Stena Bulk buys six chemical tankers for $100m

16 February 2014 (Last Updated February 16th, 2014 18:30)

A shipping firm equally-owned by Stena Bulk and Danish Dannebrog, Stena Weco, has purchased six chemical tankers each with a deadweight of 17,000t, for $100m.

GSW

A shipping firm equally-owned by Stena Bulk and Danish Dannebrog, Stena Weco, has purchased six chemical tankers each with a deadweight of 17,000t, for $100m.

The tankers will be commercially managed by Golden Stena Weco (GSW), a joint venture between Stena Weco and Indonesian palm oil producer Golden-Agri Resources (GAR).

The purchase of the tankers will ensure that GSW has the resources to meet its transport needs and to make shipments profitable.

Stena Bulk president and CEO and Stena Weco president Erik Hånell said that, with the new investment in this segment, the company is entering a new chapter in its collaboration with GAR.

"These tankers will transport chemicals and vegetable oils on an international basis," Hånell said.

The six tankers comprise the GSW Forward, GSW Fabulous, GSW Frontier, GSW Fortune, GSW Future and GSW Fighter, which were built at South Korean Samho Shipbuilding shipyard between 2008 and 2009.

The vessels will join GSW’s current fleet, which includes the Golden Avenue and the Golden Adventure.

Hånell said that as GSW has its head office in Singapore, it is now responsible for the commercial operation of eight jointly-owned chemical tankers and a number of time-chartered vessels.

"We see this as part of the strategy of capturing market shares in Asia in particular with the long-term aim of establishing a presence, via our close partners, in new areas in this segment with the possibility of developing on other continents," Hånell added.


Image: Stena Bulk has a combined fleet of around 100 chemical tankers. Photo: courtesy of Stena Bulk.