Stena Bulk joins partnership to operate IMOIIMAX tankers

A deal brokered by London’s Tufton Investment Management will see an unnamed “prominent Gulf Co-operation Council” institution investor take a 50% stake of an undisclosed number of Stena’s IMOIIMAX vessels.

Thirteen of Stena’s IMOIIMAX tankers were built between 2015 and 2018, and originally designed to carry IMO 2 and 3 cargoes as well as clean and dirty products, ensuring maximum cargo flexibility. The vessels are equipped with 18 cargo tanks with a maximum capacity of 3000 m³ and a nitrogen-based inert gas system.

The design was developed by Stena Bulk and Stena Teknik together with the Chinese shipyard Guangzhou Shipyard International. 

Speaking about the new joint venture, Stena Bulk president Erik Hånell said, “We look forward to working closely with our partners to continue to maximise the potential of our IMOIIMAX tankers, exploring new horizons, expanding our market reach, and creating value for our customers. By working closely together over the coming years, we will continue to push new boundaries for MR tanker performance.”

Six of the 13 ships are currently wholly owned by Stena Bulk, four are jointly owned with Singapore palm oil giant Golden Agri-Resources, two are owned by China Development Bank Financial Leasing and one has been leased back by a Chinese lease financier.

Tufton chief executive Andrew Hampson said, “We believe the excellence of Stena Bulk’s technical and operational capabilities represent an industry benchmark and we look forward to the success of the newly established partnership in the coming years.”