stena international sa

Transcription

STENA
INTERNATIONAL S.A.
ANNUAL REVIEW 2014
CONTENTS
CEO STENA AB COMMENTS
2
STENA LINE SHIPPING AND FERRY OPERATIONS
6
12
BOARD OF DIRECTORS
45
46
STENA DRILLING 16
FINANCIAL STATEMENTS SUSTAINABILITY8
STENA BULK 20
ADDRESSES48
STENA INTERNATIONAL S.A. GROUP
STENA RORO 24
NORTHERN MARINE GROUP
26
– THE ORGANISATION
10
STENA SPHERE
– THE ORGANISATION
11
CASE MARITIME TRAINING CENTERS
28
STENA TEKNIK 30
CASE IMOIIMAX32
STENA REALTY
34
STENA FINANCE
36
VESSELS
38
PROPERTIES
43
2
20
12
24
CARE, INNOVATION & PERFORMANCE
BUSINESS IDEA
By using our competence in, above all, service, trading and ships,
to make money in the business areas ferry operations, offshore
drilling, shipping, property and finance.
To create new companies for the future.
To take care of our most important asset in the long term, our
customers, in such a way that we contribute to their development
as well as that of society.
RESPONSIBILITY IN OUR
BUSINESS RELATIONSHIPS
By building long-term relationships with our customers,
suppliers and subcontractors, we are committed to d
elivering
high quality and best-value services.
We will meet the highest safety standards. Trust is the
basis of all our relationships in society.
We are committed to meeting our customers’ expectations
in respect of sustainable business practices.
We have high standards of corporate social responsibility,
which we share with our business partners. We may withdraw from a business relationship if we feel that the stand-
CUSTOMER RELATIONSHIPS
ards we uphold are not being met by a business partner.
 Always the customer’s first choice
 Leader in quality and quality-assured partners
 Always efficient and effective with our own and others’ resources
 Clearly delegated business responsibility
We have committed to comply with the standard formulated by the
Logistics & Transportation Corporate C
itizenship Initiative of the
World Economic Forum.
28
32
STENA INTERNATIONAL S.A. 2014
1
ABILITY TO COMPETE IS BUILT
ON ABILITY TO PERFORM
Our business can only be sustainable if we every day, through effective performance,
contribute to our clients’ success.
The successes this year for our clients, partners and society
include our commitment to safe operations, which continues
and our dedicated crews have managed to decrease Lost Time
Incident Frequency (LTIF), further in most business areas from
already low levels. Our officers and crew on board the ships
that Northern Marine manage for Stena Bulk have delivered
a fine result for safety and performance. The yearly average
number of observations per vetting inspection was 2.6 – a
record low. In October Stena Drilling could celebrate 12
months straight with zero Lost Time Incident (LTI) for their
whole fleet; the remainder of the year was also LTI free. They
also delivered best in class operational performance of 98%
for the year, ensuring always to be our clients’ first choice.
One example is our client Hess, who chartered our drillship
Stena Drillmax and stated “we are amazed the unit could drill
a well with zero Non Productive Time”.
Through several innovative projects our shipping and ferry
operations have increased their energy efficiency and decreased
the environmental footprint. Overall fuel consumption (measured in metric ton per kilometer) was this year reduced by an
average of 15% for the whole fleet. Stena Property’s target is
to reduce energy consumption in their properties by 20% over
ten years. Since commencement in 2010 electricity has so far
been reduced by 9.1% and heating by 8.1%..
2
The annual Customer Satisfaction Surveys for Stena Line
once again showed that 51% of travelers gave us the highest
grade possible (very satisfied) while freight customers rated
our services 4.2 out of maximum 5. As one freight customer
puts it; “I represent the ‘small customer’ who do not travel so
frequently, but always feel welcome and always get a friendly
and professional treatment”. No wonder the Stena Line network of 22 lines increased their freight volumes by 5%. In
effect Stena Line is developing into a very important part of
sustainable European infrastructure.
Stena Property continues to improve their service index
and they are now among the best within their segment of
companies with more than 9,000 apartments, a proof that
caring for our tenants by close dialogue and mutual projects –
“Relationship Management” is working very well.
Innovation is a way to constantly improve. Since commencement our internal innovation programme in Stena Line has
generated 11,000 proposals for improvements of which 1,700
have been put into action.
When it comes to cost cutting Stena Line reduced their
costs with MSEK 200 and the rest of Stena AB cut their
administrative costs with an additional MSEK 135.
”The mantra for each
of us is education,
education”
3
Competence development
Our business is expanding. At present for instance 386 sea-
cadets are undergoing our education programme and we
spent MSEK 160 last year on education.
Northern Marine Group, who provides ship management
services, were trusted to open an advanced joint training
center of excellence in Glasgow on behalf of their clients
Chevron Shipping. First class instructors and simulators will
enhance knowledge and safety at sea – the combined investment in this venture is in excess of MUSD 20.
Affecting Stena as everyone else the digital information and
communication technologies are radically changing the way
we produce, transport, trade, consume and train ourselves. It
is evident that technology creates new products and companies as well as new ways of doing business. New options for
products and services are developing. It gives us the chance to
sell especially our travel services more cost effectively. It gives
us also the chance to remain in constant contact with our clients and the chance to immediate communication between
ourselves and our business partners. Although the transaction
cost is cheaper over the internet, not everything will happen
via the web. We still need to be in personal contact with each
other in many cases. Many interesting combinations based on
old businesses are developing. The common denominators
though are more efficiency, more transparency and contact
24 hours a day seven days a week.
Knowledge develops fast at the moment and is in principle
open for everyone, who is searching for it. The mantra for
each of us is education, education, education. Every year
everyone, especially Stena employees, must in addition to consistently acting adequately consider how to improve in order
to keep abreast of their work. Apart from developing functional education with our employees, we are undertaking
intense courses in leadership in a systematic way for 120
selected talents. It is our hope this programme for effective
leading and managing effective teamwork can include more
people over time. Every-one of our employees is this year
undertaking exercises in care and results, we call it we-learning, one objective being to understand people´s feelings and
help each other professionally and often with empathy to
improve our business-performance.
Markets
Who had expected the oil-price for Brent to be under USD
80/barrel? Now it has happened with dire consequences for
oil-companies and the oil-service industry. With five out of
seven drilling units on long term contracts we are better
placed than most companies to weather the storm, provided
we pay consistent attention to everyday effective performance. Luckily the tanker market develops substantially better
with rates at its highest for many years. Our ferry business is
helped by the European economy doing better. Thanks to
increasing volumes the results of our ferry business is now
breaking even. With the acquisition of ten ships in the past
three years, we are well placed to expand our business. With
most of our property business invested in residential houses
we have a steady income in our Swedish business area. Our
commercial investments in the Netherlands are suffering from
a bad market, whereas we are doing well in London, Sofia
Antipolis in France and Houston. Stena Adactum, our area for
new businesses, has now a cash flow representing one tenth
of our consolidated cash flow.
It is of course positive that our properties increase in value.
As their cash flow does not increase proportionately and we
want to keep and develop our assets instead of selling them,
we are not completely happy with the development.
Since year end we have sold three RoPax ships with profit
and are happy that this market is stabilising.
HIGHLIGHTS 2014 STENA AB GROUP
 Revenues1) SEK 33.6 billion – 10% increase
Strategic expansion
Healthy balance sheet1)
 EBITDA SEK 9.9 billion – ”all time high”
 Total investments in 2014 of SEK 5.7 billion.
Mainly SPS1) and BOP2) for Drilling, 1 new
RoPax vessel and new construction for
Stena Property
 Book value of vessel- and rig fleet,
SEK 46 billion
A
vailable cash, unused credit facilities
and financial investments SEK 17.7 billion2)
 Newbuilding projects:
– 4.5 IMOIIMAX vessels
– Two drilling units
 N et debt excl. property loans,
SEK 39 billion
A
vailable cash, unused credit facilities
and financial investments SEK 22.0 billion3)
1) Special Periodic Service
1)
 Income before tax SEK 2.8 billion
Strong liquidity and credit profile
C
ash Conversion Cycle 19 days
 Positive cashflow in the group – MSEK 1,500
1) Incl. net gain on sale of assets and
net valuation on investment property
2) Per 31 December 2014
3) Per 28 February 2015
4
2) Blowout preventer
 Market value property portfolio, SEK 29
billion with loan to value of 43%
 N et debt to EBITDA excl. property loans 5.0x
 Equity incl. deferred tax, SEK 42.8 billion
1) P er 31 December 2014
Profit, equity, net worth and liquidity
Values
This year’s profit before tax increased to MSEK 2,053 in Stena
GAAP and to MSEK 2,799 in IFRS terms and increase with
MSEK 450 and MSEK 650 respectively. Our total equity including deferred taxes amount to MSEK 42,842 in IFRS terms
excluding surplus values in ships. The marine side of our business today account for 57% of our assets while real estate and
Adactum accounts for 43%. In 2018 due to relatively fast
depreciation of marine assets we expect the marine side to
equal the non-marine side of our business, asset wise. Excluding Properties and Adactum the marine side of our business
this year generated an EBITDA of 14% to book value of our
net assets and 9% to original investment.
To operate in several industry segments insures stability in
today’s world with so many global economic, political and
environmental uncertainties. It is an important task not only
for now but also for the future to secure our company´s total
resilience and at the same time implement leading ambitions
in everything we do.
Normally we have liquidity to weather a three year storm.
With more than SEK 20 billion in liquidity at present we feel
secure to weather any storm for the next five to six years.
Trading outside Sweden we meet more cost-conscientious
cultures. Our strength is capacity to see concepts and to foster
long term relations by living up to set standards. Our delegated system giving authority to and following up by objectives is good provided it is checked and supported by impeccable financial control and education in the trade. It is important
to keep the trading or action style element of our culture alive
and at the same time base our acts and performance on facts.
Care, innovation and performance are the lead-words for
our organisation. It does not harm to repeat our beliefs. Our
performance is measured by technical availability, safety, customers´ accolades, repeat business, costs and profit. Innovation is measured in terms of number of proposals by our
employees and the proportion being implemented. In short
we try to transform mindfulness into action. Care is about
being the best in terms of our financial success, our customers´
success, our employees’ success, our partners´ success and our
societal success. The words of our employees are:
Strategy
Pay attention to and transform mindfulness into action is one
of our mottos. Another one is – Small enough to care and big
enough to cope.
Regularly we follow up on our success factors namely Financial success factors, Customer related success factors, Strategic
success factors, success factors related to Collaboration and
success factors related to Communication. Our visions extends
normally over five years, with three year objectives and one
year objectives.
Our foremost strategy though is to be equipped and well
prepared for opportunities, if and when they do arise.
Lately we ordered with partners seven Suezmax tankers and
ten IMOIIMAX-product tankers at the lowest prices quoted so
far. We have bought ten RoPax vessels on the second hand
market. We have ordered two MidMAX semisubmersible rigs,
with an option to cancel one unit, to replace very old midwater units by far better performance criterions. We bought
and sold two real estate properties in London. Beginning of
2015 we sold our line Helsingborg–Helsingör and in the past
year we acquired the line Rosslare–Cherbourg.
A company that is not developing its activities will eventually have to close them. Our ambition is to keep on developing. We believe forecasting prices is not really doable. Securing
competitiveness by effective performance we can control and
we concentrate on that.
•Caring leads to Sharing – it is spelled Sustainable
Development and Working Partners both inside company
with visible employees and visible suppliers.
•Caring creates a commitment to Service and Customers´
personal satisfaction fitting to customers’ systems with
KPIs and technical solutions.
