Golden Stena Weco invests in new tanker

27 February 2013

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 South east 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 & 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 eight million tons of the total of 45 million tons of palm oil produced globally per year is transported from South East Asia to Europe. Stena Weco has a large share of this trade. www.stenaweco.com

With offices in six countries, Stena Bulk is one of the world’s leading tanker shipping companies. The company controls a combined fleet of around 100 tankers. Stena Bulk is part of the Stena Sphere, which has more than 20,000 employees and sales of SEK 60 billion. www.stenabulk.com

Golden Agri-Resources (GAR) is the world’s second largest palm oil plantation company with a total planted area of 459,500 hectares (including smallholders) as at 30 September 2012, located in Indonesia. It has integrated operations focused on the production of palm-based edible oil and fat for the food industry.

Founded in 1996, GAR has been listed on the Singapore Exchange since 1999. The company has a market capitalisation of USD 6.9 billion as of 28 September 2012. Flambo International Limited, an investment company, is GAR’s largest shareholder, with a 49.95% stake. GAR has several subsidiaries, including PT SMART Tbk, which has been listed on the Indonesia Stock Exchange since 1992.

GAR is focused on sustainable palm oil production. In Indonesia, its primary activities include cultivating and harvesting oil palm trees; processing fresh fruit into crude palm oil (CPO) and palm kernels; and refining CPO into value-added products such as cooking oil, margarine and shortening. The company also has integrated operations in China including a deep-sea port, oilseed crushing plants and production capabilities for refined edible oil products for the food industry. www.goldenagri.com.sg

Stena Bulk, press release