Stena Bulk To Invest In VLCCs

Thursday, October 14, 1999
Sweden's Stena Bulk will reportedly invest in and manage two new VLCC tankers being built in Japan for Golden Ocean Group, and has an option on a third vessel. Stena Bulk expects to take delivery of the first two vessels in the beginning of November. The company will take a financial stake in the 300,000-dwt ships over an initial five-year period, equivalent to 30 percent stakes in the ships after five years. The deal originated from an approach by Golden Ocean's bankers to take part in the financial restructuring after the company had initially said it would charter the ships to Stena. The option on the third vessel will be decided in the next few weeks. It is possible further deals could be done with Golden Ocean, Stena Bull officials said.
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