Golden-Agri Stena, the joint venture between Stena Bulk and Golden Agri-Resources, has started a new joint venture with Bay Crest Management, targeting expansion in Asia.
GSB Tankers has been set up to undertake the operation and commercial management of chemical tankers. Commencing January 1, GSB Tankers will manage 18 chemical tankers based out of the offices of Golden-Agri Stena in Singapore. the JV plans to manage 30 chemical tankers within two years.
Erik Hånell, president and CEO Stena Bulk, commented: “We are very pleased to announce the partnership with the successful and well-positioned Japanese company Bay Crest Management. Forming strategic partnerships in this way is for us a well-tried concept, coordinating complementary assets, know-how and experience. It also makes it possible for us to take a deeper step into a market we have strong belief in for the future. I am certain there will be spin-off effects for all partners, with new business opportunities as well as broadening exposure and presence in various business areas.”
Shinsuke Togawa, director of the board of Bay Crest Management, added: “Riding on prior success in managing stainless steel chemical tankers in the region, Bay Crest Management is keen to further extend its footprint internationally. The good brand name of Golden-Agri Stena, coupled with its extensive experience in trading vegetable oil and clean petroleum products, makes them an ideal equal partner for achieving our ambition.”
Established in 2013, Bay Crest Management is a specialised chemical tanker commercial manager.