Stena Weco in joint venture with Golden Agri Resources
Stena Weco has entered into a 50/50 joint venture with the Indonesian palm oil producer Golden Agri Resources. The JV company, Golden Stena Weco, will manage Golden Agri Resources’ international transportation needs concerning palm oil products and the JV company’s fleet will also trade in the spot market within this niche trade.
Stena Weco is a 50/50 joint venture between Stena Bulk and Dannebrog Rederi which has one of the world’s largest fleets of vessels for transportation of palm oil and other edible oils as well as caustic soda, mainly for routes between Asia and Europe. Stena Bulk, one of the world’s leading tanker shipping companies, has a fleet of approximately 80 tankers and is also responsible for the marketing and operation of Concordia Maritime’s fleet of vessels.
Stena Bulk is part of the Stena Sphere, a group of companies with approximately 19,000 employees and a turnover of approximately SEK 50 billion. Golden Agri Resources is the world’s second largest palm oil producer with its shares listed at the Singapore Stock Exchange, with a market capitalization of USD 7.6 billion.
Stena Weco was advised by Mannheimer Swartling in the transaction. The firm’s team included partner Johan Ljungberg and associates Hanne Aarsheim and Isabel Frensborg, with partner Niklas Sjöblom and associate Evelina Anttila advising on intellectual property rights matters.