Swedish tanker shipping company Stena Bulk has entered into a new partnership with “a prominent Gulf Co-operation Council investment institution” in the operation of an undisclosed number of Stena Bulk’s existing IMOIIMAX tankers.
As explained, the new partnership will provide for the undisclosed institution to become 50 percent owner of part of the company’s IMOIIMAX tanker fleet alongside Stena Bulk.
The venture, established in collaboration with Tufton Investment Management in London, will open further institutional investment opportunities for both partners, according to the company.
“We look forward to working closely with our partners to continue to maximise the potential of our IMOIIMAX tankers, exploring new horizons, expanding our market reach, and creating value for our customers. By working closely together over the coming years I know that we will continue to push new boundaries for MR tanker performance,” Erik Hånell , President & CEO of Stena Bulk, said.
“We are delighted to have facilitated this partnership between our long established GCC institutional clients and a company of the standing of Stena Bulk. We believe the excellence of Stena Bulk’s technical and operational capabilities represent an industry benchmark and we look forward to the success of the newly established partnership in the coming years,” Andrew Hampson , CEO of Tufton Investment Management Limited, commented.
Originally built between 2015 and 2018, Stena Bulk’s IMOIIMAX tankers are designed to carry IMO 2 and 3 cargoes as well as clean and dirty products, ensuring maximum cargo flexibility. The vessels are all equipped with eighteen cargo tanks of a max 3,000 cbm capacity as well as a nitrogen-based inert gas system.
The design was developed by Stena Bulk and Stena Teknik together with the Chinese shipyard GSI. After several years in operation, the MR tankers have become known for their reliable and efficient design. Stena Bulk designed the IMOIIMAX tankers to “have a minimized environmental footprint and optimized performance”.
In February this year, as part of its decarbonization efforts, Stena Bulk inked long-term charter agreements for four newbuild eco Medium Range (MR) tankers.
Two of the vessels, Stena Continent and Stena Conquest, will be delivered from Hyundai Mipo by the end of 2025. Two further eco MR tankers, Stena Contender and Stena Concept, will follow in 2026.
The design will enable the vessels to consume just 15 metric tons of fuel per day when laden at 13 knots. The ships will be also scrubber-fitted to ensure global sulphur cap compliance.