October 7, 2019 - Assignment

Stena Bulk enters into a joint venture with Proman Shipping

Stena Bulk and Proman Shipping has established a joint venture, under which the parties will be 50/50 owners of two long term time chartered vessels, under the name "Proman Stena Bulk Limited". The two vessels will be time-chartered to Proman under long term time-charter party agreements. The joint venture is a significant investment for both Stena Bulk and Proman Shipping, and represents the parties commitment to building an innovative, efficient and sustainable shipping sector, e.g. by using safe, clean-burning and biodegradable fuel in the form of methanol.

Stena Bulk AB, with offices in seven countries, is one of the world's leading tanker shipping companies. Stena Bulk controls a combined fleet of around 110 vessels and constitutes a part of the Stena sphere, which has more than 20,000 employees and sales of approximately SEK 60 billion.

Proman Shipping AG, a company based in Wollerau, Switzerland, provides maritime expertise, commercial vessel management and global ocean transportation to the Proman group. The Proman group is an integrated industrial group and global leader in natural gas derived products and services.

Stena Bulk was advised by Mannheimer Swartling in the transaction.