Stena Bulk Forms Chemical Tanker JV with Bay Crest Management

Golden-Agri Stena, a joint venture between Sweden based tanker shipping company Stena Bulk and Indonesia’s largest palm oil producer Golden Agri-Resources, has started a new joint venture with Japan's Bay Crest Management for the the operation and commercial management of chemical tankers.

The new joint venture, GSB Tankers, will commence operation on January 1, 2019, managing 18 chemical tankers to start, with the aim of managing 30 vessels within the next two years.

The joint venture will operate out of the existing premises of Golden-Agri Stena. Apart from its headquarters in Singapore, GSB Tankers will have offices in both Dubai and Japan. 

Erik Hånell, President and CEO Stena Bulk, said, “Forming strategic partnerships in this way is for us a well-tried concept, coordinating complementary assets, know-how and experience. It also makes it possible for us to take a deeper step into a market we have strong belief in for the future. I am certain there will be spin-off effects for all partners, with new business opportunities as well as broadening exposure and presence in various business areas.”

Björn Stignor, Managing Director of Golden-Agri Stena, 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.”

Shinsuke Togawa, Director of the Board of Bay Crest Management, 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.”