Golden-Agri Stena has partnered with Bay Crest Management to establish a joint venture (JV) to conduct the operation and commercial management of chemical tankers.
The JV, named GSB Tankers, is scheduled to begin operations by January.
GSB Tankers will be based in Golden-Agri Stena’s existing site in Singapore and will have offices in Dubai, United Arab Emirates (UAE), and Japan.
The company will initially manage 18 chemical tankers with a target of managing 30 such tankers over the next two years.
Golden-Agri Stena managing director Björn Stignor said: “After six very successful years operating and managing intermediate-sized chemical tankers, Golden-Agri Stena aspires to enhance its involvement in the chemicals cargo trade through operating and managing stainless steel tankers.
“Bay Crest offers excellent experience and network for us to jointly attain the aspiration.”
Established in 2012, Golden-Agri Stena is a JV between global tanker shipping company Stena Bulk and Indonesian palm oil producer Golden Agri-Resources.
Bay Crest Management Board director Shinsuke Togawa said: “Riding on prior success in managing stainless steel chemical tankers in the region, Bay Crest Management is keen to further extend its footprint internationally.
“The good brand name of Golden-Agri Stena, coupled with its extensive experience in trading vegetable oil and clean petroleum products, makes them an ideal equal partner for achieving our ambition.”
Bay Crest Management was formed in 2013 to serve the chemical tanker owners. With offices in Singapore and Japan, it has so far managed more than 30 tankers.