Stena Bulk expands collaboration with Teekay

The shuttle tanker Navion Gothenburg was delivered yesterday, after upgrading and modification*, from the shipyard Dubai Drydocks. The basic model of the vessel was built at the shipyard Samsung Heavy Industries in South Korea and is owned on a 50-50 basis and on the same terms by Stena Bulk and the Canadian shipping company Teekay, one of the three largest oil transporters in the world. Immediately after delivery, the Navion Gothenburg will enter a 13-year charter with Petrobras, the largest oil company in Brazil.

Stena Bulk has been working with Teekay for several years, currently in the form of six shuttle tankers on long-term charters stationed in the North Sea and off the Brazilian coast. The crude oil tanker Navion Gothenburg, a 152,000 dwt Suezmax shuttle tanker with a double hull and a length of 275 m, is the latest addition.

“We are very pleased to have expanded our excellent multiyear collaboration with Teekay and, additionally, to be able to strengthen our presence in South America with the charter to Petrobras. This will generate stable revenues on a long-term basis,” comments Ulf G. Ryder, President of Stena Bulk AB.

* The bows of the tankers are modified to simplify offloading connections to storage vessels. A shuttle tanker sails in shuttle traffic between production facilities at sea, so-called FPSOs (floating production storage offshore) and refineries ashore.

For further information, please contact:
Ulf G. Ryder
President & CEO, Stena Bulk AB
Mobile: +46 704 85 50 01