Stolt-Nielsen SA (SNSA) has agreed to acquire through its subsidiary Stolt-Nielsen Gas Ltd the 82,557-cbm LPG carrier Althea Gas from Iino Kaiun Kaisha of Japan. The ship was built by Kawasaki Heavy Industries Ltd of Japan in 2003. Delivery to Stolt-Nielsen Gas Ltd is scheduled to take place in early 2010.
The purchase of the Althea Gas follows SNSA’s recently announced entry into the VLGC market with the three-year time charter of the LPG carrier Yuhsho. Commenting on the transaction, Niels G 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.”