S&P Global to Buy IHS Markit for $44 Billion in 2020’s Biggest Merger
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Tanker company Stena Bulk on Tuesday announced a major reorganization that will see the company split into three business areas focussing on crude and fuel, products and chemicals, and LNG.
At the same time, its business activities previously conducted under the name of Stena Weco are being coordinated and incorporated into Stena Bulk.
The company has also appointed two new managing directors and announced it will be opening a new office in Copenhagen, Denmark in the coming days.
“This is a natural transition from the old structure to the new one where we now have total control over our business involving product and chemicals transportation in the MR segment. This and other adjustments will result in a clearer structure as regards our business and organization”, says Erik Hånell, President and CEO, Stena Bulk.
The reorganization appears to have become effective immediately.
At the same time as the reorganization, two new managing directors were appointed; Mats Karlsson for Crude & Fuel and Johnny Schmolker for Products & Chemicals.
“After many years working with, among other things, the creation and development of the successful Sonangol pool, I am looking forward to taking greater responsibility in this business area”, says Mats Karlsson, Managing Director, Crude & Fuel.
“I have held a leading position at Stena Weco since it was started up 6,5 years ago and I am happy to have a key role in the incorporation of the two companies’ business into a single business”, said Johnny Schmolker, Managing Director, Products & Chemicals.
In addition, the company has made several changes to its executive management. Johan Jävert has been appointed as Vice President, Commercial Operations, and Sofia Eriksson will take on the position of General Manager, Business Control, WW. Björn Stignor continues as Managing Director of Golden Stena Weco in Singapore as does Göran Hermansson as General Manager of the business area LNG, according to Stena Bulk.
Stena Bulk Products & Chemicals, Denmark has been moved into the newly incorporated Stena Rederi AS’ office, where also Stena Line, Stena RoRo and Northern Marine Management are located. The office is located in Copenhagen near the Port of Tuborg. Stena Bulk will also continue to have regional offices in Gothenburg, Houston, Singapore, Shanghai and Dubai.
Stena Weco Background
Earlier this year, Stena Bulk signed an agreement to acquire the remaining 50% of the shares in Stena Weco from its partner WECO Shipping. This means that Stena Weco has now been incorporated into and is wholly owned by Stena Bulk.
Together with Stena Weco’s fleet of 65 tankers, Stena Bulk operates around 100 tankers – a third of which are owned and two-thirds are chartered.
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