• 2007 March 6 06:33

    Stena Bulk enjoys healthy profits but warns of falling freight rates this year

    Stena Bulk finished yet another successful year with a profit of almost SEK 1 billion on sales of approx. SEK 4.5 billion. With a deployed fleet of 60 vessels totalling more than 6 million dwt, Stena Bulk is the largest tanker shipping company in Sweden. The company has a market share of 40% in the Caribbean, 20% on the North Sea and 15% in the Baltic Sea.
    “This is the third consecutive year in which we have generated an extremely good profit. In fact, we could have posted a new profit record if we hadn’t decided instead to utilise extra depreciation. Our excellent figures are partly the result of profits on the sale of five tankers in combination with a strong spot market, although obviously it is also important in a long-term perspective to be able to read the market in order to buy/sell at the right time. This will continue to be an important component of our business activities”, says Ulf G. Ryder, President & CEO of Stena Bulk.
    A total of about 2,000 persons are involved in Stena Bulk’s activities, including about 50 persons ashore at offices in Gothenburg, Houston, London, Moscow, Singapore and Beijing.
    Five new vessels were delivered in 2006 and a further six have been ordered for delivery up until 2010. These six units are all so-called Stena P-MAX tankers and will join the fleet of ten vessels of the same design, which Stena Bulk manages operationally and commercially on behalf of its listed sister shipping company Concordia Maritime.
    “In 2006, we transported approx. 10 million tons of oil via the Baltic Sea, which is equivalent to a market share of 15% of the total volume of Russian oil exports via the Baltic Sea. This year, we are focusing on increasing our share of this expansive market. We will also concentrate on creating a niche position for ourselves in Asia with a specific focus on China and the eastern side of Russia”, continues Mr. Ryder.
    “Our assessment for 2007 is that the many vessels to be delivered during the year will result in overcapacity in the global market and, as a consequence of this, it is likely that freight rates will fall 50%. However, thanks to the very profitable years we have behind us, we have the financial strength to once again make major investments if suitable opportunities arise”, concludes Mr. Ryder.


2024 November 13

18:00 COSCO Shipping Energy orders 6 new VLCCs
17:12 ABS, CCS and DNV approve COSCO's 50,000 cubic metre dual-fuel ammonia tanker design
16:47 Odfjell to use digital twins for weather routing on chemical tankers
14:51 Establishing an emission control area for ships in the North Atlantic Ocean could prevent several thousand premature deaths through 2050 - ICCT
14:11 Erma First Group acquires Ecochlor to lead the global BWTS market
13:53 Höegh Autoliners and Fortescue call for faster adoption of clean ammonia marine fuel at COP29
13:24 INEOS and Royal Wagenborg sign multi-year contract for CO2 carrier
12:22 Bureau Veritas acquires technical advisory company Versatec Energy
11:47 Wuchang Shipbuilding launches the large navigation ship of the South China Sea Navigation Support Center
11:24 GTT receives an order from China Merchant Heavy Industry-Jiangsu for the tank design of a new LNG сarrier
10:52 Thecla Bodewes Shipyards successfully launches 5,050dwt vessel 'Iana’ for Transtal Shipping
10:00 ACCIONA to build a new breakwater to shelter floating port terminal in Ravenna
09:21 Bureau Veritas embarks with Selar to certify its pioneering wind and solar powered polar expedition vessel

2024 November 12

18:06 Iraq shortlists 11 firms for Grand Faw port operation, decision in January 2025
17:42 ZeroNorth and Vitol launch digital bunker trial in port of Rotterdam
17:24 LR MDH joins call to accelerate adoption of zero-emission fuels by 2030
16:41 Port of Rotterdam Authority sets tariffs for the next three years
16:25 Vitol Terminal Latvia introduces new aniline transshipment service
15:45 UECC and Daphne Technology join forces to drive advanced emissions monitoring on UECC’s latest vehicle carrier
15:18 Seatrium inks LoI for a Heavy Lift Vessel for Japan’s wind market
14:55 Silverstream and Yiu Lian Dockyards (Shekou) sign MoU to drive Silverstream® System installations
14:13 AD Ports Group delivers record revenue of AED 4.66 bln and total net profit of AED 445 mln in Q3 2024
13:44 BAR Technologies signs an agreement with WindWaves to manufacture new 20 and 24 metre WindWings
12:31 Sanmar delivers powerful escort tug to P&O Maritime Logistics
11:40 e1 Marine and STAX Engineering partner on innovative barge-based emission capture and control project
11:00 New Yangzi Shipbuilding delivers SEASPAN's 12th dual-fuel medium-sized container ship
10:31 Van Oord completes major dredging project in Egypt
10:03 Zhenhua Heavy Industries launched the world's largest piling vessel for CCCC Second Harbor Engineering Bureau
09:49 Telemar announces agreement to install and maintain Sealution’s shipboard data collection technology