• Care drives excellence – Excellence is not an act; it is a habit.
•Care for Financial Results is Caring for Profit, Cash and
Asset Maintenance
•Care for Competence Assurance and Reassurance by
training and education.
• Care is much more than just four letters in a document….
Consequently one person is responsible to see to it that we
live up to our soft values in form of style, skills and staff, while
my deputy officer is responsible to secure that systems, structures and strategy are in place and adhered to.
So – Take Care!
With these words I would again like to thank everyone for
their support and mindful contributions during 2014. As 2015
seems to be a better year for everyone except for Stena
Drilling we have good reasons to continue living in hope.
Gothenburg 3 March 2015
5
SHIPPING AND FERRY OPERATIONS
STEADY COURSE IN
CHANGING CONDITIONS
Who could have anticipated that oil prices would fall by 50% at the end of year 2014? We had
it in one of our business scenarios, but it was certainly not our base case. Six months ago it was
hardly possible to find anybody who was speaking about an oil price around the USD 50/barrel
level. Currently it is difficult to find an analyst that envisages high oil prices in the short term
perspective. Most of our businesses are both volatile and unpredictable, but we have to use
that to our advantage.
For Stena it is less about trying to anticipate the future and
more about having financial and intellectual ability to act,
adjust and adopt to change. With falling oil prices our strategy
of having a diversified portfolio of activities is put to the test.
The falling oil prices is positive for our ferry activities and we
are currently seeing strong tanker markets, even though its
correlation with oil prices is less evident. Overall the performance of our shipping businesses improved during 2014 and
we anticipate the trend to continue during 2015.
Our drilling activities have, in terms of financial returns,
outperformed other shipping activities in Stena for almost ten
years. The strong performance in the drilling segment has
enabled us to invest counter-cyclically. Over the past few years
we have taken significant positions, for example the world’s
two largest RoPax ferries now trading between Hoek of
Holland and Harwich. Another example is that Stena RoRo
successfully acquired ten second hand vessels, at favorable
prices, over the past three years.
Yet another example is the ten IMOIIMAX product tankers,
acquired together with partners and to be operated by Stena
Weco, that are being delivered with three-month intervals
from early 2015. We were able to take these positions, at
attractive prices, despite that the underlying businesses themselves did not warrant such investments. Now the tide has
turned and these assets will surely carry us through the next
part of the cycle.
Irrespective of whether markets are up or down, our focus
and ambition is to be “best in class” when it comes to opera-
6
tions and business execution. The transportation of goods will
never stop, and if we continuously are our customers’ first
choice we will always have employment for our vessels.
Operational excellence, through high quality, high service
level, reliability and being very close to our customers, is therefore our strategy. Through the network of 22 ferry routes in
Stena Line, by way of Stena Sonangol, the world’s best performing Suezmax pool, and Stena Weco/Golden Stena Weco,
now operating about 60–70 MR and Intermediate tankers, we
have platforms that give us scale and reach to be able to manage our assets better than any competitor. Further developing
these platforms by enhancing our ability to create value for
our customers and reducing our costs are the key priorities for
the next years. The age profile of our fleet and the capabilities
our vessels represent, give us the opportunity to avoid larger
new investments in the medium term. We are in good shape.
But we must never rest or relax. Operational excellence
requires constant vigilance and focus on every detail. With
over 150 large vessels trading around the globe, we carry
significant operational risk and our crews are our most important asset. The shipping industry is continually improving its
track record when it comes to emissions, spills and accidents.
However, every incident is a failure and the consequences can
potentially be significant. Further increased focus on safety
and adopting best practices across our different companies
will, all going well, lead to a year without fatalities, with no
discharges to the sea and no collisions. Our ability to improve
ourselves and to set a standard for our industry is crucial for
”We are in good shape.
But we must never
rest or relax.”
our long term success. In northern Europe the whole shipping
sector is being put to the test by the new rules on sulphur
emissions, the SECA. We continously have to be able to
demonstrate that we are the most environmentally friendly
and cost effective way of transporting goods. In 2014 we
connected the ferry Stena Danica to the district heating grid
(“fjärrvärmenätverket”) in Gothenburg, powered by 100%
green energy. In 2015 Stena Germanica will be the world’s
first v essel to be powered by methanol, a quantum leap when
it comes to reducing emissions. Fuel efficiency, sustainability
and safety are issues that traditionally have been hallmarks of
Stena and they will, to an even larger degree, be part of
our future.
EMISSIONS FROM FUELS IN RELATION TO
BUNKER OIL WITH 1% SULPHUR CONTENT
Index
400
300
200
100
0
Bunker oil
Bunker oil
Gas oil
(sulphur
(sulphur
(sulphur
content 3.5%) content 1.0%) content 0.1%)
Carbon dioxide
Sulphur dioxide
Liquefied
natural gas
Nitrogen oxide
Methanol
Particles
The graph shows emissions of different fuels in relation to bunker oil with
a low sulphur content (1%), which is index 100 on the scale on the left.
Carl-Johan Hagman
CEO Stena Line
7
SUSTAINABILITY
SUSTAINABILITY
FOCUSING ON SAFETY
AND THE ENVIRONMENT
Stena Care is about creating value and success in every part of the Stena companies’
activities and in all stakeholder relationships. Stena’s sustainability work is based on
three pillars: economic, environmental and social responsibility.
The Stena Group contributes to the development of society in
various ways. Shipping and ferry operations carry freight and
private passengers, as well as oil and gas, thereby helping to
increase trade and meet global energy needs. Stena also helps
to secure energy supply by producing renewable electricity
and providing many people with safe homes in the Group’s
properties. The environment, safety and community involvement are the sustainability issues identified as most important
for Stena.
Continuous improvement measures
Shipping is the most energy-efficient mode of transport in
relation to cargo volume, and about 90% of world trade is
conducted over the oceans. Technological development is
important – one of Stena’s newly built tankers uses about
25% less fuel than previous generation vessels of a comparable size. There are major environmental and economic gains
in improving handling.
SUSTAINABILITY AT STENA IS BASED
ON THREE PILLARS:
•financial responsibility, with the aim of contributing to
e conomic development;
•environmental responsibility, where the goal is to reduce
the Group’s impact on the environment; and
•social responsibility, where the fundamental approach is
to act ethically in everything the Group does.
More than 200 projects have been completed under Stena
Line’s energy-saving programme since it was initiated in 2006.
These include installation of frequency-controlled equipment
for pumps and fans, improvement of combustion in engines
and optimisation of cargo.
Stena Bulk has come a long way in fuel efficiency measures
in recent years, and the focus in 2014 has been on simplifying
the work of the operators, thus facilitating saving measures.
Each trip is undertaken with an energy budget, which is
monitored and compared with statistics from other trips on
the same route or with the same type of vessel. Speed, consumption and weather forecasts are included in the planning,
in order to achieve optimum effects in terms of both economy
and environment.
Fuel consumption for the entire fleet in 2014 increased
by 3% in absolute figures as a result of an increased fleet,
volumes and distances. At the same time, fuel efficiency
improved by 14.7%, measured in tonnes/kilometre, and 2.2%,
measured in tonnes/nautical mile.
VESSELS’ CO2 EMISSIONS 2014, %
Stena Line 42%
Stena Bulk 31%
Stena RoRo 10%
Concordia Maritime1) 9%
Stena Drilling 8%
Total 3.2 million tonnes CO 2
1) Concordia Maritime’s majority owner is Stena Sessan AB
8
THE SULPHUR DIRECTIVE – AND A WORLD FIRST
On 1 January 2015, a new sulphur directive came
into force for shipping in the Baltic Sea, the North
Sea, the English Channel and the coasts of North
America. Under the directive, the maximum permissible sulphur content for marine fuels is reduced
from 1% to 0.1%. The consequences for the
shipping industry have been significant, as vessels
sailing in these areas have either had to switch to
more expensive low-sulphur fuels or invest in various types of exhaust cleaning systems on board.
However, this also means a further reduction in
the already low emission levels, particularly sulphur
oxides (SOX) but also dust and particulate matter
(PM), which will allow shipping to consolidate its
position as the “green” transportation option.
To meet the new directive in the best way for
each vessel, Stena uses several alternative solutions.
An exciting project involves evaluating a brand new
fuel for shipping. In 2014, it was decided to convert
the ferry Stena Germanica to run fully on methanol,
which will substantially reduce SOX, NOX and PM
emissions. Following the conversion, she will be the
world’s first methanol-powered ferry.
High safety level
Community involvement beyond the norm
Safety is of utmost importance in all activities within the Stena
Sphere. Stena Line works systematically on safety issues. Despite
this, a tragic accident occurred during the year in which an
employee died during the unloading of a ship in Frederikshavn.
As a result, procedures have been reviewed and safety has been
particularly improved in the interface between ship and quay.
During the year, Stena Drilling introduced training for senior
crewmen on drillships and rigs. The aim is to improve their
ability to see the root causes of why accidents occur, which
will make them more adept at avoiding accidents in the future.
The rigorous safety work is also producing effects. In October,
Stena Drilling celebrated a year without any LTIs on all seven
units.
For more than 12 years, Northern Marine has worked in
accordance with a method called Behaviour Based Safety (BBS)
to prevent work-related accidents and injuries. By reporting
unsafe conditions, actions or near-miss situations, a proactive
and positive safety culture is created on board. In 2014, a total
of 5,948 potential incidents were reported which could then
be dealt with before they led to actual incidents. This is an
increase of 17% compared with 2013, and is clear evidence
that the system works.
Stena Property’s sustainability work is firmly rooted in the
business concept of long-term ownership and development
of attractive residential and commercial premises in good
locations. To a large extent, this is based on community
involvement in the property portfolio areas.
Through its own Relationship Management concept, the
company develops sustainable residential and workplace
environments. The purpose is to create involvement and
increased responsibility for tenants by allowing them more
control over their living environment. In concrete terms,
Relationship Management means that Stena Property engages
in a number of projects and activities that provide safety,
well-being and stability in the residential areas, with a focus
on children and young people. The projects include summer
jobs for 300 young people in the residential areas, work experience, homework help, arts and cultural activities, environmental stewards, planting days and “library in the laundrette”.
Learn more about Stena’s
sustainability work in the
sustainability report at
www.stena.com.
9
ORGANISATION
STENA INTERNATIONAL S.A. GROUP
THE ORGANISATION
Stena International S.A. is the Stena AB Group’s international holding company situated in L uxembourg.
The Stena International Group is the owner of Stena’s Drilling and Ferry operations, various vessels that
form part of the Bulk, RoRo and RoPax fleets as well as an international ship management company and
international investment property company. The Stena International Group of companies shares many
resources and has a high level of cooperation with the other companies that make up the Stena AB
Group.The Stena International Group’s 2014 result before tax amounted to EUR 206 million and as at
31 December 2014 equity stood at a robust EUR 3 billion.
STENA AB (PUBL)
STENA INTERNATIONAL S.A.
Stena (UK) Ltd
Stena Holland BV
Stena Drilling
Holdings Ltd
Stena Line Holding BV
Stena Switzerland AG
Stena Maritime AG
Stena Royal Sarl
Northern Marine
Management Ltd
Stena Realty BV
Stena Investment Sarl
Stena Ferries Ltd
10
Stena Holding
(Cyprus) Ltd
STENA SPHERE
THE ORGANISATION
The Stena Sphere consists of Sten A Olsson family’s three wholly-owned parent
companies Stena AB (publ), Stena Sessan AB and Stena Metall AB, and wholly
and partly-owned subsidiaries of these companies. The partly-owned company
Concordia Maritime AB (publ) is listed on Nasdaq OMX Stockholm and 52% of
the company is owned by Stena Sessan AB. The Stena Sphere generated total
revenue of MSEK 55,968 in 2014. Income before tax amounted to MSEK 2,832.
