsen, CEO of Stolt-Nielsen Limited, said: “The transaction covers the tonnage replacement needs of our current chemical tanker fleet for the next several years. While giving us some operational savings, it adds new trade routes to our service offering, thus expanding our presence on key tradelanes and enabling us to better serve the needs of our global customer base. With the expanded fleet we will be better positioned to serve our customers with the quality, reliability and flexibility they require from their Pioneering vessels custom-made for BG Freight B G Freight Line is to receive new short-sea container feeder vessels tailor-made for its Irish Sea Hub services. The new class of ‘green’ vessels has been developed by BG Freight Line operation with ARKON Shipping as project initiator/ commercial manager, technical managers Jüngerhans Maritime Services, and designers CIMC ORIC. BG Freight Line, a fully owned subsidiary of Peel Ports Group, will take delivery of four sister vessels under long-term charter after delivery from Zhoushan Changhong International Shipyard, expected to enter service during 2018. The vessels will be created with state-of-the-art features in order to comply with Emission Control Area (ECA) requirements and BG Freight Line’s navigation and trading needs, including a modern wet scrubber system for exhaust cleaning. The finished vessel will be fully fitted for the loading of 45ft short-sea containers in all positions, with room in total for 488 units. Additionally, a various number of odd-sized containers can be stowed fast and securely due to a new proprietary and innovative cargo stowage system. To minimise operational cost, the vessel will be fitted with a modern two-stroke main engine with very low fuel consumption. All parameters of the vessels have been optimised for the trade between the North Continent, Ireland and the UK. Koert Luitwieler, Shipping Director at BG Freight Line, said: “As well as helping us, and our customers, to reduce carbon emissions and costs, these custom vessels have a number of innovations to help keep us at the forefront of feeder services in the Irish Sea.” Ole Gabs, Director of ARKON Shipping, said: “We are proud to have developed and managed this project under the current difficult shipping market conditions. We believe that the future for vessel design and construction is to have close partnerships between owners and charterers, especially where there is as ambition to meet the highest environmental standards.” logistical provider. Because Stolt Tankers and Jo Tankers share similar approaches to ship management and trading, we will be able to quickly, cost effectively and synergistically integrate these ships into our worldwide operations.” 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. The remaining seven will be delivered in the second half of 2016 and in 2017. “The business environment requires economy of scale, global capacities and increased service flexibility. In each of these areas Jo Tankers has reached the limit of our capabilities. The move from regional partner to global player would &WV&R'FW"v6&V@W"fVW2BrFW&F涖rvR&R&VBFB7FBvFV@FW&66RW2( FFVB2WGFW"6fW'G6VFW'24Tࠠ