JV Golden Stena Bulk Expands Its Product Tanker Fleet

In early February this year, Golden Stena Bulk, a 50-50 joint venture between Stena Bulk and Golden Agri-Resources (GAR), announced that it had taken over four innovative product tankers ordered by Stena Bulk in June 2012 for delivery in 2014 and 2015. Recently, the company exercised the options for a total of two product tankers of the same design.

The ten MR tankers with a deadweight of 50,000 tons, were ordered from the Chinese shipyard Guangzhou Shipbuilding International (GSI). They will be deployed in Stena Weco’s logistic system in the global market. Stena Bulk’s offices in Houston, Copenhagen, Gothenburg, Rio de Janeiro and Singapore will be responsible for their operation and chartering while Northern Marine Management will be responsible for technical management.

“This deal is a continuation of our strategic collaboration with Golden Agri-Resources. We look forward to further investments within the framework of our joint venture in the future”, says Erik Hånell, President and CEO of Stena Bulk, in a comment.

Together with GSI, Stena Teknik is responsible for the development and design of these highly innovative vessels, which, among other things, will have specially designed hulls and propellers. With a focus on energy efficiency, the tankers’ fuel consumption will be 10-15 percent lower compared with standard tonnage.

“In addition to very good fuel efficiency, the tankers will be extremely flexible and will be ably to transport a large number of different types of cargo. This is a logical development of our fleet and a way of being able to satisfy new demands together with tougher competition”, says Erik Hånell.

Background

In June 2012, Stena Weco – a joint venture between Stena Bulk and Danish Dannebrog – formed a 50-50 joint venture with GAR. The goal of this joint venture, Golden Stena Weco, was to come up with a holistic solution for GAR’s international transportation of palm oil products.

In summer, 2012, Stena Bulk placed an order for ten innovative product tankers, including six options, with the Chinese shipyard Guangzhou Shipbuilding International (GSI). The total value of the order was USD 400 million. Last autumn, the Swedish shipping group Concordia Maritime took over the financing of two of these tankers. The joint venture Golden Stena Bulk has now taken over a total of six vessels.

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Stena Bulk, May 21, 2013