Sweden's Stena AB has sealed new expansion in the ro-ro and car carrier sectors.
The tanker and ferry group said that it has launched a cooperation in Europe with South Korea's vehicle shipping player Hyundai Glovis.
It has established a 50/50-owned joint venture to "develop new products and services for the European market."
The outfit, Stena Glovis, is based in Hamburg.
Stena has also bought a 67% stake in Dutch ro-ro line NMT Group.
NMT specialises in global shipment of cars, trucks and all other rolling cargo.
The group has also been busy cutting debt.
In February it repaid a EUR 102m ($114m bond that was due, while it has also pre-paid $105m of the Stena Forth Junior/Mezzanine tranche, with an original maturity date in 2021.
And this month, it has signed a new contract for its 55,000-dwt drillship Stena IceMax (built 2012).
The deal starts in the first quarter of 2020 and last 100 days, plus an option.
Loss cut
Stena also announced a reduction in first quarter net loss to SEK 573m ($60m) from SEK 735m ni 2018, mainly due to improved EBITDA within ferry and tanker operations.
Revenue grew from SEK 2.7bn to SEK 2.88bn.
Tanker operations generated EBITDA of SEK 339m in the three-month period ended 31 March, against SEK 69m a year ago.
This was mainly due to improved rates in the suezmax segment and a recovery for the MRs, together with improvement for its LNG carriers as they increased operating days at higher rates.
Strong contract coverage and utilisation rate across the ro-ro fleet was offset by lower charter income as a result of vessels sold in 2018.
