Chemical tanker consolidation

Jan 11 2019

Two recent deals illustrate the consolidation occurring in the stainless steel chemical tanker sector.

First, Mitsui OSK Lines (MOL) has confirmed that Singaspore-based MOL Chemical Tankers (MOLCT) has agreed with Nordic Tankers LuxCo (Triton) to acquire 100% shares of Nordic Tankers (NT) from Triton.

MOLCT currently operates 56 deepsea stainless steel chemical tankers ranging from 19,000 dwt to 37,000 dwt worldwide, while NT operates 19 deepsea stainless steel chemical tankers mainly in the Transatlantic and Latin America trades.

Although the trading areas are mostly diverse, their business strategies are in line, ie (a) with high COA portfolio and (b) multi-segregation tankers, MOL said.

Second, BW Group was believed to have finalised the sale of its fleet of 13 chemical tankers to Ace Tankers Management.

This acquisition was said to have been closed in December last year, between BW Chemicals and Ace Tankers Management. Ace has 15 chemical tankers in its fleet.

The sale was rumoured in November, 2018, and the price tag was put at around $350 mill at the time.

On joining Ace, the BW ships will operate in the Ace-Quantum Chemical Tankers (AQCT) Pool, a joint venture between Ace Tankers and Eastern Pacific Shipping.

AQCT manages a fleet of more than 20 stainless steel chemical tankers.


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