Stena buys slice of Paradise Tankers
Gothenburg, Sweden-based ocean carrier Stena Bulk said Monday it has acquired a 35 percent equity ownership stake in privately held Greek shipping line Paradise Tankers Holding Corp for an estimated $250 million.
The acquisition provides Stena Bulk with control of Paradise's three newly built Panamax tankers and two dry bulk carriers.
The 73,500-deadweight-ton tankers, now in the Star Tankers fleet, will be renamed Stena Callas, Stena Chronos and Stena Chiron and be moved to the Stena Sonangol Panamax Pool.
'We have known each other for many years and admire the traditional way of quality operation this long established company stands for. The transaction provides Stena Bulk with full control of the Paradise fleet, but does not require our full commitment of capital,' said Ulf G. Ryder, president and chief executive officer, of Stena Bulk.
The deal, according to Stena, will provide Paradise with cash and help forge a 'collaboration' between the two firms.
Stena buys slice of Paradise Tankers
