Chemical tanker giant Stolt-Nielsen is set to boost its fleet by splashing out $137.5m on five modern vessels that have been operated by rival owner Odfjell for the last three years.
Brokers said Stolt-Nielsen is buying the AVIC Dingheng Shipbuilding-constructed, 27,500-dwt CTG Magnesium and CTG Mercury (both built 2017), and 26,000-dwt CTG Argon, CTG Bismuth and CTG Cobalt (all built 2016) from US-based Chemical Transportation Group (CTG).
The vessels, which have stainless-steel tanks, are being reported sold at $27.5m apiece but some market players claim the price is slightly lower.
VesselsValue said the five tankers are worth between $30.2m and $32.7m each.
Oslo-listed Stolt-Nielsen declined to comment on the deal, which, as TradeWinds understands, is still on subjects.
Expansion plans
In July, Stolt-Nielsen said it was eyeing up expansion opportunities in shipping, terminals and tank container businesses.
Niels Stolt-Nielsen said there is room for consolidation. He added that this may not necessarily mean acquisitions but could also include operating pool agreements.
Brokers said chemical tanker companies have been eyeing up the five CTG ships for some time as attractive potential purchases.
Peter Georgiopoulos-backed CTG ordered 10 chemical tankers at the Chinese yard in 2014 — priced at around $40m each — in a speculative play.
In 2016, Norway's Odfjell bought five of them as resales from CTG to form a new chemical carrier pool, paying out $40m per vessel.
CTG placed its remaining quintet in this pool.
The sale of these five tankers would leave CTG with no vessels.