STENA SPHERE
BUSINESS AREAS
STENA AB (PUBL)
STENA SESSAN AB
Ferry operations
Revenue MSEK 12,246
Income MSEK (60)
STENA LINE
Offshore drilling
Revenue MSEK 8,425
Income MSEK 758
STENA DRILLING,
SHUTTLE TANKERS
SHUTTLE TANKERS
Shipping
Revenue MSEK 3,572
Income MSEK 14
STENA BULK, STENA RORO,
STENA TEKNIK, NMG
CONCORDIA MARITIME (52%)
Property
Revenue MSEK 3,139
Income MSEK 1,578
STENA FASTIGHETER,
STENA REALTY
New business
Revenue MSEK 6,696
Income MSEK 331
STENA ADACTUM
Finance/other
Revenue MSEK 65
Income MSEK 251
Recycling, environmental
services and trading
Revenue MSEK 23,724
Income MSEK (39)
STENA FINANS
STENA METALL AB
MEDA (20.7%)
BEIJER ELECTRONICS (29.8%)
STENA METALL FINANS
STENA METALL
11
STENA LINE
STENA LINE
AN EFFICIENT LOGISTICS
NETWORK FOR THE FUTURE
At year-end 2014, Stena Line operated 22 routes in Northern Europe, with 42 ferries.
Stena Line also owns five ports and is an important part of Europe’s trade and
infrastructure. Managing this business in a cost-effective, safe and environmental
friendly way is a daily challenge for our dedicated employees at sea and on land.
In January 2012, Stena Line launched its change programme
for meeting the challenges that the European shipping industry faces. This work has been successful in many aspects during
2014. This applies particularly to the company’s efforts to
increase freight volumes.
larger tonnage on the Holyhead–Dublin route. The success is
also a result of Stena Line having expanded its efforts to
identify new customer segments. Contracts secured include
for instance AB Volvo and Volvo Cars on the Gothenburg–Kiel
route. Stena Line also purchased the vessel Stena Superfast X
during 2014.
Freight
By offering one of Europe’s most comprehensive transportation network, Stena Line has increased freight volumes by 5%,
despite a lack of growth in the underlying economies. One
reason is intermodal expansion, with new trains from Poznan
in Poland and Verona in Italy to Kiel and Rotterdam, which has
been very successful. The logistics network was developed
during the year through a partnership with Mann Lines, giving
our network a west–east link from Harwich to Turku.
In response to increased demand from freight customers,
Stena Line has expanded the fleet, adding two new vessels to
the Irish Sea and North Sea routes and replacing a vessel with
Travel
On the travel side, Stena Line has been successful in establishing new and appealing customer concepts. One result has
been lower shop prices, which is a competitive advantage,
particularly in Scandinavia where shopping is an important
part of the travel experience.
Stena Line has launched an updated digital booking platform, which has had an increasing number of visits and a high
conversion rate. The platform provides the basis for further
development in digital media.
12,200
MSEK REVENUE
36%
SHARE OF GROUP
REVENUE
12
5,500
EMPLOYEES
14,800
MSEK CAPITAL
EMPLOYED
DAY/NIGHT FERRIES/HSS
RORO FERRIES
ROPAX FERRIES
8
6
28
“Passenger safety
and security is always
in focus”
CARL-JOHAN HAGMAN > CEO
Stena Line continues to be in a challenging situation,
with the new tough sulphur emission legislation implying additional costs of about MSEK 500, general cost
increases and increased competition from tunnels and
bridges. However, the goal is not to have to deliver a
negative result in 2015.
To ensure the company’s long-term success, Stena
Line must be able to provide competitive logistics
solutions for our freight customers, and offer enjoyable
experiences to our passengers. Professional and
dedicated employees is our most important asset.
13
STENA LINE
During the spring 2014, Stena Line acquired a route
between Great Britain and France. This has given Stena Line
an important foothold in the French market and further
expanded its logistics network.
the year. The most important aspect of the company’s operation is that it is always carried out with a high level of safety.
The two large sister vessels Stena Hollandica and Stena
Britannica, which were taken into service in 2009 on the North
Sea routes and have a capacity of 5,500 lane metres, have
improved from a low utilisation rate of 30% to a high 50%.
In Scandinavia, Stena Line is challenged by the weak economy, particularly in Denmark. Management must develop the
company’s market position to ensure long-term profitability
for these important routes to Denmark.
The measures Stena Line has implemented have increased
revenue. In addition, the company has reduced costs by just
over MSEK 200, which has improved the overall result for
2014. The company is optimistic that it will be able to continue
to strengthen results in the coming years.
Operation
Stena Line’s efforts to coordinate purchases and reduce the
number of suppliers has continued in 2014, and these have
been optimised and systematised through a coordinated
approach to purchasing. One example is the collaboration
with the Spanish winery Francisco Gomez, where a large
purchasing volume of the organic wine Casa Galvis makes it
possible to offer customers high quality at a low price.
Great progress has been made in optimising the route
network in the form of timetables and capacity. Where it has
been considered appropriate, the company has introduced
standard tonnage, creating a higher degree of flexibility, while
new ships have been placed in service where a sustained
increase in demand is expected.
Environment
Stena Line’s environmental work is centred on reduction of
emissions into air and sea, and has focused on measures to
reduce energy consumption for some time. The target is an
annual reduction of 2.5% in bunker consumption per nautical
mile. The target was exceeded in 2013, but a higher cargo
intake, increased displacement and unusually severe weather
in the Irish Sea in the first quarter meant that total consumption was only reduced by 1.4% in 2014.
When the threshold value for sulphur emissions in the SECA
area was reduced to 0.1% in January 2015, Stena Line was
well prepared. The main solution was to switch fuel to MGO
(marine gas oil). Another option was to use scrubbers, which
clean the exhaust gases. Stena Line will be installing scrubbers
on one of its ships in autumn 2015. Perhaps the most exciting
measure is the conversion of Stena Germanica to become the
world’s first ferry to run on methanol. The conversion was
completed in March 2015.
Low cost operator
Systematically improving our operational excellence is a goal
that we have worked on since 2012. High-priority areas in
2014–2015 are development of expertise in terminal handling,
purchasing, optimisation of on board staffing and simplified
shore-based administration. This is a long-term and systematic
process aimed at providing Stena Line with an operating
model that is cost-effective and delivers reliable and high
quality.
Passenger safety and security is always in focus for all Stena
Line employees. Safety is developing in the right direction in
terms of both lost time incident frequency and the number
of observations during inspections and work on safety must
never cease. Even so, a tragic fatal accident occurred during
VOLUME TREND, THOUSANDS
Passengers
Cars
Freight units1)
12,000
2,800
2,000
9,000
2,100
1,500
6,000
1,400
1,000
3,000
700
500
0
0
10
11
12
13
14
1) One freight unit is a truck, trailer or railway wagon
14
0
10
11
12
13
14
10
11
12
13
14
The new warehouse at the Germany Terminal in Gothenburg
handles many of the items offered on board.
“Purchasing used to be decentralised. Now we have a
coordinated range. We have moved from purchasing many
different products from a large number of suppliers to
purchasing large volumes from fewer suppliers. Where
previously we could have more than 20 different brands of
coffee on different ships, we now have one. Large volumes
and our own transport provide high quality at low cost,”
says Per Ola Jönnerheim (right), who is Head of Onboard
Services at Stena Line.
MSEK
6,000
REVENUE PER ACTIVITY
4,500
3,000
MSEK
6,000
1,500
4,500
0
10
3,000
11
12
13
14
Passengers
1,500
Onboard sales
Freight
0
10
11
12
13
14
Passengers
Onboard sales
Freight
15
STENA DRILLING
STENA DRILLING
FOCUS ON SAFETY ROUND
THE CLOCK, ALL YEAR ROUND
Stena Drilling is one of the world’s leading independent drilling operators. The company
operates globally from its head office in Aberdeen, Scotland, with four drillships for
ultradeep water and three semi-submersible drilling rigs. With several successful new
newbuildings and refurbishment projects, Stena Drilling has been a pioneer in several
areas of technological development and innovation in the offshore industry.
In South Korea, work is progressing on the drilling rig that
Stena Drilling ordered in 2013. The contract signed with
Samsung Heavy Industries covered two semi-submersible
rigs, with an option to cancel one unit. The option has been
extended and means that Stena Drilling can make a decision
in the spring of 2015.
Stena Clyde was employed on several short contracts during
the year, the last with CAL Energy, expired towards the end of
2014. At the end of 2014, the drilling rig was at a shipyard in
Singapore for its SPS. This is a mandatory inspection every five
years to ensure that high safety standards are met. During an
SPS, the unit’s propellers and drilling equipment are removed
and maintenance work is carried out on them, while the hull is
also examined.
During the coming year, Stena Forth will go into dock for an
SPS lasting 60 days starting in May 2015. Stena Don will
undergo an SPS later in 2015.
The contracts for Stena Spey, Stena DrillMAX and Stena
IceMAX are continuing. Stena Drilling had a longer contract
with Statoil for Stena Carron, which lasted until the third quarter of 2017. Statoil decided to cancel this contract in 2014 and
pay a cancellation fee. Stena Drilling believes that there are
good opportunities to sign a new, favourable contract for the
drillship.
8,400
MSEK REVENUE
25%
SHARE OF GROUP
REVENUE
16
1,100
EMPLOYEES
DRILLSHIPS
30,700
MSEK CAPITAL
EMPLOYED
DRILLING RIGS
4
3
Stena Spey is a semi-submersible
drilling rig, built in 1983 at the
Daewoo shipyard in South Korea.
The drilling rig is contracted until
the end of 2016.
TOM WELO > CEO
2015 will be a special year, with reduced investments
in many markets. Our customers are very happy with
what we deliver, which gives us a good position
despite the slump in oil prices at the end of 2014.
The next few years will be marked by considerable
uncertainty about macroeconomic factors. Some of
this is associated with the US presidential election in
2016, which may affect international demand for oil.
17
STENA AB
DRILLING
> STENA BULK
Rigorous safety work is carried out on a
daily basis on board Stena Drilling’s units.
In 2014, the company was pleased to
report twelve consecutive months
without a single lost-time incident.
18
Safety in focus
Stena Drilling has had a very successful year, particularly from
a safety perspective. In October 2014, the company was
pleased to announce that Stena Drilling’s seven units had
completed twelve consecutive months without any lost-time
incidents.
The reason for this successful result is Stena Drilling’s
far-reaching and tangible safety work. Safety is not the
responsibility of a separate department, but is an integral part
of the line organisation’s operational responsibility. Management of the drilling units plan and conduct the day-to-day
work, and ensure that safety is given the highest possible
priority. Any deviations from normal are documented and
evaluated at safety audits seven days per week.
Personnel
Through its operations, Stena Drilling employs about a thousand people on the seven units. The challenge lies in recruiting
the right people to work on board. As employees spend a
month at sea, they need to have the understanding and the
right attitude to be away from their family for a long period.
Since 2007, Stena Drilling has had a low employee turnover of
6% per year. Almost 50% of people who leave the company
return. This is largely because employees see themselves as
part of the company, in that they are given responsibility and
authority to participate in the business.
