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 Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Transas Upgrades Simulator Complex in Batumi

The presidents of Georgia and Latvia open the Batumi State Maritime Academy renovated training center powered by the Transas simulators On November 27, 2014, President

Ship Recycling Experts Gather in Tokyo

Top ship recycling experts from around the globe gathered in Tokyo on December 10 at the ClassNK Ship Recycling Seminar to discuss the latest updates to the EU

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Tanker Trends

Shipbuilding: NAT Finalizes Deal for Two New Tankers

On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1596 sec (6 req/sec)