Construction of new tankers is currently at low levels, while the demand for available vessel capacity is high. This pushes up costs and increases financial risks when vessels are chartered in. Stena Bulk also has high requirements for a modern and efficient fleet; the vessels must be built after 2015 to be competitive, with low energy consumption, in accordance with future requirements from the EU and IMO.

Stena Bulk seeks to be a leader in the development of its own fleet, where new technology and digitalisation are important success factors. During the year, a collaboration was initiated with Bureau Veritas, which has invested in the advanced digital tool OrbitMI, specifically designed to optimise ship operations.

“Digitalisation and the application of AI are important for us to continue to be the company we want: a company that offers services of high quality and is appreciated by our customers, has high earning capacity and can attract the right talent,” says Erik Hånell.

In 2024, the new policy and legal requirements from IMO and EU concerning the climate and environmental impact of ships will be implemented. Already from 1 January 2023, it became mandatory for all vessels to report energy efficiency according to established indicators (EEXI – Energy Efficiency Existing Ship Index and CII – Carbon Intensity Indicator) from the IMO, to ensure compliance.

“Stena Bulk is far ahead in this work and we are well aware of what is required and how the new rules are to be handled. This gives us an advantage against our competitors and the opportunity to show leadership,” comments Erik Hånell.

In 2023, Stena Bulk launched the sustainable shipping fund LEMSCO (Low Emission Methanol Shipping Company), in collaboration with Proman as its partner. LEMSCO’s assets consist of five methanol-powered tankers. Within the fund’s framework, Proman has signed a specific methanol supply agreement for the vessels. The agreement is an important step forward as there is strong global competition for the fuel.

For Stena Bulk, the safety of all employees, including third party crew on board, is a key success factor. This is particularly important in view of the uncertain geopolitical situation in the areas where Stena Bulk’s vessels operate. Stena Bulk constantly strives to strengthen its safety work through continuous development of processes and routines.

Stena Bulk works with diversity throughout the organisation, from management to employees. The focus is on promoting equality and creating an inclusive corporate culture.

Stena Bulk’s most important risks include the trade situation with Russia, the ongoing geopolitical conflicts. This is particularly linked to the war in the Middle East, and the current world economic situation, with inflation and high shipyard prices. To manage these risks, the company implements flexible route adjustments when needed and reduces the share of chartered in vessels, to increase financial security.

Environment

Comments: The annual energy efficiency result for the respective fleets can be derived from increased (MR) and reduced (Suezmax) amounts of ballast journeys in 2023.

Retention rate

97%

Goal: >90%

The company uses “Retention rate” as a key ratio to monitor its ability to retain seafarers.