Future development of the industry
For a number of years, international oil companies have
invested large amounts in the business. This trend has slowed,
while unrest in the Middle East and uncertainty in Russia have
led to reduced activity in these areas. In Brazil, the petroleum
industry continues to be very important for the region.
The contracts that Stena Drilling has remain positive. The
company has a good reputation and a very high utilisation rate
for its units, which reached 98% in 2014. With our best in
class operation, we guarantee a high level of customer
satisfaction and the company is therefore well equipped to
respond quickly to a changing market.
FLEET UTILISATION
DRILLING CONTRACTS1)
100%
Unit
75
Stena Clyde
50
SPS
Q3 2015
Statoil
Q4 2017
Stena Spey
Enquest
Q3 2016
Tullow
Q3 2018
Stena Carron
0
10
11
12
13
14
Operational use as a percentage of total available days.
Expiration2)
Stena Don
Stena DrillMAX
25
Customer
Warm Stacked
N/A
Stena Forth
Hess
Q2 2018
Stena IceMAX
Shell
Q2 2017
1) A
s of 31 December 2014
2) Including options
19
STENA BULK
STENA BULK
EXPANSION PLANS
AND A GROWING FLEET
Stena Bulk is one of the world’s leading tanker operators, offering safe and
cost-effective transportation of crude oil and refined petroleum products by sea.
This requires a holistic perspective – from development and construction to
crewing and chartering of first-class tankers.
The results for 2014 were significantly better than expected
and the strongest since in 2008. The main reason is a positive
development for the company’s Suezmax and Aframax class
crude oil tankers, although our product tankers also showed
a positive trend.
Freight rates for our crude oil tankers rose by over 60%
during the year. Stena Weco’s MR market for clean petroleum
products had a weak start to the year, but made a strong recovery at the end of the year and Stena Weco reported a profit
above expectations. The recovery was largely attributable to
new refineries, longer transport distances and falling oil prices.
Both Stena Sonangol Suezmax Pool and Stena Weco
continue to be prominent in terms of triangulation (efficient
logistics system).
Stena Bulk’s three LNG tankers Stena Blue Sky, Stena Clear
Sky and Stena Crystal Sky are employed on time charters.
Particularly notable was their extremely high utilisation rate
and the fact that they were in operation every day during
2014. The high utilisation rate is a result of our safe and efficient operation of the vessels, which places the company in a
good position to meet customer expectations. These factors
ensure that Stena Bulk’s offering in the LNG segment is still
attractive to the market.
Fleet expansion
Stena Bulk’s fleet consists of vessels owned by the company
itself and vessels owned with partners. There are also vessels
that are chartered for short or long periods and commercially
managed vessels. The total fleet comprises about 115 vessels,
which is an increase of about 20 vessels since 2013.
Within this expansion, the Stena Weco system has been
expanded by an average of ten vessels, which means that it
consisted of about 60 ships at the end of 2014. Stena Weco is
planning roughly the same fleet increase in 2015, and this will
1,800
TANKERS
MSEK REVENUE
5%
SHARE OF GROUP
REVENUE
300
EMPLOYEES
6,700
LNG TANKERS
MSEK CAPITAL
EMPLOYED
SHUTTLE TANKERS
20
107
3
6
ERIK HÅNELL > CEO
Stena Bulk is measuring up well to its defined goals
and the business has delivered significantly better
results than expected. For 2015, the goals have been
made even higher. We expect to maintain or increase
our market share in a growing market. Demand for
transportation of crude oil is expected to increase by
2% and for transportation of products and chemicals
by 5%. Stena Bulk is well placed to deliver stronger
results than in 2014.
21
STENA BULK
include four of the IMOIIMAX vessels scheduled for delivery to
Stena Bulk and its partners in 2015.
Golden Stena Weco is a joint venture between Stena Weco
and Indonesia-based Golden Agri-Resources, which produces
and trades in vegetable oils. Golden Stena Weco, which carries
chemicals as well as vegetable oils, has shown very positive
growth in earnings and volumes during the year.
In 2014, Golden Stena Weco took delivery of the five vessels
purchased in 2013. In addition, the company has expanded its
fleet by contracting a number of vessels on time charters. This
brings the total fleet to 15 vessels, compared with the seven to
eight vessels the company had available the previous year.
Golden Stena Weco’s aim is to continue its growth through
freight contracts and favourable logistics.
The size of Stena Sonangol Suezmax Pool has varied between
20 and 25 vessels and had largely the same number of vessels
in 2014 as in 2013. Stena Sonangol Suezmax Pool is one of the
most energy-efficient pools in the world and has the highest
income of all comparable competitors. The aim is to continue
the growth so that the pool encompasses 30–35 vessels.
During the year, we sold our 35% ownership share in
Paradise Tankers, which had comprised co-ownership of three
Panamax vessels. In connection with the transaction, we
acquired one of the tankers.
In early 2015, we sold Stena Calypso.
Extended operation in Asia
A joint office for Golden Stena Weco’s operations was established in Singapore in 2012. The partnership has developed
22
very positively and Golden Agri-Resources’ promised freight
volumes have also materialised. The total increase in freight
volumes is 20%. Golden Stena Weco’s expansion has enabled
the company to extend its operations, resulting in further
recruitment.
Business at Stena Bulk’s Singapore office has also increased
as a result of changed trade patterns. Now that the United
States has reduced its imports of oil from West Africa and
Venezuela, increased volumes are turning to Asia, bringing
more business to the Singapore office.
Impact on society
With bunker consumption accounting for 40–80% of shipping
costs, a reduction in energy consumption has a major impact
on the overall economy. Stena Bulk has succeeded in improving its annual energy efficiency by up to 12% over the last two
years. An important reason for this success is the company’s
continuous improvements to technical solutions. Other explanations are energy management, optimisation and the individual energy budgets that are produced for each vessel before
every trip. Overall, costs have been reduced by MUSD 8 during
2014.
In 2014, a school was opened in Angola as part of a joint
initiative of Stena Bulk and Sonangol. The purpose of the initiative is to share the expertise that Stena Bulk possesses and its
long-term outcome may be an increase in the local supply of
well-trained seafarers. Learn more on page 26.
The IMOIIMAX tanker Stena Impression
was christened in Singapore in early 2015.
The ship’s godmother is Jesslyne Widjaja,
Director, Corporate Strategy & Business
Development, Golden Agri-Resources.
23
STENA RORO
STENA RORO
EXPERTISE IS OUR
COMPETITIVE EDGE
Stena RoRo provides vessels, innovative solutions and project management. Its
customers are operators and shipping companies around the world. The company’s
expertise, dedication and financial resources create customer value, growth and
profitability, and make it an attractive place to work.
The European RoRo and RoPax markets have been challenging
for a number of years. Stena RoRo, which charters out vessels
to other companies mainly in Europe, is naturally affected by
these market conditions, but is standing up well against the
competition. Due to the weak market, Stena RoRo has been
able to invest counter-cyclically in ten vessels during the last
three years. The company buys ships when demand is low,
renovates them in order to charter them out and eventually
sell them when the market improves.
The RoRo segment is still affected by oversupply of vessels.
A large number of ships were ordered before the financial
crisis and delivered around 2010.
The RoPax market is in better balance. The market has
virtually no newbuilding to speak of and we are also seeing
scrapping of smaller and older vessels and a rearrangement of
vessels – ships that were previously operated in European
waters now being employed on Asian routes, for example. This
means that ships on charters outside Europe are strengthening
the European market, while older ships are phased out in Asia.
Renovated ship chartered out
Part of Stena RoRo’s business concept is to establish charter
operations in markets where there is growth. With this in
mind, the company chartered a RoPax vessel to the Chinese
shipping company Bohai Ferries in June 2014. The vessel in
question, Hoa Sen, had been laid up for more than two years
when Stena RoRo bought it from the Vietnamese state shipping company Vinalines. After five months of extensive renovation, the vessel is now on charter between China and South
Korea, under the name Stena Egeria.
Stena Alegra will again be chartered out to the state
shipping company Interislander of New Zealand. The prelude
600
MSEK REVENUE
2%
SHARE OF GROUP
REVENUE
24
400
EMPLOYEES
RORO FERRIES
2,900
MSEK CAPITAL
EMPLOYED
ROPAX FERRIES
7
11
to the deal was a damage to one of Interislander’s ships in
late 2013 leaving Interislander in great need of a replacement
vessel. Stena RoRo’s response meant that the companies were
able to quickly agree on a six-month charter contract, and a
month later Stena Alegra was delivered to Wellington in New
Zealand.
The new and longer arrangement means that the vessel has
to undergo an extensive upgrade and refurbishment to meet
the customer’s requirements for the route. The ship will have
stabilisers installed and new customised interiors. These works
will be completed in a shipyard in Singapore. This is a good
example of Stena RoRo’s long-term ambition of delivering
optimised vessels to our customers.
Another major event of the year is the purchase of D
ieppe
Seaways, now renamed Stena Superfast X. Stena RoRo negotiated and completed the transaction on behalf of Stena Line.
The acquisition was made at favourable terms. Before the
ship was taken into service in February 2015, it underwent an
extensive upgrade and customisation for Stena Line’s Irish Sea
routes.
To secure Stena Line’s tonnage requirements on the Irish
Sea, Stena RoRo was commissioned by Stena Line to renego
tiate two long contracts for Stena Superfast VII and Stena
Superfast VIII.
The Mercy Ships Foundation provides advanced free medical care on board the world’s largest civilian hospital ships in
some of the poorest countries in the world. At the end of
2013, the Foundation ordered another ship and Stena RoRo
was commissioned to carry out the transaction on a commercial
basis. Stena RoRo has designed and procured the ship and is
responsible for project management and supervision during
the c onstruction period.
PER WESTLING > CEO
Over the next two years, the RoRo market is expected
to remain challenging, although the outlook appears
somewhat brighter for the larger ice-class RoRo tonnage with scrubbers installed. In 2015, new stricter
sulphur regulations are being introduced within the
Sulphur Emission Control Areas (SECA) and will affect
the entire industry in the areas where the new
directive applies – for our o
perations this is particularly
the case in northern Europe. For RoPax vessels, we see
a balance between supply and demand, and we are of
the opinion that the market will strengthen in the
future.
25
ANOTHER YEAR OF
SIGNIFICANT DEVELOPMENT
Based in Glasgow, Scotland, Northern Marine Group (NMG) provides ship
management services to the Stena Sphere and selected external clients through
our global network of offices in Aberdeen, Glasgow, Gothenburg, Houston,
Manila, Mumbai, St. Petersburg, Shanghai and Singapore.
In recent years the shipping industry has been characterised by
slim margins and low profitability in general. The focus on cost
control remains a priority for vessel owners, on the premise of
no deterioration in the standards or quality of onboard operation. Despite these challenging conditions, a number of clients
have experienced fleet growth during the period, and Northern Marine welcomed the opportunity to provide technical
management services for these additional vessels.
Additionally a new subsidiary company, Northern Marine
Ferries Ltd, was established in January 2014 as part of the
wider Northern Marine Group restructure, to consolidate the
experience capability in managing RoPax and RoRo vessels into
a standalone company, thereby enabling greater focus on the
specific requirements of the vessel type. During the year we
have also implemented a new Safety Management System
(SMS) to better support the particular requirements of RoPax
and RoRo vessels.
