Stolt-Nielsen to scrap scrubber retrofits to preserve cash

Norwegian chemical tanker group Stolt-Nielsen is tearing up deals for some scrubber retrofits to save money in the coronavirus pandemic.

The move is part of a plan by the company to combat a potential demand drop of 40%.

Speaking on a conference call with analysts, chief executive Niels Stolt-Nielsen said: "We are looking at cutting back as much capital expenditure as possible."