Stena Bulk Takes Over Stena Weco
- Business & Finance
Swedish tanker shipping company Stena Bulk has agreed to purchase the remaining 50% of the shares in Stena Weco from its partner WECO Shipping. Stena Weco will thus be wholly owned by Stena Bulk.
Under the terms of the agreement, WECO Shipping will continue to run their controlled fleet in the Stena Weco logistic system. Stena Weco currently operates around 65 vessels, about half of which are owned and half chartered.
“After six very successful years and operational collaboration, the two companies’ ambitions for the future have changed. With the agreement now reached, which means that Stena Weco will be 100% owned by Stena Bulk, this situation has now been solved in a way that benefits both parties,” says Erik Hånell, President and CEO of Stena Bulk and CEO of Stena Weco.
Johan Wedell-Wedellsborg, Chairman of the Board of WECO Shipping, added that the deal was “the perfect solution for both partners in Stena Weco, also for the future”.
Stena Weco’s head office will remain in Denmark in addition to the regional offices in Singapore, Dubai and Houston.
The move follows Stena Bulk’s opening of a new office in Dubai, via Stena Weco and Golden Stena Weco, in January 2017 as it aims to further develop the transportation of chemicals and petroleum products.
According to Hånell, Dubai is an important meeting place for the oil industry as well as being situated strategically close to Iran, which is now beginning to open up to increased trade.