Stolt Tankers and Tufton Investment Limited (Tufton) have entered into a pooling agreement for seven of Tufton’s 19,000-21,999 DWT Chemical Tankers to join the Stolt Tankers Joint Service (STJS) Deep-Sea Fleet.
The agreement is effective immediately, with Tufton contributing the vessels during the second and third quarters of 2021. Stolt Tankers and Tufton have also agreed to enter into a carbon reduction and sustainability information sharing agreement.
The two organisations will jointly explore and pursue vessel efficiency and propulsion research, environmental projects, and a biofuel testing programme with the goal of driving significant carbon emission reductions across their combined fleets.
Commenting on the partnership, Lucas Vos, President of Stolt Tankers said: “The addition of Tufton’s ships to the STJS fleet demonstrates Stolt Tankers’ ability to generate customer value in a challenging market by adding tonnage from a top-tier platform to our trading network.
"We expect the added ships to improve our overall service offering by enhancing logistical flexibility and synergies while continuing to provide best-in-class environmental and safety standards. I am pleased that Stolt Tankers and Tufton have also formalised their mutual commitment to protecting the environment with the carbon reduction and sustainability information sharing agreement."
Tufton’s Chief Investment Officer Paulo Almeida added: “Tufton funds own twelve chemical tankers, a market segment with a very attractive risk-return profile, especially if operated in a well-aligned partnership like the one we have with Stolt Tankers. We are very pleased to have grown our relationship with Stolt Tankers over the past few years, and to work with Stolt Tankers towards aligning the shipping industry with the Paris Agreement."