Stolt-Nielsen buys Jo Tanker's Chemical Tanker Ops
Stolt-Nielsen buys competitor's chemical tanker operations. Deal includes 13 chemical tankers and 50 pct in 8 newbuilds. Stolt-Nielsen agrees to acquire the chemical tanker operations of Jo Tankers. Stolt-Nielsen says total purchase price is approximately $575 million, including proportional share of newbuildings in joint venture. The transaction comprises 13 chemical tankers and a 50 pct share in a joint venture with eight chemical tanker newbuildings. Stolt-Nielsen says funding for transaction has been secured through some of Stolt-Nielsen limited's main banks with a combination of bridge financing, secured term loans and available corporate funds. Stolt-Nielsen ltd says transaction is subject to competition authority approval, with a decision expected before end of September 2016.
Jo Tanker Makes the "Diesel Switch"
Jo Tanker, a Norwegian ship owner, has reached changeover and blend fuel requirements by installing JOWA Technology Diesel Switch DS MKII. The switch is type-approved by Germanisches Lloyd and leads to meeting the sulphur emissions levels in CARB and SECA areas. The DS MKII Diesel Switch has been developed by Swedish-based Jowa Technology. According to the company it provides a reliable solution for the shipping industry. Incorrectly performed changeover will create both short-term, as well as long-term problems for crew, engine, environment and the owner.