Full-year earnings at Swedish owner Stena AB are set to soar past the $1bn mark after a strong 2022.
One of Sweden’s largest private companies, the owner said in a trading update that Ebitda is forecast to be SEK 14bn ($1.32m) in the 12 months to 31 December, compared to SEK 9bn for 2021.
This reflects “the continued strong performance of the business”, which has been in line with its nine-month results.
The company, controlled by chief executive Dan Sten Olsson, said Ebitda through the first three quarters was a record SEK 10.55bn, up from SEK 6.12bn the year before.
Stena was boosted by rising rates for MR and suezmax tankers, and LNG carriers.
The group began shipping operations in 1946, when Olsson’s father, Sten Allan Olsson, bought his first vessel with a loan of SEK 25,000 from Handelsbanken.
The fleet also includes ferries and ro-ros.
“The company has a strong liquidity position,” Stena said in its update, revealing a figure of SEK 19bn.
This comprises cash, undrawn credit facilities, investments and marketable securities.
New loans
A new five-year €515m multicurrency revolving credit facility is available, plus a $100m standby facility.
Both date from December, with maturity in December 2027.
Net profit in the third quarter was SEK 1.3bn, compared with SEK 406,000 in the same period of 2021.
In October, Stena AB sold the 27,400-gt ropax Connemara (built 2007) to StraitNZ in New Zealand for $51m.
The ship was leased from China’s Bank of Communications Financial Leasing.
