Stena Bulk Evaluating Markets Before Expanding Tanker Fleet Pool

Stena Bulk eventually wants to increase the pool to 30 ships from the current 25.

Stena Bulk has announced that it is "waiting to see how the market develops" before following through on plans to increase the fleet size of its Stena Sonangol Suezmax pool to 30 ships from its current 25. 

The pool is a joint venture half-owned by Angolan state-owned oil company Sonangol, and has allowed Stena Bulk to gain a larger market position and spread its risks, said the company.

"We expect to achieve this with the help of partners and chartering in vessels, but we are also looking at purchasing," said Erik Hånell, CEO of Stena Bulk.

"However, we are waiting to see how the market develops and are continuously evaluating which alternative is the most suitable."

According to reports, the company is waiting on technological developments from engine manufacturers and possible changes in fuel for deepsea vessels.

"It might be that we want to wait another two to three years before we make the next order due to the development of technologies," Hånell was quoted by Tradewinds as saying.

In recent years, the company has also instated a focus on energy efficiency among its newer ships, having ordered seven third generation, fuel-efficient Suezmax tankers from Samsung Heavy Industries (SHI) back in 2010. 

The improvements mean that fuel consumption on the ships have been reduced by 10-15 percent.

"We are also evaluating our existing vessels in order to find solutions for further fuel savings," Hånell said.

According to Stena Bulk, another two tankers have already been ordered by Sonangol for delivery in 2017. 

In 2013, it was reported that Stena Bulk had also made a joint order for up to 10 chemical and product tankers with Concordia Maritime, with the first of two confirmed ships having been delivered earlier this year in April.