Stena Bulk increases its fleet of MR products tankers
With acquisition of a 50-percent stake in Danish Weco shipping company Stena Bulk will increase its fleet in the segment of medium range product tankers (50,000 dwt)from 15 to 30 vessels. The company plans to boost in over the next two years an operation with upwards of 50 vessels under the new brand name of Stena Weco, MarineLog reports.
Weco, which is part of the privately owned shipping group Dannebrog, is a market leader in the transportation of special-type products such as palm oils, edible oils and caustic soda. Weco currently operates some 15 vessels with peaks of 30-35 vessels, including short-term charters.
The collaboration between Stena Bulk and Weco Shipping will be coordinated via the two companies' head offices in Gothenburg, and Rungsted, north of Copenhagen. In Houston and Singapore Weco's personnel will move into Stena Bulk's existing offices. Johan Wedell-Wedellsborg, the owner the Dannebrog group, will be the new chairman of the board of the jointly owned company while Stena Bulk's Senior Vice President Kim Ullman will be Managing Director and Weco's Johnny Schmolker Deputy Managing Director. Jan Torgersen has been appointed as Vice President of Stena Weco and will be located in Houston
In 2010, the average earnings for Stena Bulk's MR tankers were more than $5,000 per day better than the average market. With its new Danish partner, the company is building up even more muscle.
In addition to the 10 P-MAX tankers, Stena Bulk operates a further 15 tankers of around 50,000 dwt. The fleet has an average age of only 5.5 years and all the vessels have phenolic epoxy-coated cargo tanks - a prerequisite for transporting vegetable oils.
Weco, which is part of the privately owned shipping group Dannebrog, is a market leader in the transportation of special-type products such as palm oils, edible oils and caustic soda. Weco currently operates some 15 vessels with peaks of 30-35 vessels, including short-term charters.
The collaboration between Stena Bulk and Weco Shipping will be coordinated via the two companies' head offices in Gothenburg, and Rungsted, north of Copenhagen. In Houston and Singapore Weco's personnel will move into Stena Bulk's existing offices. Johan Wedell-Wedellsborg, the owner the Dannebrog group, will be the new chairman of the board of the jointly owned company while Stena Bulk's Senior Vice President Kim Ullman will be Managing Director and Weco's Johnny Schmolker Deputy Managing Director. Jan Torgersen has been appointed as Vice President of Stena Weco and will be located in Houston
In 2010, the average earnings for Stena Bulk's MR tankers were more than $5,000 per day better than the average market. With its new Danish partner, the company is building up even more muscle.
In addition to the 10 P-MAX tankers, Stena Bulk operates a further 15 tankers of around 50,000 dwt. The fleet has an average age of only 5.5 years and all the vessels have phenolic epoxy-coated cargo tanks - a prerequisite for transporting vegetable oils.