2024 November 11

18:00 ADNOC Gas to buy 60% in Ruwais LNG plant
17:18 Strategic Marine signs contract with Mainprize Offshore for six new Supa Swath vessels, with options for six more
17:01 Hanwha Ocean wins 713.5 bln-won deal to build two LNG carriers for Maran Gas Maritime
16:35 One missing after MSDF vessel sinks due to fire off Fukuoka
16:05 Northern European ports in collaboration receive EU funding for onshore power for container ships
15:32 Maersk Tankers to deploy suction sail technology at scale to reduce CO2 emissions
15:12 CMA CGM's revenue up 38.5% to USD 15.8 bln in Q3 2024
14:45 DP World Australia announces acquisition of Silk Logistics
13:24 SAFEEN Group achieves Guinness World Record for most powerful electric tugboat
12:53 Höegh Evi to partner with SEMOP Port-La Nouvelle to develop strategic infrastructure for hydrogen import to France and Europe
12:08 ICTSI's Adriatic Gate Container Terminal hit 2 more milestones
11:24 Daito Corporation to build an electric tugboat
10:43 Hudong Zhonghua completes sea trial of LNG carrier built for Qatar Energy
10:20 CSSC Engine delivers China's first domestically produced methanol dual-fuel main engine
09:47 Hapag-Lloyd acquires German ship management company Hamburger Lloyd

2024 November 10

15:03 Keel laying ceremony marks the birth date of new ships for Scilly
13:44 Singapore is strengthening its position as a global hub for supply chain management (SCM)
12:13 ACP: Panama Canal could double the number of containers transiting
11:38 INOX India Ltd announces Q2FY25 Results
10:09 Chittagong port sees 13% fall in export container handling

2024 November 9

13:41 Montreal port employers threaten shutdown over labour dispute
12:49 China Merchants signs letter of intent with Brazilian port authority Portos do Parana
11:08 ZIM integrates Hoopo’s solar tracking solutions
09:52 Mexican terminal TMAZ welcomes arrival of MSC vessel

2024 November 8

18:00 Greece, Turkey to keep talking on maritime boundaries agenda
17:35 Montreal Port urges Trudeau government to end strike
17:24 Yangzijiang Shipbuilding receives 98 new orders this year
16:57 Utilizing Milbros UV Graphs improves chemical tank cleaning safety and turnaround
16:25 Transnet National Ports Authority pilots usage of cleaner fuels on its tugboat fleet
15:34 Wallenius Wilhelmsen exercise options for two additional 11,700 CEU Shaper vessels
15:02 IMO heads to COP 29 to promote net-zero framework for shipping
14:45 Fincantieri, VARD and Sandock Austral Shipyards form alliance around the Afrika Offshore Patrol Vessel
14:25 KOTUG’s SD Waalo begins maiden voyage under bp charter for LNG operations
12:43 QatarEnergy inaugurates four LNG vessels, the first from Korean shipyards
12:24 Fincantieri finalizes order with Crystal for a new high-end cruise ship
10:09 Friday Shipbrokers fix chartering project with Boskalis to transport car carrier to China for repair
09:20 ExxonMobil successfully supplies Hapag-Lloyd with B25 bio marine fuel blend in Antwerp

2024 November 7

18:00 Innovation Norway and Team Norway sign two agreements aimed at advancing sustainable maritime solutions
17:54 MABUX: Bunker price trends in the world's four largest hubs, Nov 4 - Nov 8, 2024
17:36 Konecranes expands emissions reduction ambition by committing to setting long-term, science-based net-zero targets
17:16 HD KSOE receives AiP from LR and LISCR for ammonia fuel-related equipment