Stolt-Nielsen Limited has announced that its wholly owned subsidiary, Stolt Tankers BV, has entered into a joint venture (JV) with the John T Essberger Group for the operation of their combined parcel tanker fleets trading within Europe
As of 1 January 2021, the new Stolt Tanker/John T Essberger JV, named E&S Tankers, will offer customers a combined fleet of 48 parcel tankers ranging in size from 2,800 to 11,300 deadweight tonnes, trading in Europe and in particular within the Baltic, Mediterranean and northwest Europe.
This is the second major value initiative since Lucas Vos officially became president of Stolt Tankers in October 2019. In September 2020, it was reported that Stolt Tankers had strengthened its fleet with the purchase of five modern chemical carriers from US-based Chemical Transport, lowering the fleet age without ordering newbuildings.
Commenting on the new venture with John T Essberger, Mr Vos noted, “This joint venture demonstrates Stolt Tankers’ proven ability to develop opportunities and generate value in a changing market. E&S Tankers will provide enhanced reliability, logistical flexibility, and minimise network inefficiencies across our combined fleets.
“Furthermore, we expect E&S Tankers to help deliver on our sustainability commitments by reducing CO2 emissions while providing the continued best-in-class environmental and safety standards our customers expect. Most importantly, I expect the newly formed joint venture to deliver significant cost savings."
John T Essberger managing director Jan Eghøj said “Essberger and Stolt Tankers are strong heritage businesses with a very good match in their values and business approach. With this joint venture we have combined our vast experience in the parcel tanker market for the benefit of our customers. Improved fleet efficiencies will enable us to invest in the future, to remain the preferred long-term partner for our highly valued customers,”
“We are not only pleased that our fleet of 34 tankers will be fully integrated into the joint venture, but also that our experienced and dedicated staff will continue to work at the E&S Tankers company, located in Hamburg, Germany.”
The joint venture is subject to being granted clearance by German competition authorities. This is expected during December 2020.
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