Bergen-based chemical tanker owner Rederiet Stenersen had another profitable year in 2020.
The family-controlled company managed to lift pre-tax profit from NOK 80m ($8.8m) in 2019 to NOK 203m last year. A large part of this came from the sale of the 17,500-dwt tankers Sten Tor and Sten Odin (both built 2018) to Neste of Finland.
The tankers were ordered in China for some $30m each.
Neste already had the tankers on charter and reportedly paid $29m for each vessel.
Rederiet Stenersen’s finance and commercial director Sigve Stenersen told TradeWinds the sales were concluded to help Neste build its own fleet.
He added that the deal has also put the shipowner in a position to evaluate projects to grow the fleet in the future.
The transaction helped reduce the company’s debt level by NOK 540m and brings the Rederiet Stenersen fleet to 16 chemical tankers.
The company had a book equity of NOK 640m as of the end of December, including NOK 271m owned by the Stenersen family, who has majority control.
Its operating revenues increased from NOK 1.09bn in 2019 to NOK 1.23bn in 2020.
At the end of 2020, 75% of Rederiet Stenersen’s tankers were operating in the spot trade. The rest were fixed out on period charters.
Neste, Shell and Equinor are among the biggest charterers of the company’s tankers.
The tankers in the fleet are owned by the limited partnership companies Stenship and Stenoil, and through the A/S company Stentank. Trond Mohn, Tore Odfjell and Lars Christian Uchermann Wiese are among the investors.
Last year, John and Sigve Stenersen sharply reduced their controlling stakes in Rederiet Stenersen in favour of their children. This took place as part of a planned generational shift at the company.
