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Marine Log

January 17, 2008

Stena Bulk brings three products tankers in house

Stena Bulk has purchased three 47,000 dwt MR (medium range) product tankers for a total of approx. SEK 1 billion (about $158 million) from Italian Gestioni Armatoriali Spa in Ravenna with delivery set for February, 2008.

The three vessels, the Stena Conqueror, the Stena Conquest and the Stena Italica, which Stena has controlled via long-term charters ever since they were built, will continue to be operated from Stena Bulk's office in Houston. They will transport clean petroleum products for, among others, U.S. oil companies including Chevron.

The three MR vessels are modern, well-designed product tankers of 47,000 dwt built at Uljanik, Croatia, in 2003-2004.

They are Stena S-47 class ships characterized by a very shallow draft and a highly flexible cargo system. "The acquisition of the three Gestioni tankers is a strategic one intended to secure our business position in the U.S. and, at the same time, to ensure that they are not sold to a third party", says Ulf G. Ryder, President & CEO of Stena Bulk.

The Stena Conqueror, the Stena Conquest and the Stena Italica, together with a further four identical vessels, form a group-- the so-called "Seven Sisters"--that Stena has controlled ever since they were built.

"In order to be able to retain our market shares, our contract portfolio in certain geographical core areas must contain a specific number of vessels. At the same time, this is a prerequisite for us to be able to deliver a high level of service in our long-term customer relationships. With this acquisition we have now expanded our core fleet for several years ahead", says Kim Ullman, Executive Vice President & COO of Stena Bulk.

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