Stena establishes joint venture with Arab investor and Tufton

Caption: © Stena Bulk

Swedish tanker shipping company Stena Bulk is teaming up with financial services provider Tufton and a Middle Eastern “investment institution” for co-ownership of some of its “IMOIIMAX” tankers.

Stena Bulk has now announced that it has “entered into a new partnership with a prominent investment institution from the Gulf Cooperation Council (GCC).”[ds_preview].

Many specific details have not yet been disclosed. It is merely a matter of “operating an undisclosed number of Stena Bulk’s existing IMOIIMAX tankers”. The investment volume has also not been published.

In addition to Stena Bulk, which operates a fleet of around 70 ships, the GCC Institute is to become 50% owner of part of the IMOIIMAX tanker fleet. Also on board is the British investor Tufton, which is also no stranger to this country and has already worked with several shipping companies. The portfolio currently comprises assets under management of around 1 billion dollars.

Tufton brokers partnership with Stena

CEO Andrew Hampson commented: “We are delighted to have brokered this partnership between our long-standing GCC institutional clients and a company of Stena Bulk’s size. We are convinced that Stena Bulk’s outstanding technical and operational capabilities are a benchmark for the industry.”

According to the statement, the joint venture now established by Stena in cooperation with Tufton Investment Management in London is intended to open up “further institutional investment opportunities” for both partners.

Stena Bulk’s IMOIIMAX tankers, built between 2015 and 2018, are designed to carry IMO 2 and IMO 3 cargoes as well as clean and dirty products. Commenting on the new joint venture, Erik Hånell, President & CEO of Stena Bulk, said: “We look forward to working closely with our partners to continue to maximise the potential of our IMOIIMAX tankers, explore new horizons, expand our market reach and create value for our customers.”

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