STOLT Tankers and Essberger Tankers have announced a joint venture for the operation of their combined parcel tanker fleets trading in Europe.

From January, the joint venture, named E&S Tankers, is to offer customers a combined fleet of 48 parcel tankers ranging in size from 2,800 to 11,300 deadweight tonnes, trading in Europe and in particular within the Baltic, Mediterranean and Northwest Europe.

Stolt Tankers president Lucas Vos said the joint venture demonstrated Stolt Tankers’ ability to develop opportunities.

“E&S Tankers will provide enhanced reliability, logistical flexibility, and minimise network inefficiencies across our combined fleets,” Mr Vos said.

“Furthermore, we expect E&S Tankers to help deliver on our sustainability commitments by reducing CO2 emissions while providing the continued best-in-class environmental and safety standards our customers expect.

“Most importantly, I expect the newly formed joint venture to deliver significant cost savings.”

John T. Essberger managing director Jan Eghøj said Essberger and Stolt Tankers were strong heritage businesses with a good match in values and business approach.

“With this joint venture we have combined our vast experience in the parcel tanker market for the benefit of our customers. Improved fleet efficiencies will enable us to invest in the future, to remain the preferred long-term partner for our highly valued customers,” Mr Eghøj said.

The joint venture is subject to being granted clearance by German competition authorities, expected during December.