Center of Learning and Development
The construction of the Chevron Center of Learning and
Development within the grounds of the existing Northern
Marine headquarter in Glasgow continued in 2014. The new
building, Scotia House, was fully completed by the end of
September 2014, and was officially opened in late October
by Stena CEO Dan Sten Olsson, Carl-Johan Hagman, Shipping
Director of Stena AB, and Mike Carthew, President of Chevron
Shipping Company LLC. The Center has been established
to deliver and maintain the highest standards of safety and
operational excellence on the Northern Marine and Chevron
fleet of v essels. With the help of advanced simulators the
Center is dedicated to the training of all mariners sailing in
these fleets. These facilities will assist both companies in
meeting the training requirements of the maritime and offshore industry. The combined investment in this venture is in
excess of MUSD 20.
450
MSEK REVENUE
1%
SHARE OF GROUP
REVENUE
7,700
EMPLOYEES
1) O
f whom employed on: Stena vessels 2,500, external vessels 4,700, shore based 500
26
1)
300
MSEK CAPITAL EMPLOYED
Corporate Social Responsibility
The overarching priority for Northern Marine is to ensure the
health, safety and security of all staff, thus providing a reliable
and efficient service for clients whilst minimising the impact
on the environment. The welfare and development of all
employees is paramount to achieving this objective, and the
company strives to support the enhancement of skills already
existing within Northern Marine. This ongoing investment will
allow personnel to meet the increasingly diverse requirements
of the client base, and achieve a sense of personal development, as Northern Marine seeks to ensure the highest quality
of dedicated professionals available in the industry.
Sustainability
Energy efficiency as well as other environmentally friendly
solutions can create a competitive advantage for clients,
generating better fleet utilisation and a better commercial
outcome for each voyage. Northern Marine has always
been at the f orefront of developing engineering solutions to
improve energy efficiency management. This proactive approach
has ensured that the Group is in a position to take advantage
of advances in technology for the benefit of their clients and
the environment.
Objectives 2015
Northern Marine’s approach is always to be proactive in every
thing we do, never more so than in the mission to excel in health,
safety and environmental performance. Focus to reach energy
targets and to follow best management practices to achieve
the defined goals is priority.
The continued focus on process safety and further development of the Behaviour Based Safety programme to prevent
accidents and incidents will extend throughout 2015, supporting the objective to provide the safest possible working environment for all employees.
HUGH FERGUSON > MANAGING DIRECTOR
The financial pressures on companies operating in the
shipping industry show no signs of decreasing, indeed
the cost of meeting the increasing regulatory requirements of our industry each year prove an additional
challenge.
Shipping tends to be exposed to cyclical e conomic
changes. However, for 2015 as in every year, the safe
and efficient operation of the vessels must remain
stable and sustainable. This must be achieved with
equally sustainable cost efficiency, all of which can
only be achieved by professional staff providing first
class management services.
27
NORTHERN MARINE GROUP > CASE MARITIME TRAINING CENTERS
NEW TRAINING CENTERS
ON THREE CONTINENTS
With the opening of multi-million dollar Maritime training centers in three
different continents in 2014, Stena once again demonstrated the company’s
long term commitment to seafarer training at the very highest level.
2014 was a year of significant achievement in the training of Stena seafarers,
with the opening of multi-million dollar Maritime training centers in Scotland,
Angola and the Philippines.
The Clydebank Training Center in Glasgow incorporates a 100 seat Auditorium
and greatly enhances the induction of all new UK Northern Marine and Stena Line
employees to the Stena Group. The adjacent newly opened innovative and state
of the art Simulator Center, shared with Chevron Shipping, is designed to provide
quality teamwork training to our officers, develop and enhance their operational
performance and equip them with the skills necessary to lead the seafarers of
the expanding Stena fleet.
The new maritime campus in Angola, Centro De Formaçã Maritima de Angola
(CFMA), is a superb example of international partnership and vision, and will play a
significant role in developing Angolan seafarers for the future in co-operation with
Sonangol.
In the Philippines more than 2,000 seafarers will receive the highest standard of
maritime and offshore safety training at the new Maritime Safety Training Center.
These achievements demonstrate the long term commitment of Stena in
equipping our present and future seafarers with the education, skills and individual
talent development to crew the expanding Stena fleet and continue to compete
at the very highest level.
CFMA IS ADAPTED FOR
200 STUDENTS A YEAR
The first year of study is in Angola,
the second in Glasgow.
28
THE SCHOOL'S AREA IN ANGOLA IS
70
HA
Equivalent to
90 football fields.
I have come a long and difficult way to achieve my goals.
I intend to continue pursuing them until the result is
satisfactory.
I am happy and honored to be part of the first group
of cadets studying at CFMA. I feel very excited to see
what the future holds and for the possibility to make a
difference in helping the Angolan economy.
The staff are very welcoming, and there are many
highly skilled teachers who open our vision and our minds
to the outside world. Thus having the opportunity to
further develop my English skills, that is the international
business language, especially in the shipping world.
I am proud of Stena's investment in Angola so that
students get the opportunity for career progression like I
have been gracious to get. Last but not least I am excited
for the opportunity to learn about team building and
aquire the skills I will need to do my job.
Jisilda Felicia Nguli, CFMA Deck Cadet
Although Angola has a vast coastline of over 1,000 miles;
sailing is still a new adventure and challenge to the
young generation.
With the establishing of the CFMA, trainees have the
opportunity to learn a combination of educational and
professional skills for the maritime sector.
One of the advantages of being part of CFMA staff is
to have the opportunity to interact with international
maritime training institutions and international shipping
companies such as Stena, which in turn provides a positive synergy that I believe can be productive and very
useful for all parties involved.
CFMA is making a significant contribution to the promotion of the maritime industry in Angola that will lead
to accreditation and be part of the IMO "White List".
Amarildio Vicente Manuel, CFMA Lecturer
29
STENA TEKNIK
STENA TEKNIK
TECHNOLOGICAL DEVELOPMENT
FOR MAXIMUM PERFORMANCE
Stena Teknik is a technical resource for the marine parts of Stena. Thanks to the
vast and broad-based knowledge of its employees, the company can develop
solutions that make the business areas more competitive.
In Guangzhou, China, the construction of ten IMOIIMAX
product tankers, which started in 2013, is continuing. Stena
Teknik has staff on site to monitor the construction process
and ensure that the vessels are delivered with the right quality.
The IMOIIMAX vessels will be 25% more energy-efficient
than previous generations of vessels of a comparable size. This
is because the hull, propeller design and main engine have
been optimised for the vessels' intended use. These vessels
also offer significantly higher cargo flexibility than comparable
vessels, which brings major competitive advantages.
The first four vessels are being delivered to Stena Bulk, its
joint venture partner Golden Agri and Concordia Maritime
in 2015. At the end of 2014, the first of these vessels, Stena
Impression, underwent sea trials in the South China Sea and
was delivered in January 2015. Another four vessels will be
delivered in 2016 and the final two in the series in 2017.
For Stena Drilling, work continues on Stena MidMAX, a
semi-submersible drilling rig designed to withstand the North
Sea's harsh weather conditions. The North Sea has the strictest regulations in the world in terms of safety and working
conditions on board, and Stena MidMAX will easily meet all of
these requirements. Delivery of the unit is scheduled for 2016.
18
EMPLOYEES
30
12
NEWBUILDINGS ON
ORDER
Development projects and environmental benefits
On 1 January 2015, new restrictions on sulphur emissions in
the SECA areas were introduced. Stena Teknik has worked
closely with Wärtsilä to develop methanol as an alternative
fuel. Wärtsilä has converted an engine for methanol operation, and tested it in Trieste with successful results. Stena
Germanica is being converted to run on methanol and work
began in late January 2015. The vessel is expected to be able
to run fully on methanol in autumn 2015.
Another area of development Stena Teknik is working on
is the All Electric project. The company is working with
Scandlines to examine the feasibility of converting vessels on
the Helsingborg-Helsingör route to electric operation, thereby
eliminating emissions and reducing noise. The technical
challenges are primarily in recharging the batteries during the
short period when the ferry unloads/loads and finding a solution that supplies the port with sufficient power. Battery costs
are still a very large item in the calculation and EU funding has
been applied for in order to complete the project.
Energy-saving system
Stena's overall target is an annual reduction of 2.5% in energy
consumption per nautical mile. Stena Teknik is responsible for
the Stena Energy Efficiency Group which meets once a quarter. The project involves Stena RoRo, Stena Bulk, Northern
Marine Group and Stena Line, and its purpose is to collect and
share experiences and ideas between the companies about
how to save energy.
Stena Teknik is running a programme with Stena Line to
monitor fuel consumption on board. The system shows every
moment of a vessel's consumption and provides information
to the vessel's management who can then more easily adopt
measures that will allow a reduction in the vessel's energy
consumption.
The new IMOIIMAX series has been developed in collaboration between Stena Teknik
and Guangzhou Shipyard International
(GSI). A total of ten sister ships are being
built at the shipyard in China.
HARRY ROBERTSSON > TECHNICAL DIRECTOR
We continue our efforts to develop and improve
maritime safety. Stena Teknik will examine how other
industries’ systems can be adapted for shipping. An
interesting area of study is how the support systems
being developed in the automotive industry can be
implemented to further increase safety on board.
31
STENA TEKNIK > CASE IMOIIMAX
CASE
SHIPYARD COOPERATION
CREATES COMPETITIVENESS
Stena Impression is the first IMOIIMAX class vessel, the latest generation of fuel-efficient
product and chemical tankers. She was christened in February 2015 and during the next two
years will be followed by nine sister ships from the Guangzhou Shipyard International (GSI)
shipyard in China. The cooperation between Stena and GSI has worked well, even when
Stena has set high standards.
JACOB NORRBY
Project Manager Stena Teknik
32
"It is a known fact that GSI has a management team that sees responsiveness as a
competitive advantage," says Jacob Norrby, Stena Teknik's Project Manager for the
construction of the IMOIIMAX vessels.
"The yard is different from many others. They listen and have made every effort to
meet our requirements in both the design phase and during the actual construction."
To ensure the vessel type measured up to Stena's high requirements, Stena chose
to extend the design phase by one month in order to take advantage of the very
latest technology.
"We were, for example, able to install the very latest model for the main engine,
developed for higher efficiency, thus allowing lower bunker costs. IMOIIMAX has
world-leading low energy consumption," says Jacob.
"In addition, the design with 18 cargo tanks makes the vessel very cargo-flexible.
As well as being able to transport everything from heavy oil to light chemicals,
IMOIIMAX is optimised for a maximum intake of vegetable oils. The actual cargo
system is very effective, leading to high capacity for loading, unloading and cleaning
of the tanks."
During the construction period, Stena Teknik is staffing an inspection office at GSI.
Lars Pennman has been the site manager, leading the process of daily inspections.
The team has included 13 inspectors and a secretary. The vast majority of inspectors
are from China.
"Working with GSI is enjoyable. Although we and GSI may have different views, a
laugh is never far away. However, it is a hard and focused job from the first round of
negotiations before a contract is signed until the delivery date – particularly during
the construction period – to ensure the quality of work is just as high as we expect,"
concludes Jacob Norrby.
18
CARGO TANKS PROVIDE
INCREASED CARGO FLEXIBILITY
EACH TANK
HOLDS
14
STENA TEKNIK'S TEAM
IN GUANGZHOU
WORLD-LEADING
LOW ENERGY CONSUMPTION
3,000 25%
CUBIC METRES
MORE ENERGY-EFFICIENT
than previous generations of vessels
of comparable size.
33
STENA REALTY
STENA REALTY
CAPTURE UPSWING
Overseas investment needs and the lack of alternative high yielding product led to
increased real estate pricing in various regions, yet global fundamentals remain drivers.
Overseas investment needs and the lack of alternative high
yielding product led to increased real estate pricing in various
regions, yet global fundamentals remain divers.
