Stena Bulk and Sonangol have welcomed a new member into their joint suezmax tanker pool.
Abu Dhabi’s Safeen Feeders, controlled by AD Ports Group, has delivered its 158,000-dwt Safeen Elizabeth (built 2011) to the operators in Kalundborg, Sweden.
Swedish owner Stena Bulk and its Angolan state oil company partner said the pool, set up in 2005, has “about 20” fuel-efficient tankers currently.
“The addition of Safeen Feeders to the pool further amplifies its collaborative efforts,” they added.
AD Ports moved into shipowning in 2020 by setting up Safeen Feeders with Singapore’s Bengal Tiger Line.
The company has since bought tankers, bulkers, container ships and offshore vessels.
Johan Jawert, co-manager at the pool and head of Stena Bulk in the US, said: “Our continued strong performance and global network will mean that the addition of Safeen Elizabeth will create value for both Safeen and Stena Sonangol.”
The tanker was sold by Ridgebury Tankers as the Ridgbury Elizabeth B in April last year for $47m.
VesselsValue assesses the ship as worth $55m now.
Jawert explained the pool was restructured in 2020 to be more of an open operation.
Each member has an equal say in the business.
More members joining
“We are now happy to see more pool members joining. With the volatile and strong market we have seen the last couple of years, we believe that the pool continues to be the concept to make sure strong and stable earnings are secured throughout the market’s cycles,” Jawert added.
Safeen Feeders said in a statement that it believes its move will strengthen its global network and connectivity.
The company also hopes to “unlock new opportunities and reinforce our commitment to providing efficient and reliable maritime solutions”, it added.
Stena Sonangol uses the Orbit MI platform to monitor, optimise and plan day-to-day operations.
The pool operates from Houston, Gothenburg and Singapore.
