Singapore: The shipping and chartering company Golden Stena Weco has invested in a further product tanker. The 9,000 dwt vessel, the Golden Avenue, will transport palm oil mainly in Southeast Asia.The tanker will sail primarily from Indonesia and Malaysia to India and China.
“The Golden Avenue, like her sister the Golden Adventure, is part of our jointly owned fleet and will be employed in transporting Golden Agri’s palm oil cargoes, mainly in Asia. The acquisition is yet another step in building up our joint venture”, says Erik Hånell, president and ceo, Stena Bulk.
Golden Stena Weco is a joint venture between Stena Weco and the Indonesian palm oil producer Golden Agri Resources (GAR). Golden Stena Weco currently operates five product tankers and has a staff of eight working with operation, chartering and trading in the joint office in Singapore.
Stena Weco, which was formed at the beginning of 2011, is owned equally by the tanker shipping company Stena Bulk and Danish Dannebrog, each with 50 percent. The shipping company specialises in the transportation of vegetable oils and chemicals and is one of the largest cargo carriers between Asia and Europe. About 8m tons of the total of 45m tons of palm oil produced globally per year is transported from Southeast Asia to Europe.
Indonesia’s Golden Agri-Resources (GAR) is the world’s second largest palm oil plantation company. [04/03/13]