Stena Sonangol Suezmax Pool

Stena Sonangol Suezmax Pool is a joint venture between the tanker owner Stena Bulk and the Angolan energy company Sonangol.

SECOND QUARTER 2017 RESULTS

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SECOND QUARTER 2017 RESULTS

 

- Sonangol Cazenga delivered into the Pool in April 2017
- Sonangol Maiombe delivered into the Pool in June 2017
- Densa Whale redelivered back to owners in June 2017
- 2 vessels attended regulary scheduled drydocks

The second quarter TCE returns took a sharp downward correction compared to the first quarter. The tanker rates suffered from low activity and high newbuilding deliveries and as a result rates were down substantially in all segments. The Suezmax sector is being hampered by excess tonnage with 29 ships delivered year to date and 31 more to come. This current situation does not look likely to change in the coming months. On the demand side, on-going curbs in supply from the Middle East, increase in volumes seen from West Africa in May and the potential for the longer haul suezmax trade from West Africa and the Caribbean to Asia all give hope that there are better days ahead.

The Pool continues to operate at a high effeciency with 66.1% ship days earning revenue for the quarter as compared to 70.2% for a rolling 12 month average.

Publish date: 
2017-08-03

Quarter results