Stena Bulk takes six suezmaxes on time charter

Stena Bulk has taken advantage of this year’s dire charter rates for suezmaxes by chartering in six tankers to boost the strength of a suezmax pool it operates in a joint venture. The Swedish company has revealed today that it has taken the SKS Skeena, Istanbul, Almi Galaxy, Almi Voyager and Almi Sky, all on time charter.

The ships have headed into the Stena Sonangol Suezmax pool, which was established in 2005, and now has 25 vessels operating. The pool is operated in the form of a joint venture owned on a 50-50 basis by Stena Bulk and the Angolan state-owned oil company Sonangol.

“In what has generally speaking been a stable low market, we have recently seen opportunities to utilise our business model in the current market,” commented Erik Hånell, Stena Bulk’s president and CEO, who went on to reveal plans to grow the pool to around 30 suezmaxes soon with more chartered in tonnage.

Hånell claimed his pool was operating far better than most of his peers, saying in a release today: “We have been extremely successful and are one of the leaders when it comes to earnings, both compared with the index and with competing pools and suezmax fleets.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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