April 11, 2007
Stolt Nielsen orders parcel tankers
Stolt-Nielsen Transportation Group (SNTG), a subsidiary of Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Bors: SNI), reports that it has signed an agreement with Korea's SLS Shipbuilding Co. Ltd. (SLS) for four 43,000 dwt parcel tankers. The aggregate price for the four ships is expected to be approximately $340 million, with deliveries expected to take place in 2011 and 2012.
The SLS newbuildings will have 24 stainless steel tanks and 15 coated tanks. The main dimensions of the ships will follow the same design of the four parcel tankers that SNTG ordered in October 2006 from SLS. SNTG now has a total of 12 ships on order from SLS.
The new fully double-hulled parcel tankers will meet both Marpol Annex I and Annex II cargo requirements. They will have IMO I, II and III capabilities and will be able to handle the full range of difficult to handle cargoes which SNTG carries.
Otto H. Fritzner, Chief Executive Officer of SNTG, said, "We are pleased to be further developing our relationship with SLS Shipbuilding Co. Ltd. Our new build program to support our growth continues to be carefully evaluated to take account of the trading outlook and our requirements to invest in our fleet".