Proman Shipping joins Stena Bulk to promote methanol

Oct 11 2019

Proman Shipping and Stena Bulk have formed a joint venture partnership to operate methanol fuelled MRs.

As a result, Proman Shipping will become the operator and 50:50 owner of two long term time-chartered ships, under the banner of Proman Stena Bulk Limited.

Two methanol-fuelled MRs, plus two options, were reported by brokers to be at the Letter of Intent stage at GSI for around $38 mill each. 

The joint venture represents Proman’s commitment to building a sustainable shipping sector by operating two newbuilding IMOII Me-Max MRs with Stena Bulk, the company said.

David Cassidy, Proman CEO, said: “In just 18 months since Proman Shipping’s foundation, we have made substantial advances and this joint venture with an industry leader is testament to that work. We are proud to be one of only three companies actively engaged in promoting methanol as a marine fuel, through this partnership with Stena Bulk.

“Proman is always seeking out new and innovative ways to use methanol, and to maximise our fully integrated, diversified platform across the whole value chain, from the production and conversion of natural gas, to the marketing and delivery of end products to customers,” he said.

Anita Gajadhar, Proman Shipping managing director, commented: “This is an exciting step for Proman Shipping, which sees us not only partner with a world leading shipping operator, but also invest in the use of more sustainable marine fuels without compromising on efficiency. We are proud to be partnering with Stena Bulk, who share our commitment to innovation and to be pioneering the use of methanol as a fuel of the future together.”

Erik Hånell, Stena Bulk President & CEO, said: “This is a new important stepping stone for Stena Bulk. We are very satisfied to find a partner like Proman, which has many shared values, giving us this opportunity to enter into their future logistical ambitions.

“In our history, we have built our success with partnerships, a success that we are pleased to share with new partners with equal views and ambitions, leading to further development in our industry allowing new or upgraded innovations that make our industry more efficient and sustainable,” he said.

Claes Leschly Bang, General Manager, Clean and Chemicals, Stena Bulk, added: “We as a global commercial tanker operator, have through our newly developed IMOIIMAX MR tanker fleet created our presence in the worldwide methanol trade.

“With Proman as a new strategic partner, we are very satisfied that all our hard work is coming to fruition not only meaning that we can support a very important customer but also create a new joint venture together that we put high value on in respect of culture and vision, taking us a few steps into the future with the ships we will now build together,” he concluded.


Previous: Bunker supplier increases liquidity ahead of IMO2020

Next: Shipping confidence dips

June July 2022

SIRE 2.0 - OCIMF and Columbia Ship Management perspective; seafarer mental health; EU ETS costs; 33 years after Exxon Valdez; resolving BWTS problems