Stolt-Nielsen Orders Four Parcel Tankers

Friday, June 10, 2005
Stolt-Nielsen Transportation Group (SNTG), a subsidiary of Stolt-Nielsen S.A., announced that it has signed an agreement with ShinA Shipbuilding Co. Ltd. of South Korea for four 44,000 deadweight ton (dwt) parcel tankers, with delivery scheduled to begin in the second quarter of 2008. The aggregate price for the four ships is expected to be just under $230 million. Each ship will be equipped with 29 fully coated tanks and will be built to IMO 2 specifications, providing the additional segregations and cleaning capacity required to transport vegetable oils and chemicals. The ships have higher deadweight capacity than those built by SNTG in its last round of newbuildings in the late 1990s, complementing SNTG's current high-end all stainless steel fleet. The ships will replace tonnage currently scheduled for withdrawal from SNTG's fleet. SNTG's purchase decision followed a rigorous analysis of its tonnage- replacement requirements, global economic factors, and the outlook for the chemical tanker market. The selection of ShinA followed a thorough review of potential quality shipyards worldwide. Otto H. Fritzner, Chief Executive Officer of SNTG, said, "The purchase of these ships is an important component of SNTG's overall fleet replacement strategy. We are committed to ensuring that SNTG has the right size and quality fleet to reliably and efficiently meet the supply-chain needs of our valued customers worldwide, while also enabling us to capitalize on the strong growth opportunities in our markets. Given the tight shipbuilding market, we were pleased with ShinA's delivery schedule, the earliest currently available in today's market for this type of ship." "The addition of ships with this profile gives SNTG increased capacity in two of our key markets-specialty chemicals and veg oils-and also provides trading flexibility in other expanding markets, such as commodity chemicals," Fritzner added.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Tanker Trends

First US LNG Shipment Goes to China

The first liquefied natural gas vessel from the lower 48 U.S. states is on its way to China, according to a Reuters interactive map on Friday, the latest sign that

Libyan Oil Exports to Resume from Closed Ports

Libyan oil exports from closed ports should resume in no more than one to two weeks after a deal was signed between the government and an armed brigade controlling the terminals,

Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0916 sec (11 req/sec)