Stena Realty is Stena Property’s international property company of the Swedish Stena Group. Focusing on commercial
properties, it operates in the Netherlands, France, the UK, Germany, Hungary, Luxembourg and the US. Stena Realty also
owns interests in two separate real estate funds. In Sweden,
the portfolio of the Stena property company Stena Fastigheter,
mainly comprises residential units complemented with CBD
offices in Gothenburg, Stockholm and Malmö.
The growth of business confidence in 2014 came from the
availability of capital. Interest was shown in both prime and
secondary real estate as a result of greater liquidity and the
need to deploy capital in this asset class. In many of Europe’s
main markets, growth in values has far exceeded any rise in
occupier activity. Across the Eurozone, in particular, rental
growth is not proven throughout.
Especially core properties are perhaps overpriced in almost
all markets. In this respect, influences from equity-rich (sovereign wealth) funds, pension funds and insurers from overseas
47
EUR MILLION
REVENUE
571
EUR MILLION
14
EUR MILLION
INVESTMENTS
PROFIT ON SALES
80% DIRECT
20% INDIRECT
34
helped to drive the price of core assets in “gateway” cities
such as London, Paris, Milan and Berlin. Consequently this had
a side effect on pricing of assets in direct vicinity of prime real
estate as well on better quality secondary assets. The latter
due to the considerable yield spread and higher risk-acceptance with investors.
This has led to the decision from the Stena Realty management to acknowledge the potential of this market circumstance and capture the substantial value upswing. 100 Leman
Street in London, which was acquired in late 2011 and almost
to become vacant in 2015, was sold mid 2014. The very profitable sales return was considerably outperforming the expected
longer term hold and refurbish strategy. This success also triggered the discussion on our other London assets, especially on
our core-plus building 20 Red Lion Street. At year end a start
was made for potential exit for this building too. We have also
looked into new acquisitions but due to price expectations no
new file was executed.
The above stated very positive results were offset against
the challenging Dutch market results where predominantly
leasing still proved to be difficult. Not only the number of
251,000
54
SQM
PROPERTIES
transactions, also rents remained pressured and incentives
steep. Consequently values of vacancy show negative trends.
On the other hand our various investments in our buildings are
appreciated and show first leasing results. Further strategies
on modern and alternatives uses are progressed and implemented with positive signs for 2015. Concrete conversion
plans are drafted for The Hague buildings which will be most
likely lead to implementation next year.
Houston proved to be a market with two faces. The general
economics show positive trends with continuing job growth
and consequent office take up in 1H 2014. When global oil
prices dropped by 50% in the second half of the year, especially large corporate energy companies reacted by being careful in taking up new office leases in the final quarter. We
anticipated to lease more in our existing buildings to these
corporate groups in our 2014 budget, yet that target was difficult to achieve in the changing sentiment of the oil sector. Our
Phase I development of approximately 17.500 m2 Class-A
office space was timely and on budget delivered to our anchor
tenant for a 10 year lease. Construction of our 100% preleased Phase II office building at Wood Branch (also 17.500
m2) to the Sasol Corporation started as planned in Q2 and
was fully on schedule at year end for a delivery in April 2015.
France continued to perform very well. The last year created
new business center concept is almost fully occupied throughout the year and generating splendid returns. We have been
able to welcome HP as new large tenant in our Marco Polo site
where we also upgraded our restaurant facility to accommodate more people and better service to our clients.
The construction of our new World Trade Center (6) building faced a minor delay in the beginning as extra hard rocky
ground needed to be removed. This had no negative effect on
leasing as we successfully attracted a 100% GE Healthcare
subsidiary as new anchor tenant for 60% of the development.
At year end discussions were ongoing with tenants for the
remainder of the development. Management believes to have
captured the development upswing at the right moment
where others remained still in this interesting and special
regional market.
Luxembourg remained in a stable good position where we
have made investments in our building in close cooperation
with our strong single tenant to improve the building. The
relative small market keeps performing well and vacancy rates
especially in the inner city remains at an internationally low
level of around 5%.
Although a strong economic player in the EU, Germany had
a pale year as a region. Germany is performing stable albeit
not very profitable. Our assets might require an adjusted strategy going forward due to location and age. In Hungary the
Budapest market is bottoming out with some positive political
and economic indicators. We have started to plan for building
refurbishments and various upgrades to main lobby area and
some floors to re-market the building next year as the Budapest market is showing positive signs on recovery. Management will target to benefit from this trend.
Our overall investments in our existing portfolio were an
approximate amount of MEUR 53 to construct, upgrade and
fit out according to latest regulations and market wishes,
where possible in a sustainable manner. On various parts of
our portfolio refinancing was performed successfully with various international banks ensuring a healthy financial position of
our company for the upcoming medium term.
The Stena Realty group's net result for 2014 amounted in
MEUR 16,6 with a strong cash position for future acquisitions
and other investments.
RONALD VISSCHER > MANAGING DIRECTOR
2014 was a year of recovery in major markets in EU
and the US. The Nordics kept performing well attracting foreign investors trying to get some of the market
besides the domestic investors. London clearly was
leader in deployed real estate funds from overseas
and seen as “safe haven”. Simultaneously yield targeting equity players also diversified substantially in the
higher yielding EU regions and assets like Ireland,
Spain, The Netherlands, taking position for anticipated economic growth in coming years. The financial
market improved and lenders showed more faith but
are still cautious in some of their terms. Other banks
are still downsizing real estate allocation and trying to
improve solvability. In oversupply markets like The
Netherlands redevelopments to different asset use is
dominating over new build developments. This is an
integrated part of the Stena Realty strategy; invest in
the quality our portfolio to innovative market needs
of our respective clients and care about sustainable
relationships now and for the years ahead.
35
STENA FINANCE
STENA FINANCE
FINANCIAL STRENGTH
0FFERS FLEXIBILITY
Stena Finance’s main task is to manage the funding requirements of the Stena Group, both
short and long term. Stena Finance also manages the operational business units’ financial risks
in the interest rate, currency and oil markets. In addition, Stena Finance manages the Group’s
liquidity and financial investments. Another important role is to act as a resource for the
operational units when identifying and analysing new business deals.
The global economy continued to climb further during 2014,
mainly led by the United States. Activity in the US economy
has been steadily expanding and continues to show much
strength. Households financial situation has become stronger
thanks to debt deleveraging and growing wealth. An increasingly strong labour market will probably lead to gradually
higher wages and the first US increase in Interest Rate in many
years is now approaching. The euro zone, on the other hand,
is suffering from weak demand as well as weak growth and
structural problems, which is why the European Central Bank
has cut policy rates to zero and is signaling that additional
monetary easing can be necessary.
There is good potential for a solid growth in most Asian
emerging markets. Strong labour markets are helping to drive
domestic demand. An important issue for the Asian economies
is how big deflationary effect the weak Japanese yen will have.
LIQUIDITY1)
Cash & cash
equivalents 20%
Equities 14%
Fixed income 16%
1) S tena AB Group as of 31 December 2014
Liquidity and financing
Stena Finance’s task is to optimise the Group’s loan and bond
profile and to manage liquidity in such a way that there are
sufficient resources available when the loans and bonds
mature. To achieve this, Stena Finance maintains a high level
of liquidity, which ensures that the group’s cash flow requirements would be safeguarded if access to international capital
were to be cut off.
INTEREST-BEARING LIABILITIES1)
Unutilised
credit lines 51%
36
During 2014, the eastern European economies were hurt by
the Russian decelerating growth, its import ban and a sharp
fall in oil prices.
The Swedish economy is showing a healthy performance led
by domestic demand offset by flattish trend in export sector as
well as that Riksbanken lowered the interest rate close to zero.
Sweden has a solid financial position and expects further
growth acceleration during 2015.
Other bank loans 56%
Real estate loans 21%
Leasing liabilities 1%
Bond loans 22%
INVESTMENT PORTFOLIOS1)
Adactum
(listed shares) 13%
CDO’s/CLO’s 9%
Fixed income 39%
Long Term equity 15%
Other equities 24%
In January 2014, Stena issued a ten-year MUSD 600 unsecured note in the US to extend its amortisation profile and
reduce debt under the revolving credit facility. In February
2014, Stena International S.A. issued a ten-year MUSD 350
note and a MUSD 650 seven-year term loan with a low capital
repayment rate. The bond and the loan are secured by the vessels Stena DrillMAX and Stena Carron. This transaction was
also designed to extend Stena’s maturity profile and free up
more liquidity.
In 2013, Stena Drilling contracted two semi-submersible
drilling rigs for MUSD 800 each with option to cancel one
unit. In July 2014, the financing (MUSD 574) arrangement
was concluded for one rig.
Liquidity also opens up good, long-term investment opportunities in equities and bonds.
Stena AB is funded largely through the banking system and
the European and US bond markets. Together with credit
f acilities and vessel loans, this generates good financial
strength and flexibility. Total available liquidity as of 31
December 2014 was SEK 17.7 billion.
Thanks to successful new financing, the Group’s financial
position continues to be very strong.
Portfolio management
During the year, Stena reduced its exposure to the oil and gas
sector which helped to prevent the losses from falling stock
markets in this sector. Management of financial investments
experienced a modest result in 2014 with an average return of
3%. Bonds and other alternative investments performed well,
with a return higher than comparable index.
The equity portfolio consisted of around 50 companies
which are listed on Nordic, European, U.S. and Asian markets.
The total value of Stena Finance’s equity and bond portfolio
was SEK 6,4 billion as at 31 December 2014, compared with
SEK 5,7 billion on 31 December 2013.
PETER CLAESSON > CEO
We are very pleased with the capital market activities
we conducted in spring 2014. The extension of our
amortisation profile and strengthening of our liquidity
further consolidates our financial position. The investment activity is planned to be reduced, while our
strong liquidity increases our financial flexibility. Our
new bond issues, long-term financing and locked-in
future cash flow leave the company very well equipped
for the future.
37
VESSELS
VESSELS
STENA LINE VESSELS OWNED AND CHARTERED AS OF 31 DECEMBER 2014
All vessels below are owned, partially owned or chartered by Stena International Group companies.
