The Swedish tanker shipping company Stena Bulk has increased its stake in Golden Stena Baycrest Tankers (GSB) by acquiring additional shares from Bay Crest and is now the majority shareholder in the joint venture.
GSB will continue to be owned by the three partners Stena Bulk, Golden Agri and Bay Crest. With the increased shareholding, Stena Bulk intends to take a more active role in the strategic development of GSB in the future and at the same time continue the cooperation with the existing partners.
Since its foundation, Golden Stena Baycrest has developed into an established platform in the chemical and specialty tanker segment, particularly in Asia and the Middle East. With Stena Bulk as majority shareholder, growth will be accelerated, the fleet expanded and GSB’s market position further strengthened.
“By acquiring a majority stake in GSB, we are strengthening a platform that is closely linked to our long-term strategy in the chemical and specialty tanker segment. We look forward to further developing the business together with Golden Agri and Bay Crest and building on the solid foundation of our partnership,” said Erik Hånell, President & CEO of Stena Bulk.
Golden Stena Baycrest will continue to operate out of Singapore and Dubai, leveraging on the combined strengths, experience and networks of all three shareholders to drive sustainable growth in the regional and global chemical markets.
“This development is an important step in consolidating GSB’s strategic position and operational capability in the specialty tanker segment. Stena Bulk’s majority shareholding demonstrates confidence in the long-term prospects of chemical transportation and will support further growth and customer-oriented services,” added Philip Eriksson, Managing Director of GSB Tankers.
