Sweden’s Stena Bulk has moved to take full control of joint venture Stena Weco after agreeing with Weco Shipping to purchase the Danish company’s 50% stake.
Stena Weco will become wholly owned by Stena Bulk, although Weco Shipping will continue to run their controlled fleet in the Stena Weco logistic system. Stena Weco operates close to 65 vessels, equally split between owned and chartered vessels.
Erik Hånell, president and CEO of Stena Bulk and CEO of Stena Weco, commented: “After six very successful years and operational collaboration, the two companies’ ambitions for the future have changed. With the agreement now reached, which means that Stena Weco will be 100% owned by Stena Bulk, this situation has now been solved in a way that benefits both parties.”
”We are proud to have been part of the successful Stena Weco journey and very pleased that we have been able to reach the perfect solution for both partners in Stena Weco, also for the future”, added Johan Wedell-Wedellsborg, chairman of Weco Shipping.
Stena Weco cross trades vessels in and out of various markets including chemicals, edible oils, and clean petroleum products. It is a market leader in moving palm oils in to Europe.
The company will continue to be headquartered out of Denmark and will keep regional offices in Singapore, Dubai and Houston.