Stolt Tankers, part of transportation company Stolt-Nielsen Limited, has entered into a joint venture with the John T. Essberger Group for the operation of their combined parcel tanker fleets trading within Europe.
As of 1 January 2021, the joint venture, named E&S Tankers, will have 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 joint venture demonstrates Stolt Tankers’ … 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,” Lucas Vos , President of Stolt Tankers, commented.
“Furthermore, we expect E&S Tankers to help deliver on our sustainability commitments by reducing CO 2 emissions… Most importantly, I expect the newly formed joint venture to deliver significant cost savings.”
“With this joint venture we have combined our … experience in the parcel tanker market… Improved fleet efficiencies will enable us to invest in the future,” Jan Eghøj , Managing Director John T. Essberger, said.
“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.