Stena Bulk Reshuffles Its Business Activities
- Business & Finance
Swedish tanker shipping company Stena Bulk is reorganising its business activities into three business areas, including Crude & Fuel, Products & Chemicals and LNG.
In relation to the reorganization move, the company has appointed two new managing directors, namely, Mats Karlsson (Crude & Fuel) and Johnny Schmolker (Products & Chemicals). At the same time, Stena Bulk’s business activities previously conducted under the name of Stena Weco are being coordinated and incorporated into the company.
Furthermore, the company said that it will open a new office in Copenhagen, located near the Port of Tuborg, in the next few days. As a result, the company will leave its office in Rungsted, which until now has been used by Stena Weco.
Stena Bulk will continue to have regional offices in Gothenburg, Houston, Singapore, Shanghai and Dubai.
“This is a natural transition from the old structure to the new one where we now have total control over our business involving product and chemicals transportation in the MR segment. This and other adjustments will result in a clearer structure as regards our business and organisation,” Erik Hånell, President and CEO, Stena Bulk, said.
The reorganisation comes on the back of an agreement which Stena Bulk signed in March 2017 to acquire the remaining 50% of the shares in Stena Weco from its partner WECO Shipping.
Stena Weco has been incorporated into, and is wholly-owned by, Stena Bulk. Together with Stena Weco’s fleet of 65 tankers, Stena Bulk operates around 100 tankers. A third of these are owned and two-thirds are chartered.