It has agreed a deal for a series of chemical carriers from Stream Tankers, the joint venture between Bergen-based chemical-tanker owner Utkilen and EDG Holding.

The Andreas Sohmen-Pao-led shipowner has bought two ships built in 2008 and 2010 and eight newbuildings to be delivered between 2015 and 2018.

The two existing ships – the 19,999-dwt Stream Luna (built 2010) and the 19,702-dwt Stream Mia (built 2008) – were built at Japan’s Shitanoe Shipbuilding and Fukuoka Shipbuilding respectively.

The 19,900-dwt newbuildings are being built with the same shipyards and when complete, they will be equipped with eco-design hulls and fuel efficient engines.

“Stream Tankers has a fleet of quality vessels and newbuildings and BW is pleased to be acquiring this fleet,” said Sohmen-Pao.

“With this purchase, we will be able to strengthen our service offering in the chemical tanker segment.”

BW said it intends to manage the ships commercially through the WOMAR pool system, in which it acquired a stake earlier this year.

The Singapore-based shipowner currently has only two chemical tankers in its 113-strong fleet – the 19,400-dwt Bold World (built 1998) and Bright World (built 1997).

“We see BW’s investments in the product tanker segment atthis point in the cycle as interesting given somewhat softer values over thepast month,” said Arctic Securitiesanalyst Erik Nikolai Stavseth.

“We argue supply growth in 2014 and 2015represents potential downside, but are well-aware of BW’s long-term view whichmay support a more positive view.”

On Monday BW Group announced a joint venture with private equity outfit Pacific Alliance Group (PAG) focused on the product tanker market.

BW Pacific, as the new venture will be called, said it had agreed to acquire ten modern MR product tankers from Vitol Energy subsidiary Elandra Pte Ltd.

BW Group officials also confirmed to TradeWinds that it had bought ten MR tankers earlier this year from Greek owner Metrostar following the collapse of the sale to failed initial-public-offering (IPO) candidate Diamond S Shipping.

BW Pacific will have a fleet size of 37 tankers made up of the 20 MRs and BW Group's 17 LR 1 product tankers.