Stena Bulk is continuing to evaluate its options in “Project Blue Sky” — including doing a complete about-face on ship sales altogether.
The Swedish tanker owner in June began exploring the possibility of selling its trio of LNG carriers, naming its effort after one of the three, the 145,000-cbm Stena Blue Sky (built 2006).
“Everything is for sale at any time for the right price,” chief executive Erik Hanell told TradeWinds during an interview at Donso Shipping Meet on the shipowner-heavy island of Donso in Gothenburg.
“In that perspective, yeah, we have been looking and we will see what it turns out to be. Nothing is decided yet, absolutely not, but it might be a good opportunity for us.”
In June, TradeWinds reported that Stena Bulk had enlisted the help of Affinity LNG and Fearnley LNG to begin assessing a sale of the ships following “unsolicited expressions of interest” in acquiring the fleet and its LNG technology outfit.
In addition to the Stena Blue Sky, a steamship, the fleet includes the 173,400-cbm tri-fuel diesel electric vessels Stena Clear Sky and Stena Crystal Sky (both built 2011).
All are currently on time charter.
On Donso, Hanell said the reasoning for exploring sales was the small size of the fleet — the family-run company controls 62 ships including the trio of LNG carriers — but did not mention firmer newbuilding prices.
“We have been looking at scaling it up as well, and maybe that is what we will turn out to do down the road,” he said. “It could be either/or I would say at this stage.”
Another big year?
An improving tanker market saw Stena Bulk contribute to parent Stena AB’s SEK 1.9bn ($172m) profit for 2022, a significant improvement over 2021’s SEK 98m bottom line.
Stena Bulk and Stena RoRo brought in total revenue of SEK 17.3bn.
Hanell said 2023 could be even better as the northern hemisphere enters its colder months.
“It was a great year and this year we’re going to be even better it looks like,” he said.
“We only have another, you can say, four months to go. The winter is coming. This winter is going to be very exciting.
“A lot of things are telling me it is going to be very, very strong winter.”
Overall, Hanell said he shares the bullish outlook of most of his tanker-owning colleagues, with market observers pointing to increasing demand and a small orderbook as propelling the market forward. However, he pointed to macroeconomic uncertainty as an issue.
“If you asked me six, eight months ago, there were not many dark clouds on the horizon … when it comes to the tanker market,” he said, before pointing out inflation and issues in China’s property market.
But even if there was turmoil in global financial markets, tankers might still do well, he said, as scrapping could pick up, while a small orderbook could persist.
Global oil inventories are also something to watch, Hanell said.
He identified record low levels in many regions, with rebuilding held up due to supply issues, prices and volatile interest rates.
“In relative terms, very positive for the next 24 months, but some things here and there that you should really pay attention to,” Hanell said in regard to the overall market outlook.
