SFL buys LNG dual-fuel chemical tanker duo, seals charter deal with Stolt Tankers

Bermuda-based shipowner and charterer SFL Corporation has decided to acquire two liquefied natural gas (LNG) dual-fuel chemical tankers for a price tag of $114 million.

As informed, the 33,000 dwt vessels were built in 2022/2023 and fitted with stainless steel cargo tanks.

The company expects to take delivery of the vessels between June and August this year, and both vessels will be employed for a minimum of eight years. One vessel will be on a fixed rate time-charter and one vessel will be employed in a pool with similar-sized vessels. 

SFL Corporation has arranged long-term employment for the vessels with affiliates of Stolt Tankers, a subsidiary of chemical logistics company Stolt-Nielsen Limited.

“The announcement marks another accretive investment for the Company and will add two sophisticated chemical carriers to our fleet. With these vessels, we will have six LNG dual-fuel vessels in our fleet, and the transaction demonstrates our ability to expand our portfolio of maritime assets with vessels suitable for long term charters to industry leading companies,” Ole B. Hjertaker, CEO of SFL Management said.

“The market dynamics for stainless-steel chemical tankers are also very favorable now, with steady underlying growth in demand, ageing fleet and a limited orderbook. The combination of fixed-rate charter and pool earnings will therefore give us the opportunity to participate in a strong market, while also providing increased charter backlog.”

“I’m pleased to announce our new partnership with SFL Corporation on two modern chemical tankers… These modern, dual-fuel ships will lower the age profile and carbon intensity of our fleet while offering more flexibility in our core 33,000 deadweight segment,” Udo Lange, Chief Executive Officer, Stolt-Nielsen commented.

To remind, last month, SFL revealed it will purchase three new LR2 product tankers for approximately $230 million.