Oslo-listed Stolt-Nielsen Limited (Oslo Børs: SNI) introduced Monday an settlement to amass the chemical tanker operations of Jo Tankers for roughly $575 million.

 The transaction consists of 13 chemical tankers and a 50% share in a three way partnership for eight further chemical tanker newbuildings.

Eight of the prevailing ships have all-stainless metal tanks and vary in measurement from 19,000 dwt to 38,000 dwt. The 5 others have a mix of chrome steel and coated tanks, all of that are roughly 37,000 dwt. Six of the 13 ships have been on time constitution to Stolt Tankers for the final 5 years.

The newbuildings included include eight all-stainless metal eco-friendly ships of 33,000 dwt. The ships are on order from New Times Shipbuilding in China, the primary of which was delivered in early July 2016. The seven others are to be delivered within the second half of 2016 and in 2017.

“The transaction covers the tonnage replacement needs of our current chemical tanker fleet for the next several years,” commented Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited. “While giving us some operational savings, it adds new trade routes to our service offering, thus expanding our presence on key tradelanes and enabling us to better serve the needs of our global customer base.”

The firm says funding for the transaction has been secured by means of a few of its most important banks with a mix of bridge financing, secured time period loans, and accessible company funds.

A press release from Jo Tankers says Stolt-Nielson emerged as the most effective purchaser after an open worldwide choice course of.

“The business environment requires economy of scale, global capacities and increased service flexibility,” stated Nils-Petter Sivertsen, CEO of JO tankers. “In each of these areas Jo Tankers has reached the limit of our capabilities. The move from regional partner to global player would require a partner who shared our values and long term thinking. We are proud that a quality company like Stolt wanted to purchase our business.”

The deal is predicted to shut in September 2016.