Proman Shipping, Stena Bulk Form Joint Venture

Switzerland-based ship manager Proman Shipping and Swedish tanker shipping company Stena Bulk have decided to create a new joint venture that would see the partners co-own two new vessels and promote methanol as marine fuel.

Illustration; Image Courtesy: Stena Bulk

Under the joint venture agreement, Proman Shipping will be the operator and 50-50 owner of two long-term time-chartered ships.

The new JV, Proman Stena Bulk Limited, is yet to order the methanol-fueled newbuild pair, a spokesperson of Proman confirmed to World Maritime News.

The new partnership is said to represent Proman’s commitment to building a sustainable shipping sector by using methanol – a safe, clean-burning and biodegradable fuel.

What is more, it is said to demonstrate Stena Bulk’s goal of becoming one of the leaders in the shipping industry by creating in-house solutions and being at the forefront in respect of innovations.

“In just eighteen months since Proman Shipping’s foundation, we have made substantial advances and this joint venture … is testament to that work. We are proud to be one of only three companies actively engaged in promoting methanol as a marine fuel, through this partnership with Stena Bulk,” David Cassidy, Chief Executive of Proman, said.

“This is an exciting step for Proman Shipping, which sees us not only partner with a … shipping operator, but also invest in the use of more sustainable marine fuels without compromising on efficiency. We are proud to be partnering with Stena Bulk, who share our commitment to innovation and to be pioneering the use of methanol as a fuel of the future together,” Anita Gajadhar, MD of Proman Shipping AG, commented.

“This is a new important stepstone for Stena Bulk. We are very satisfied to find a partner like Proman, which has many shared values, giving us this opportunity to enter into their future logistical ambitions,” Erik Hånell, President & CEO of Stena Bulk AB, explained.

Image Courtesy: Proman Shipping

We as a global commercial tanker operator, have through our newly developed IMOIIMAX MR tanker fleet created our presence in the world wide methanol trade,” Claes Leschly Bang, General Manager, Clean and Chemicals, Stena Bulk LLC, noted. 

“With Proman as a new strategic partner, we are very satisfied that all our hard work is coming to fruition not only meaning that we can  support a very important customer but also create a new joint venture together that we put high value on in respect of culture and vision, taking us a few steps into the future with the ships we will now build together,” Bang continued.

Established in March 2018, Proman Shipping manages a fleet of twelve time-chartered vessels comprising of nine zinc-coated and three epoxy-coated chemical tankers.

Stena Bulk, part of Stena Sphere, controls a combined fleet of around 110 vessels.