Sonangol, Stena Bulk start Panamax Pool

Friday, February 15, 2008
Stena Bulk and Sonangol expanded their shipping collaboration and are now also operating a pool with Panamax tankers. These vessels transport crude oil and petroleum products in Atlantic trade as well as sailing in a round-the-world service. Initially, the pool consists of five Panamax tankers but the aim is to expand it over the next few years to ten vessels by means of purchases or charters.

“This new venture is a direct spinoff from the successful collaboration involving a Suezmax pool, which Stena Bulk and Sonangol have been operating for some years. The aim is the same – to enhance efficiency and thus increase revenue”, says Ulf G. Ryder, President and CEO of Stena Bulk. “In addition, we will also continue to offer training and education for both Stena and Sonangol seagoing and shore-based personnel”, continues Ulf G. Ryder.

The Suzmax pool, which was started up in 2005, currently consists of 13 vessels, both owned and chartered. The new Panamax pool is a further development of the same concept but in another market segment.

The head office for the pool is located in Stena Bulk’s Houston, Texas, headquarters although the group’s other offices all over the world are also involved.

“The newly started Panamax pool effectively raises the service level for our customers including our refinery in Luanda, Angola”, says Mr Baptista Sumbe, Executive Chairman of Sonangol, USA.

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