October 23, 2018 - Assignment

Stena Bulk forms a joint venture with Bay Crest Management for expansion in Asia

Golden-Agri Stena, since 2012 a joint venture between Stena Bulk and Golden Agri-Resources, has established a new joint venture, GSB Tankers, together with Bay Crest Management. GSB Tankers is established to undertake the operation and commercial management of chemical tankers. GSB Tankers will commence operation on 1 January 2019, 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. At first, the joint venture will manage eighteen chemical tankers with the aim of managing thirty chemical tankers within the next two years.

Stena Bulk, founded 1982, is one of the world's leading tanker shipping companies. Stena Bulk provides safe and cost-efficient transports of crude oil and refined petroleum at sea. Today the fleet consists of about 100 vessels. Stena Bulk has offices in six countries and is part of the Stena Sphere, which has around 20,000 employees in Sweden and abroad.

Stena Bulk was advised by Mannheimer Swartling in the transaction.