Name
Route
Vessel type
Passengers
Lanemetres
Stena Saga
Oslo–Frederikshavn
Night ferry
2,000
1,032
Stena Carisma
Göteborg–Frederikshavn
HSS
900
151 cars +10 buses
Stena Danica
Day ferry
2,274
1,640
Stena Jutlandica
RoPax
1,500
2,100
Stena Scanrail
RoPax
36
1,000
Scandinavia
Stena Nautica
Varberg–Grenaa
RoPax
900
1,265
Aurora af Helsingborg
Helsingborg–Helsingør
Day ferry
1,250
539
Hamlet
Day ferry
1,000
553
Mercandia IV
Day ferry
385
290
Mercandia VIII
Day ferry
385
290
Stena Germanica III
Göteborg–Kiel
RoPax
1,300
3,800
Stena Scandinavica IV
Göteborg–Kiel
RoPax
1,300
3,800
Skåne
Trelleborg–Rostock
RoPax
600
3,295
Mecklenburg–Vorpommern
Trelleborg–Rostock
RoPax
600
3,100
Trelleborg
Trelleborg–Sassnitz
RoPax
848
1,189
Sassnitz
Trelleborg–Sassnitz
RoPax
1,000
1,071
Stena Vision
Karlskrona–Gdynia
RoPax
1,300
2,214
Stena Spirit
Karlskrona–Gdynia
RoPax
1,300
2,214
Stena Baltica1)
Karlskrona–Gdynia
RoPax
210
2,188
Scottish Viking2)
Nynäshamn–Ventspils
RoPax
880
2,250
Stena Flavia
Travemünde–Ventspils
RoPax
880
2,255
Ask
Travemünde–Liepaja
RoPax
186
1,598
Urd
Travemünde–Liepaja
RoPax
186
1,598
Stena Hollandica III
Hoek van Holland–Harwich
RoPax
1,200
5,500
Stena Britannica III
Hoek van Holland–Harwich
RoPax
1,200
5,500
Severine
Rotterdam–Harwich
RoRo
12
1,760
Capucine
Rotterdam–Harwich
RoRo
12
1,760
Stena Transporter
Hoek van Holland–Killingholme
RoPax
300
4,056
Stena Transit
Hoek van Holland–Killingholme
RoPax
300
4,056
Stena Scotia
Rotterdam–Killingholme
RoRo
12
1,692
Stena Adventurer
Holyhead–Dublin
RoPax
1,500
3,400
Stena Nordica
Holyhead–Dublin
RoPax
405
1,950
Stena Superfast X
Chartered to DFDS
RoPax
1,200
1,924
Stena Explorer
Holyhead–Dun Laoghaire
HSS
1,500
1,100
Stena Europe
Fishguard–Rosslare
RoPax
1,400
1,120
Stena Horizon
Rosslare–Cherbourg
RoPax
970
2,244
1,924
Germany
Baltic Sea
North Sea
Irish Sea
Stena Superfast VII
Cairnryan–Belfast
RoPax
1,200
Stena Superfast VIII
Cairnryan–Belfast
RoPax
1,200
1,924
Stena Lagan
Belfast–Liverpool
RoPax
970
2,250
Stena Mersey
Belfast–Liverpool
RoPax
970
2,250
Stena Performer
Belfast–Heysham
RoRo
12
2,166
Stena Precision
Belfast–Heysham
RoRo
12
2,166
Stena Hibernia
Belfast–Liverpool
RoRo
12
1,692
1) B
areBoat Charter
2) TimeCharter
38
STENA RORO VESSELS OWNED AND CHARTERED AS OF 31 DECEMBER 2014
All vessels marked * are owned or chartered by Stena International Group companies.
Name
Built
Passengers
Lanemetres
RoPax
Norman Asturias *
2007
800
2,250 (+ 195 cars)
Blue Puttees *
2006
1,000
2,800
Highlanders *
2007
1,000
2,800
Stena Feronia1) *
1997
536
2,150
Etretat *
2008
800
2,250 (+ 195 cars)
1,800
SNAV Adriatico2) *
1986
1,200
Stena Alegra *
1998
399
1,950
Stena Egeria *
2001
950
2,050
Trinacria *
2002
950
2,040
Partenope *
2002
950
2,040
Stena Baltica ex Cotentin3) *
2007
210
2,188
Mont Ventoux
1996
12
2,250
Ark Forwarder *
1998
12
2,715
Stena Foreteller
2002
12
3,000
Stena Forecaster
2003
12
3,000
Stena Forerunner *
2003
12
3,000
Stena Freighter
2004
12
2,715
Stena Carrier
2004
12
2,715
RoRo
1) S old January 2015
2) Sold through hire-purchase
3) Chartered to Stena Line
STENA DRILLING DRILLING UNITS OWNED AS OF 31 DECEMBER 2014
All units below are owned by Stena International Group companies.
Name
Type/Generation
Water depth
Position
Stena Clyde
Stena Don
Semi, 3rd generation1)
1,640 ft
Singapore
DP (dynamically positioned) semi, 5th generation
1,640 ft
Norway
Stena Spey
Semi, 3rd generation
1,500 ft
North Sea
Stena DrillMAX
Deepwater DP drillship for harsh worldwide environments, including Norway,
6th generation
10,000 ft
Ghana
Stena Carron
6th generation
10,000 ft
Canary Islands
Stena Forth
6th generation
10,000 ft
Gulf of
Mexico
Stena IceMAX
Deepwater DP drillship for harsh world-wide environments and ice infested
waters, including Norway, Polar Class 5, 6th generation
10,000 ft
Gulf of
Mexico
Stena MidMAX I 2)
DP & moored semi for harsh worldwide environments, including Norway,
6th generation
6,600 ft
TBD
Stena MidMAX II 2) 3)
DP & moored semi for harsh worldwide environments, including Norway,
6th generation
6,600 ft
TBD
1) U
pgraded semi 2nd generation semi-submersible
2) N ewbuilding
3) Cancellation right
39
VESSELS
STENA BULK VESSELS OWNED, CHARTERED AND MANAGED AS OF 31 DECEMBER 2014,
INCLUDING NEWBUILDINGS
All vessels marked * are owned or partially owned by Stena International Group companies.
Name
Built
Dwt
Class
Suezmax
Stena Superior *
2011
158,000
Stena Supreme
2012
158,000
Stena Sunrise *
2013
158,000
Stena Suède *
2011
158,000
Sonangol Cabinda
2013
157,500
Sonangol Huila
2012
157,500
Sonangol Kalandula
2011
157,500
Sonangol Rangel
2011
158,000
Sonangol Kassanje
2005
150,000
Sonangol Luanda
2000
150,000
Sonangol Kizomba
2001
150,000
Sonangol Namibe
2007
150,000
Sonangol Porto Amboin
2012
157,500
Princimar Pride
2012
158,000
Princimar Integrity
2012
158,000
Princimar Courage
2013
158,400
AST Sunshine
2013
158,000
Montestena
2012
158,000
Almi Explorer
2013
157,800
Almi Navigator
2013
150,000
Yasa Polaris
2009
158,500
Yasa Southern Cross
2010
158,000
Yasa Scorpion
2010
158,500
Shuttle
Nordic Rio *
2004
152,000
DP Class
Navion Gothenburg *
2006
152,000
DP Class
Stena Spirit
2001
149,995
DP Class
Stena Alexita
1998
127,535
DP Class II
Stena Sirita
1999
126,671
DP Class II
Stena Natalita
2001
108,073
DP Class II
Stena Arctica *
2005
116,500
Ice Class 1A Super
Stena Atlantica
2006
113,600
Ice Class 1A
Aframax
LNG
Stena Clear Sky *
2011
96,890
LNG, 173,000 cbm
Stena Crystal Sky *
2011
96,890
LNG, 173,000 cbm
Stena Blue Sky *
2006
83,668
LNG, 145,500 cbm
2004
72,825
Panamax
Stena Chiron *
40
Name
Built
Dwt
Class
Medium Range, MR
Stena Paris
2005
65,125
P-MAX Ice Class 1B
Stena Performance
2006
65,200
P-MAX Ice Class 1B
Stena Perros
2008
65,200
P-MAX Ice Class 1B
Stena President
2007
65,200
P-MAX Ice Class 1B
Stena Progress
2009
65,200
P-MAX Ice Class 1B
Stena Provence
2006
65,125
P-MAX Ice Class 1B
Stena Primorsk
2006
65,200
P-MAX Ice Class 1B
Stena Penguin
2010
65,200
P-MAX Ice Class 1A
Stena Polaris
2010
65,200
P-MAX Ice Class 1A
Stena Premium
2011
65,200
P-MAX Ice Class 1B
Stena Conqueror *
2003
47,400
S-47 Class
Stena Concert *
2004
47,136
S-47 Class
Stena Conquest *
2003
47,136
S-47 Class
STI Regina
2014
49,990
Stenaweco Energy
2014
49,737
ST Katharinen
2013
50,259
49,990
Exelsior Bay
2014
STI St Charles
2014
50,265
STI Wembley
2014
38,464
STI Yorkville
2014
50,265
STI Mayfair
2014
50,265
STI Milwaukee
2014
49,999
Silver Gwen
2014
49,855
Silver London
2014
49,855
STI Finchley
2014
38,464
Aldebaran
2013
37,571
STI Battery
2014
49,990
STI Soho
2014
49,990
Crystal Bay
2014
49,990
STI Poplar
2014
38,734
Ridgebury Cindy
2008
17,527
Gan-Triumph
2010
49,999
Amalienborg Ex Su
2004
40,059
Kronborg
2007
40,208
Atlantic Breeze
2007
47,128
Grazia
2010
50,308
Istra
2012
51,824
Kastav
2009
52,610
Maersk Magellan
2010
51,556
Navig8 Strength
2009
49,999
Pula
2006
46,927
41
VESSELS
Contd. Stena Bulk
Name
Built
Dwt
Pomer
2011
52,579
Velebit
2011
52,554
Vinjerac
2011
52,554
Stenaweco Spirit
2012
49,995
Stenaweco Venture
2012
49,995
Star Eagle
2007
49,906
Star Kestrel
2008
49,930
Stenaweco Julia L
2013
49,600
Stenaweco Marjorie K
2013
49,600
Stenaweco Gladys W
2013
49,600
St Marien
2007
51,218
Resolve
2004
46,048
Klass
MR Pat Brown
2009
50,096
Torm Gertrud
2002
50,000
Torm Mary
2002
50,000
Stena Impression1) *
2015
49,400
IMOIIMAX
Stena Imperial1) *
2015
49,400
IMOIIMAX
Stena Important1)
2016
49,400
IMOIIMAX
Stena Imperative1) *
2016
49,400
IMOIIMAX
Stenaweco Impulse1) *
2016
49,400
IMOIIMAX
Stena Imagination1) *
2016
49,400
IMOIIMAX
Stena Immortal1) *
2016
49,400
IMOIIMAX
Stena Immaculate1) *
2017
49,400
IMOIIMAX
Stena Impeccable1) *
2017
49,400
IMOIIMAX
Stena Image1)
2015
49,400
IMOIIMAX
2002
9,996
Golden Adventure
2009
9,599
Golden Avenue
2009
9,599
GSW Future
2009
17,527
17,527
Coaster
Stena Calypso *
Intermediate
GSW Forward
2008
GSW Fighter
2008
17,527
GSW Frontier
2009
17,527
GSW Fabulous
2008
17,527
Vestholmen
2009
15,527
Oceanic Cobolt
2008
13,224
Oceanic Cyan
2008
13,241
Global Vika
1999
16,408
Ji Xiang
2011
16,863
Ece Nur K
2009
19,988
1) Newbuilding
42
C-MAX
PROPERTIES
PROPERTIES OWNED AND MANAGED AS OF 31 DECEMBER 2014
All properties below are owned by Stena International Group Companies.
