Scandinavian-Indonesian jv in product tanker hunt

Singapore: A new Scandinavian-Indonesian joint venture is scouring the market to hunt down available tonnage in the under-25,000 dwt product carrier sector. Founded September 4 between Singapore-listed Golden-Agri Resources, Denmark’s Weco Shipping and Sweden’s Stena Bulk, Golden Stena Weco is headquartered in Pasir Panjang, Singapore.

 
It is a distinct entity from the 18-month old jv between the Swedish and Danish firms, Stena Weco. Golden Agri-Resources is a subsidiary of giant Indonesian conglomerate Sinar Mas.
 
On the new venture, Jesper Klarup, deputy gm at Stena Weco in Singapore, explained: “They are dipping their feet into focus on smaller tankers with a focus on palm oil.”
 
Previously Golden Agri chartered in a few ships. “The intention now is to own and charter ships under 25,000 dwt,” Klarup said.
 
The fleet size is as yet undetermined with Klarup maintaining: “They are trying to gauge just how much available quality tonnage is available before deciding on firm investments.”  [19/09/12]

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