Chris Stedman exits Petredec in deal with the Fearn family and Bahri
Gas shipowner and trader Petredec has a new ownership structure following the exit of former director Chris Stedman.
The Fearn family and Saudi Arabian state shipowner Bahri have struck a deal with Stedman to take over his stake in Petredec parent company Petredec Group Limited (PGL).
The British Virgin Islands-headquartered PGL is the sole owner of Petredec, and the transaction has seen the Fearn family increase its ownership to 59.92%, with the remaining 40.08% stake held by Bahri. The financial terms of the deal have not been disclosed.
Petredec bought its first ship in 1987. Stedman and Charles Fearn took over the company in 1993, and Bahri joined as an investor some 12 years later.
The company today owns the second largest fleet of very large gas carriers (VLGCs) made up of around thirty modern vessels and the second largest handysize gas fleet in the world.
“Petredec would like to express its sincere gratitude to Mr. Stedman for his immeasurable contribution to the company’s success and development. We wish him all the best in his future endeavours,” the Giles Fearn-led company said.
