Stena Bulk is teaming up with Bay Crest Management to operate chemical tankers in an Asian expansion move.

The Swedish group's Golden-Agri Stena joint venture with Golden Agri-Resources has formed GSB Tankers with Japan's Bay Crest, it said.

GSB will operate and commercially manage chemical ships from 1 January.

It will use the existing premises of Golden-Agri Stena in Singapore, with other offices in both Dubai and Japan.

The fleet will number 18 at first, but it aims to hit 30 within two years.

“We are very pleased to announce the partnership with the successful and well-positioned Japanese company Bay Crest Management," said Stena Bulk CEO Erik Hanell.

"Forming strategic partnerships in this way is for us a well-tried concept, coordinating complementary assets, know-how and experience.

"It also makes it possible for us to take a deeper step into a market we have strong belief in for the future. I am certain there will be spin-off effects for all partners, with new business opportunities as well as broadening exposure and presence in various business areas."

Stainless-steel ambitions

Bay Crest was established in 2013 to provide a platform for chemical tanker owners.

With offices in Singapore and Japan, it has managed more than 30 tankers.

“After six very successful years operating and managing intermediate-sized chemical tankers, Golden-Agri Stena aspires to enhance its involvement in the chemicals cargo trade through operating and managing stainless steel tankers," said Bjorn Stignor, managing director of Golden-Agri Stena.

"Bay Crest offers excellent experience and network for us to jointly attain the aspiration.”

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Shinsuke Togawa, director of Bay Crest, added: “Riding on prior success in managing stainless steel chemical tankers in the region, Bay Crest Management is keen to further extend its footprint internationally.

"The good brand name of Golden-Agri Stena, coupled with its extensive experience in trading vegetable oil and clean petroleum products, makes them an ideal equal partner for achieving our ambition.”

Golden-Agri Stena was established in 2012 with Indonesian palm oil producer Golden Agri-Resources.