Stena Finds Paradise

Stena Bulk announced today the acquisition of a 35% equity stake in the privately held Greek shipping company Paradise Tankers Holding Corp. The acquisition, which has total share capital valued at an estimated $250 million, provides Stena Bulk with full commercial control of three newly built Panamax tankers and two dry cargo bulk carriers which are on long-term charters.

The tankers are modern epoxy-coated Panamax tankers of 73,500 DWT all of which will be withdrawn from the Star Tankers Pool and will immediately enter the Stena Sonangol Panamax Pool. The pool is a direct spin-off from the successful collaboration with Angola’s national oil company Sonangol involving a fifteen tanker Suezmax pool which Stena and Sonangol have been operating for five years.