Stolt-Nielsen S.A. (Oslo Børs: SNI) announced today that its wholly owned subsidiary Stolt Tankers B.V. has agreed to acquire seven stainless steel parcel tankers in a series of separate transactions for a total consideration of $255 million, including takeover and upgrade costs.
In a transaction with Odfjell SE, Stolt Tankers B.V. acquired two fully stainless steel parcel tankers of 37,438 deadweight tons, each equipped with 47 tanks and built by STX Europe’s yard in Florø, Norway, in 2000 and 2001, respectively. The two ships are among the most sophisticated of parcel tankers and will be renamed M/T Stolt Focus and M/T Stolt Commitment.
Stolt Tankers B.V. also acquired three Japanese-built stainless steel parcel tankers. Two of the ships are 23,400 dwt, built in 2009 and 2008, with 26 and 30 tanks, respectively. The third ship is 19,700 dwt, built in 2006 with 26 tanks. The ships will be renamed M/T Stolt Bobcat, M/T Stolt Ocelot and M/T Stolt Serval, respectively.
In addition, Stolt Tankers exercised purchase options under existing time charters to acquire the M/T Stolt Glory and M/T Stolt Strength from their owners. The ships were built in 2005 and are currently on time charter to the Company. Both ships are 33,000 dwt with 28 stainless steel tanks.
Commenting on the acquisitions, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said, “We are pleased to have acquired these high quality ships on what we believe to be favorable terms. Following the cancellation of our eight-ship order in Korea, the addition of these ships to our fleet, in combination with the recent time charter arrangement with JO Tankers, effectively meets our current needs for tonnage. Stolt Tankers is well positioned both to meet anticipated growth in customer demand on certain key trade lanes and to extend its leadership positions in those niche markets that we have targeted for long-term growth.”
In a transaction with Odfjell SE, Stolt Tankers B.V. acquired two fully stainless steel parcel tankers of 37,438 deadweight tons, each equipped with 47 tanks and built by STX Europe’s yard in Florø, Norway, in 2000 and 2001, respectively. The two ships are among the most sophisticated of parcel tankers and will be renamed M/T Stolt Focus and M/T Stolt Commitment.
Stolt Tankers B.V. also acquired three Japanese-built stainless steel parcel tankers. Two of the ships are 23,400 dwt, built in 2009 and 2008, with 26 and 30 tanks, respectively. The third ship is 19,700 dwt, built in 2006 with 26 tanks. The ships will be renamed M/T Stolt Bobcat, M/T Stolt Ocelot and M/T Stolt Serval, respectively.
In addition, Stolt Tankers exercised purchase options under existing time charters to acquire the M/T Stolt Glory and M/T Stolt Strength from their owners. The ships were built in 2005 and are currently on time charter to the Company. Both ships are 33,000 dwt with 28 stainless steel tanks.
Commenting on the acquisitions, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said, “We are pleased to have acquired these high quality ships on what we believe to be favorable terms. Following the cancellation of our eight-ship order in Korea, the addition of these ships to our fleet, in combination with the recent time charter arrangement with JO Tankers, effectively meets our current needs for tonnage. Stolt Tankers is well positioned both to meet anticipated growth in customer demand on certain key trade lanes and to extend its leadership positions in those niche markets that we have targeted for long-term growth.”