Stolt Nielsen in joint venture with Dubai firm
Chemical transportation specialist Stolt-Nielsen S.A. said it has entered into two 50-50 joint ventures with Gulf Navigation, a United Arab Emirates company based in Dubai.
The first joint venture, Gulf Stolt Tankers FZCO, will own six new 44,000-deadweight-ton coated chemical tankers. The ships will be traded in the Stolt Tankers Joint Service. Technical ship management will be provided by a second joint venture, Gulf Stolt Ship Management JLT, owned by Gulf Navigation and Stolt.
Stolt-Nielsen will take delivery of four of the tankers — ordered in 2006 from SLS Shipbuilding in South Korea — during 2008 and 2009. Gulf Navigation will take delivery of two additional sister ships in 2009, having taken over options previously held by Stolt-Nielsen. In addition, one of the four Stolt-Nielsen ships will be sold to Gulf Navigation, which will bareboat charter its three ships to the joint venture to create the 50-50 joint venture comprising the six ships.
“The Arabian Gulf is the world’s fastest growing chemicals-production center. We are pleased to be expanding Stolt’s strategic presence in this key growth market,” said Hans P. Feringa, president of Stolt Tankers & Terminals.