Stolt-Nielsen S.A. subsidiary, Stolt-Nielsen Gas, has acquired yet another LPG carrier after an initial recent foray into the sector, as the company foresees an optimistic future in the gas market.
Scheduled for delivery in early 2010, the acquisition of the 82,557 cbm LPG carrier Althea Gas from Iino Kaiun Kaisha of Japan was built by Kawasaki Heavy Industries in 2003 and follows the recent timecharter of the 1999-built VLGC Yuhsho.
Niels Stolt-Nielsen, Chief Executive Officer of SNSA, said: “We are pleased to acquire the Althea Gas at what we believe to be attractive terms, which will give us a competitively priced asset to operate. Our current intention is to trade the Althea Gas alongside Yuhsho in the spot and time-charter market.”
Commenting on the charter of its first LPG carrier, Christian Andersen, President of Stolt-Nielsen Gas, said: “Stolt-Nielsen Gas was established in 2007 to explore investments in LPG tankers, and Yuhsho is our first venture into the VLGC market. Although current earnings are near historic lows, we believe the longer term supply and demand fundamentals remain attractive.”
