STOLT Tankers and Tufton Investment have 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. Tufton will contribute 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. The two organisations will explore and pursue vessel efficiency and propulsion research, environmental projects and a biofuel-testing program. The goal of the agreement is to drive significant carbon emission reductions across their combined fleets.

Stolt Tankers president Lucas Vos said the addition of Tufton’s ships to the STJS fleet demonstrates Stolt Tankers’ ability to generate customer value in a challenging market by adding tonnage from a top-tier platform.

“We expect the added ships to improve our overall service offering by enhancing logistical flexibility and synergies while continuing to provide best-in-class environmental and safety standards,” Mr Vos said.

“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.”

Tufton chief investment officer Paulo Almeida said Tufton owns 12 chemical tankers.

“[This is] 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,” Mr Almeida said.

“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.”