Stolt, Tufton form chemical tanker pool, seal decarbonization deal

Norway’s tanker operator Stolt Tankers, part of Stolt-Nielsen Limited, and UK’s shipping fund manager Tufton Investment Limited have teamed up to create a chemical carrier pool and cooperate in the field of decarbonization and sustainability.

As informed, the duo has 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.

Specifically, 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.

“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,” Paulo Almeida, Tufton’s Chief Investment Officer, said.

“We expect the added ships to improve our overall service offering by enhancing logistical flexibility and synergies while continuing to provide … 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,” Lucas Vos, President of Stolt Tankers, commented.

In April this year, Stolt Tankers also partnered with GoodFuels to trial the use of a marine biofuel produced from sustainable and certified feedstocks. The trial is designed to assess the viability of the future use of biofuels in both engines and boilers, and will test the fuel’s impact on consumption, power and reliability.

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What is more, the tanker operator recently joined Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping to contribute to industry-wide efforts toward the development of zero-carbon solutions for the maritime sector.