Stolt-Nielsen will take delivery of four of the tankers - ordered in 2006 from SLS Shipbuilding in South Korea
- during 2008 and 2009. Gulf Navigation will take delivery of two additional sister ships in 2009, having taken over options previously held by Stolt-Nielsen. One of the four Stolt-Nielsen ships will be sold to Gulf Navigation, who will bareboat charter their three ships to the joint venture to create the 50/50 joint venture comprising the six ships.
Hans P. Feringa, President of Stolt Tankers & Terminals, said, "The Arabian Gulf is the world's fastest growing chemicals-production centre. We are pleased to be expanding Stolt's strategic presence in this key growth market, as well as our relationship with our partner, Gulf Navigation, a leader in shipping and marine services in the Gulf region."
Abdullah Al-Shuraim, the Chairman of Gulf Navigation, said, "Meeting the long-term tonnage requirements of the rapidly growing producers in the Arabian Gulf is a key element of Gulf Navigation's growth strategy. This new structure enhances the scope of our partnership with Stolt and our participation in the STJS."