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Stena Bulk calls time on newbuild ordering

Tue 09 May 2017 by Barry Luthwaite

Stena Bulk calls time on newbuild ordering
A photo from the delivery of Stena Immaculate. Believing the market is approaching a supply-demand balance Stena Bulk is not planning on any more newbuildings for now

Swedish flagship company Stena’s fleet renewal programme is being drawn to a close as the company feels that supply and demand for 50,000 dwt MR2 product carriers is now balanced. 

Stena Bulk is Sweden's leading and largest tanker concern

Current tanker fleet    
shipowner no dwt
Stena Bulk 17 1,336,396
Wisby Tankers 16 267,976
Thun, Erik 14 103,100
Marinvest 12 707,670
Sirius Rederi AB 10 67,365
Tarntank Rederi 8 98,267
Donsotank 7 146,898
Gotland AB 7 296,052
Stena AB 7 438,001
Tarbit Shipping AB 7 89,843
Furetank Rederi 6 120,097
Ektank AB 5 72,150
Stena-Weco 4 84,737
Concordia Maritime 3 164,887
Frederiet 3 16,519
Stoc Tankers AB 3 35,427
Vaderotank 3 30,135
Veritas Tankers 3 35,279
Alvtank AB 2 34,571
BRP Shipping 2 7,314
Brostrom AB 1 10,048
Brostrom Ship Mgmt. AB 1 6,719
Fjordtank 1 1,408
Laurin Maritime 1 46,764
Ockero Bunkerfrakt 1 400
Oljola AB 1 1,050
Pallas Shipping 1 3,476
Swedia Rederi 1 2,713
Grand total 147 4,225,262

 

The current IMO II MAX newbuilding programme will be completed next year when the final three vessels in the series are delivered by the former Guangzhou International Shipyard, now known as CSSC Offshore & Marine Engineering under the CSSC state umbrella.

Golden Stena Weco continues as a joint venture between Stena Weco and Golden Agri-Resources

Including charters, the total Stena Bulk fleet now numbers 113 tankers totalling 3,636,222 dwt, with an average age of 6.2 years. Stena Bulk now wholly owns Stena Weco, having bought out Danish partner Weco’s 50 per cent holding. Golden Stena Weco continues as a joint venture between Stena Weco and Golden Agri-Resources (GAR) and employs over 60 vessels.

The Golden Stena Weco fleet grew with the delivery of Stena Imagination, which is jointly owned by Stena Bulk and Golden Agri Resources, but operated by Stena Weco. The vessel’s naming ceremony took place at Port Raschid terminal, Dubai. The location is significant. Stena Bulk is expanding its strategic presence in Dubai to transport chemical cargoes. Diesel oil exports to Africa and other destinations feature strongly. These MR2 vessels are extensively employed in vegetable and palm oil trades, and the Middle East development further reduces back-haul ballast voyages.

Stena Imagination is one of 13 sister vessel IMO-II MAX MR2 50,000 dwt parcel tankers, with three more due to be delivered in 2018. An option for a further two vessels in the series has been allowed to lapse. Of the 13 vessels, Stena Bulk fully owns five, Stena Bulk/GAR owns four, Concordia Maritime owns two, and Stena Weco owns two.

The fleet has seen five new deliveries over the last year. The tanker order backlog has grown from 20 vessels (576,900 dwt) a year ago to 30 tankers (590,893 dwt) today.

Alongside Stena, a handful of smaller companies make a valuable contribution to the nation’s economic performance. Thuntank, Furetank, Ektank, Alvtank, Sirius Rederi, Tarbit Shipping, Wisby Tankers and Pallas Shipping are behind all but three of the 30 tankers on order.

 

Tankers on order to Swedish owners

Tankers on order    
Shipowner no dwt
Thun, Erik 9 118,296
Furetank Rederi 5 81,500
Ektank AB 4 72,000
Stena Bulk 3 150,000
Alvtank AB 2 32,600
Sirius Rederi AB 2 15,998
Tarbit Shipping AB 2 18,800
Wisby Tankers 2 99,999
Pallas Shipping 1 1,700
Total 30 590,893

 

All-in-all, the Swedish fleet number 147 tankers aggregating 4,225,262 dwt. It is one of the world’s youngest and technically advanced fleets. A hallmark is the number of vessels that have been ordered in China.

 

Swedish tankers on order by type at Chinese shipyards

Tankers on order    
shipbuilder no dwt
AVIC Dingheng 14 216,398
Guangzhou Shipyard 5 249,999
Chengxi Shipyard 4 72,000
Ferus Smit 4 31,996
RMK Marine 2 18,800
Akdeniz Shipyard 1 1,700
Total 30 590,893

 

The fleet has seen five new deliveries over the last year. The tanker order backlog has grown from 20 vessels (576,900 dwt) a year ago to 30 tankers (590,893 dwt) today. The product and chemical carrier fleets in service number 58 and 57 units respectively. There are only four Suezmax crude oil carriers.

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