Shipowner Stolt-Nielsen is buying out Jo Tankers chemical tanker operations for $575 million, comprising 13 stainless steel chemical tankers, as well as the company’s 50 percent stake in a joint venture owning eight newbuildings. The sale would leave Jo Tankers with a fleet of four LR tankers and two LR newbuildings on order. Headquartered in Norway, Jo Tankers also has offices in Houston, Texas, Singapore, Manila and Rotterdam.
The fleet comprises eight all stainless steel ships, ranging from 19,000 dwt to 38,000 dwt, and five ships of roughly 37,000 dwt with a combination of stainless steel and coated tanks. The newbuildings are eight 33,000 dwt all stainless steel vessels order at New Times Shipbuilding in China. The first newbuild was delivered in July and the remainder will be delivered through H2 2016 and 2017.
The transaction is subject to competition authority approval, which it expects by end September.