Stena Bulk

Stena Bulk

A record performance combined with technology development

Headquartered in Göteborg, Stena Bulk is one of the world’s leading tanker shipping companies, with a fleet of approximately 70 owned, chartered and managed tankers. Stena Bulk works with everything from innovation, technology development and construction to technical operation, manning and chartering. The company offers secure and cost-effective marine transport of crude oil, refined petroleum products, vegetable oils, chemicals and LNG (Liquefied Natural Gas).

Summary of 2023

In 2023, Stena Bulk achieved its best operational result, as the tanker market benefited from recent years’ changes in global supply chains and new trade routes.


Recent years have been disruptive for the shipping industry, with increased market volatility, changing trade routes, and disruption of global supply chains. In 2023, the industry faced increased impacts from regional conflicts and the handling of international restrictions.


At the same time, oil demand remained high in 2023, with oil stocks at continued low levels, due to sanctions against Russian oil. The high demand, which led to a shortage of vessels, combined with changed transport patterns, benefited Stena Bulk and other tanker shipping companies.


“Yet it is important to emphasise that Stena Bulk’s success over the past year is also a result of our skilled team consistently delivering good results, thinking long-term and prioritising customer satisfaction,” says Erik Hånell, MD of Stena Bulk.


Increased financial stability for the fleet

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.


“We have moved from a traditional division of 30 per cent owned and 70 per cent hired to now owning about 50 per cent of our fleet. The development is market-driven, where we want to reduce exposure in order to be ready to expand when the market is likely to slow down within a few years. We have also reduced our risk profile by securing longer contracts with some of our most important customers,” says Erik Hånell.

Digital project drives progress

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.

New policy and legal requirements for the environment and climate

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.

Sustainable shipping fund in partnership with Proman

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.

Focus on safety and diversity

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.

Risk management

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.





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


Goal: >90%

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


Share of Total income




Income, MSEK


Capital employed, MSEK




LNG vessles