Stolt-Nielsen S.A. reaches agreement with SLS to purchase cancelled parcel tankers

Stolt-Nielsen S.A. (SNSA) (Oslo Børs: SNI) announced today that it has reached an agreement with SLS Shipbuilding Co. Ltd. (SLS) to buy the four 44,000 deadweight ton (dwt) fully coated parcel tankers that SNSA had originally ordered in June 2005.  The price of the ships is in line with what is believed to be current newbuilding prices.  Terms of the agreement require SLS to deliver the four ships between mid-February and mid-July 2010.

Stolt had previously cancelled the four newbuilding contracts, citing extensive construction delays.  Commenting on the announcement, Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen S.A., said, "We are pleased to have reached this agreement with SLS, and it is now up to the yard to deliver these ships by the agreed dates."

(Source: Transport Weekly)