MARCH 10, 2017 — Tanker operator Stena Bulk has agreed to purchase the 50% of the shares in Stena Weco held by its partner, Denmark's WECO Shipping, part of the privately owned Dannebrog group.
Stena Weco will thus be wholly owned by Stena Bulk, but its head office will remain in Denmark.
WECO Shipping will continue to run its controlled fleet in the Stena Weco logistic system. Stena Weco currently operates around 65 vessels, about half of which are owned and half chartered.
"After six very successful years and operational collaboration, the two companies' ambitions for the future have changed," says Erik Hånell, President and CEO of Stena Bulk and CEO of Stena Weco. "With the agreement now reached, which means that Stena Weco will be 100% owned by Stena Bulk, this situation has now been solved in a way that benefits both parties."
Stena Weco, which was established at the beginning of 2011, specializes in the transportation of vegetable oils, chemicals and oil and petroleum products. Its goal is to be a market-leading player in the MR tanker segment.