Stena Bulk Invests in Six Chemical Tankers

MarineLink.com
Thursday, February 13, 2014

Stena Bulk/Stena Weco and Golden Agri (GAR) have invested in a further six chemical tankers. Golden Stena Weco, which is a joint venture between Stena Weco and Golden Agri-Resources (GAR), will be responsible for the commercial management. The main aim of the investment is to ensure that Golden Stena Weco has the necessary resources to meet its own transport needs and, by means of efficient commercial and operational management, to make shipments profitable despite the current relatively low market levels. The total investment is in the region of $100 million.

The tankers have a deadweight of 17,000 tons and were built at the South Korean shipyard Samho Shipbuilding in 2008-2009. The six tankers have been given the names GSW Forward, GSW Fabulous, GSW Frontier, GSW Fortune, GSW Future and GSW Fighter and will join the Golden Avenue and her sister the Golden Adventure in the jointly owned fleet.

“With the new investment in this segment, we are entering a new chapter in our collaboration with Golden Agri-Resources. These tankers will transport chemicals and vegetable oils on an international basis,” said Erik Hånell, President and CEO of Stena Bulk and President of Stena Weco.

“Golden Stena Weco, with its head office in Singapore, is now responsible for the commercial operation of eight jointly owned chemical tankers as well as a number of time-chartered vessels. This investment is yet another step in building up our joint venture. 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 said.

stenaweco.com
 


Contracts

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

Shipbuilding

Austal Dives into Loss

Australia’s largest shipbuilder Austal posted a full year loss of $84.28 million because a program to build war ships for the US Navy took longer than expected.

Keppel to Deliver First North Sea FPSO

Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Tanker Trends

Veg Oils Can Benefit Tankers

A number of product tankers, with certain characteristics, can carry edible oils (also called veg oils) as well as oil products, meaning that veg oil trade should

Worldscale Flat Rates to Fall Again

The concept of Worldscale is not an easy principle to grasp, particularly for those outside the tanker industry, says Weekly Tanker Market Report by Gibson.   The

What is Happening to Suezmax Rates in 2016?

Several years ago, the main market for Suezmax tankers was the West Africa to North America trade. When this market dried up in the period from 2012 to 2014/15,

News

Coast Guard Foundation Awarded 128 Scholarships

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Keppel to Deliver First North Sea FPSO

Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading

NASA May Send Submarine to Titan

NASA has unveiled plans to send a submarine into the depths of the largest ocean of Saturn's biggest moon, Titan in a bid to explore the depths of its largest ocean.

Vessels

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Damen Trading Sale hits 500th Vessel

30 years and 500 vessels later, Damen Trading is just getting started. Damen Trading’s story begins in 1986, with Damen Shipyards Group responding to growing market demand for used vessels.

Matson Orders Two ConRo Ships from NASSCO

Matson Navigation Company, Inc., a subsidiary of container shipper Matson, Inc., has signed a contract with U.S. shipbuilder General Dynamics NASSCO to build two

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0998 sec (10 req/sec)