Country
HOLLAND
City
Address
Type of
building
Rentable
area, Sqm
Almere
Rooseveltweg 11
Office
2,935
54
Almere
Rooseveltweg 15
Office
2,871
40
Amstelveen
Burgemeester Haspelslaan 45–83
Office
3,465
64
Amsterdam
Keizersgracht 125–127
Office
2,268
10
Amsterdam
Stadhouderskade 6
Office
6,037
31
101
Parking
Amsterdam ZO
Hogehilweg 3
Office
4,486
Amsterdam ZO
Hogehilweg 6
Office
3,142
75
Hoofddorp
Marsstraat 1–43
Office
6,688
154
Leiden
Schipholweg 70–128
Office
4,606
53
Lijnden
New Yorkstraat 21-23
Warehouse
256
4
Oude Meer
Breguetlaan 2
Warehouse
4,200
47
Rijswijk ZH
Veraartlaan 4
Office
2,433
24
Rijswijk ZH
Volmerlaan 20 / Polakweg 13
Office
4,204
87
Rotterdam
K.P. van der Mandelelaan 30–38
Office
2,703
63
Rotterdam
K.P. van der Mandelelaan 80–84
Office
1,273
31
Rotterdam
K.P. van der Mandelelaan 120
Office
1,798
45
Rotterdam
Kiotoweg 201–221
Warehouse
7,577
74
Rotterdam
Lichtenauerlaan 2–20
Office
2,132
38
Rotterdam
Max Euwelaan 21–29
Office
2,845
64
Rotterdam
Westblaak 155–189
Office
6,162
32
Schiphol-Rijk
Cessnalaan 2
Warehouse
4,148
52
10
The Hague
Eisenhowerlaan 156
Office
1,980
The Hague
Koninginnegracht 10
Office
2,017
17
The Hague
Koninginnegracht 12
Office
2,268
25
The Hague
Koninginnegracht 12b–13
Office
1,800
19
The Hague
Koninginnegracht 14
Office
2,202
15
The Hague
Koninginnegracht 23-24
Office
2,161
15
The Hague
Parkstraat 20
Office
4,000
22
53
The Hague
Paviljoensgracht 1–3
Office
6,271
The Hague
Scheveningseweg 80–82
Office
2,162
45
The Hague
Zeestraat 98–100
Office
3,182
34
Utrecht
Koningin Wilhelminalaan 3
Office
4,710
100
Utrecht
Archimedeslaan 61
Office
4,484
85
Utrecht
Atoomweg 77, Fermiweg 95
Warehouse/Showroom
Utrecht
Euclideslaan 101-149
Office
Utrecht, De Meern
Burgemeester Verderlaan 9
Office
2,017
63
Utrecht, De Meern
Burgemeester Verderlaan 15
Office
4,010
111
14,628
—
3,078
75
43
PROPERTIES
PROPERTIES
PROPERTIES PROPERTIES OWNED AND MANAGED AS OF 31 DECEMBER 2014
Country
City
Address
Type of
building
Rentable
area, Sqm
Parking
LUXEMBOURG
Luxembourg
Rue J.P. Brasseur 14a
Office
4,516
68
FRANCE
Mougins
790 Ave du Dr. Maurice Donat
Office
12,777
554
Mougins
694–732 Ave du Maurice Donat
Office
4,794
165
Valbonne
1800 Route des Crêtes
Office
6,063
271
Valbonne
Office
10,826
391
Valbonne
955 Route des Lucioles
Office
5,638
182
Biot
485 Route du Pin Montard
Office
7,715
401
Duesseldorf
Schiess-strasse 55
Office/
7,128
120
Warehouse
7,128
120
4,630
50
HUNGARY
Budapest
Andrássy út 70
Office
2,931
14
UK
London
1-4 Bury Street
Office
4,534
3
London
33-34 Bury Street
Office
484
0
London
20 Red Lion Street
Office
2.948
5
Houston
12121 Wickchester Lane
Office
10,885
457
GERMANY
USA
Houston
Office
10,970
448
Houston
Office
15,914
680
Rentable
area, Sqm
Parking
PROPERTIES BUILDINGS UNDER CONSTRUCTION
Country
44
City
Address
Type of
building
USA
Houston
Woodbranch 4
Office
15,939
FRANCE
Valbonne
WTC Les Cretes No 6
Office
1,904
BOARD OF DIRECTORS
Dr Chris Fay – CBE
Chairman
Dan Sten Olsson – CBE
Deputy Chairman
Fredrik Lantz
Managing Director
Peter Claesson
Steve Clarkson
Vivienne Cox
Jerker Johansson
Ernst Krause
Ray Miles
Hans Nützi
45
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
BALANCE SHEET
AS AT 31 DECEMBER 2014
All amounts in million EUR
2014
2013
Fixed assets
Intangible fixed assets
130
135
Tangible fixed assets
6,120
5,601
Financial fixed assets
1,540
893
7,790
6,629
Current assets
Stocks
Receivables and prepayments
Securities
28
27
560
674
15
20
771
849
1,374
1,570
9,164
8,199
Short-term debt
412
490
Other current liabilities
489
378
901
868
8,263
7,331
Long-term debt
3,214
2,583
Other long-term liabilities
1,765
1,677
4,979
4,260
241
248
12
12
NET ASSETS
3,031
2,811
SHAREHOLDER’S EQUITY
3,031
2,811
Cash at bank and in hand
Total assets
Current liabilities
Total assets less current liabilities
Long-term liabilities
Provisions
Minority interest
46
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
PROFIT AND LOSS ACCOUNT
FOR THE YEAR 2014
All amounts in million EUR
Turnover
Result from sales of fixed assets
2014
2013
2,511
2,352
14
5
Total turnover
2,525
2,357
Direct operating expenses
(1,511)
(1,460)
(233)
(235)
Selling and administration expenses
Operating result before depreciation
Depreciation
Income from operations
781
662
(455)
(409)
326
253
Financial items
Interest income
Interest expense
Other financial items
34
36
(183)
(182)
29
146
(120)
0
206
253
Taxes
(12)
(34)
Net result
194
219
Financial net
Result before taxes
The financial statements in this report are solely meant to give a commercial insight into the Stena International S.A. Group. These
financial statements are unaudited and do not meet the requirements of the statutory accounts that Stena International S.A. has
prepared under Luxembourg law. On request all interested parties can obtain the statutory accounts, according to Luxembourg law,
which have been filed with the Chamber of Commerce in Luxembourg.
47
WWW.STENA.COM
STENA AB (PUBL)
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 (0)31 85 50 00
BALLINGSLÖV
INTERNATIONAL AB (PUBL)
STENA RORO AB
Jungmansgatan 12
SE-211 19 Malmö
Telephone +46 (0)40 627 08 00
www.ballingslovinternational.com
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 (0)31 85 50 00
www.stenaroro.com
INTERNATIONAL COMPANIES
LUXEMBOURG
STENA TEKNIK
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 (0)31 85 50 00
AB STENA FINANS
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 (0)31 85 50 00
STENA ADACTUM AB
Rosenlundsgatan 3
Box 7123
SE-402 33 Göteborg
Telephone +46 (0)31 85 50 00
www.stenaadactum.com
S-INVEST TRADING AB
Box 36056
SE-400 13 Göteborg
Telephone +46 (0)31 755 73 00
www.blomsterlandet.se
ENVAC AB
Group Head Office
Fleminggatan 7
SE-112 26 Stockholm
Telephone +46 (0)8 785 00 10
www.envac.net
STENA RENEWABLE AB
Stena Renewable Energy AB
Box 7123
SE-402 33 Göteborg
Telephone +46 (0)31 85 50 00
www.stenarenewable.com
Stena International S.A.
26b, Boulevard Royal
LU-2449 Luxembourg
Telephone +352 26 48 67 00
NETHERLANDS
Stena Holland B V
Burgemeester Haspelslaan 61
NL-1181 NB Amstelveen
Telephone +31 20 426 16 16
SWITZERLAND
Stena (Switzerland) AG
Bahnhofplatz
CH-6300 Zug
Telephone +41 41 728 81 21
UNITED KINGDOM
Stena (UK) Ltd
45 Albemarle Street
GB-London W1S 4JL
Telephone +44 20 74 09 01 24
CHINA
Stena Rederi AB Beijing
Representative Office
66 Fen Xiang, 100081 Xin Xiang
Beijing 100081
P R China
Telephone +86 10 8447 6572
CYPRUS
Stena Holding (Cyprus) Ltd
Lophitis Business Centre II
28 October street
4th floor, office no. 401
CY-3035 Limassol
Telephone +357 25 871 207
HUNGARY
STENA BULK
Stena Hungary
Ady Endre utca 15
H-2724 Ujlengyel
Telephone +36 29 385 676
SWEDEN
Stena Hungary
Dohány utca 12, 2nd Floor
H-1074 Budapest
Telephone +36 13 28 69 51
SOUTH KOREA
Stena Korea Ltd
2 nd fl. Alpha Bldg,
44 Teheran-ro 8-gil
Gangnam-gu
Seoul 135-935
STENA DRILLING
UNITED KINGDOM
Stena Drilling Ltd
Ullevi House
Greenbank Crescent
East Tullos
GB-Aberdeen AB12 3BG
Telephone +44 1224 40 11 80
www.stena-drilling.com
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 (0)31 85 50 00
www.concordiamaritime.com
48
US
Stena Bulk LLC
2727 Allen Parkway,
Suite 760
US-Houston, TX 77019
Telephone +1 713 874 5960
SINGAPORE
Stena Bulk AB
Singapore Branch
6 Temasek Boulevard,
Unit 44-01
Suntec Tower 4
SG-Singapore 038986
Telephone +65 6336 5953
DENMARK
NORWAY
Stena Weco A/S
Rungsted Strandvej 113
DK-2960 Rungsted Kyst
Telephone +45 45 177 700
Stena Drilling AS
Kjøpmannsgata 24 C
Postbox 194
NO-7501 Stjørdal
Telephone +47 74 84 03 70
NORTHERN MARINE
GROUP
UNITED KINGDOM
US
Stena Drilling
– Marketing office
2727 Allen Parkway
14th floor
Telephone +1 713 973 77 11
OTHER COMPANIES IN THE STENA SPHERE
CONCORDIA MARITIME
AB (PUBL)
Stena Bulk AB
Masthuggskajen
SE-405 19 Göteborg
Telephone +46 (0)31 85 50 00
www.stenabulk.com
STENA METALL AB
STENA SESSAN AB
Fiskhamnsgatan 8
Box 4088
SE-400 40 Göteborg
Telephone +46 (0)10 445 00 00
www.stenametall.com
Rosenlundsgatan 3
Box 2181
SE-403 13 Göteborg
Telephone +46 (0)31 85 50 00
www.stenasessan.se
Northern Marine
Management Ltd
Alba House
2 Central Avenue
GB-Clydebank, G81 2QR
Telephone +44 141 876 3000
www.nmm-stena.com
Northern Marine
Ferries Ltd
6 Murdoch Drive,
Clydebank Business Park
GB-Clydebank, G81 2QQ
Telephone: +44 141 876 3200
US
RUSSIA
Northern Marine Management
USA LLC
2727 Allen Parkway
Suite 760
Telephone +1 713 874 6100
Stena Marine Management LLC
Italyanskaya str 6/4, office 8,
St. Petersburg
Telephone +7 812 570 0546
AUSTRALIA
Northern Marine Australia Pty
14 Kearns Crescent
Applecross
AU-Perth, WA 6153
Telephone: +61 8 9317 9019
PHILIPPINES
Northern Marine
Management (Manila)
c/o Philippines Transmarine
Carriers Inc.
First Maritime Place
7458 Bagtican Street
San Antonio Village
PH-1203 Makati City
Telephone +632 898 1111
INDIA
Northern Marine
Management (India) Pvt Ltd
301/302, Delphi, ‘B’ Wing
Orchard Avenue
Hiranandani Business Park
Powai
IN-Mumbai – 400 076
Telephone +91 22 6751 5200
SINGAPORE
Stena Marine Singapore Pte Ltd
78 Shenton Way #12–01
Singapore 079120
Telephone +65 6323 2066
CHINA
Stena Marine Shanghai Co Ltd
Room 2906, United Plaza
1468 West Nanjing Road
Jingan District,
CN-Shanghai 200040
P R China
Telephone: +86 21 6230 6773
STENA PROPERTY
SWEDEN
Stena Fastigheter AB
Stena Fastigheter Göteborg AB
Box 31157
SE-400 32 Göteborg
Telephone +46 (0)75 241 50 00
www.stenafastigheter.se
Stena Fastigheter
Malmö AB
Stortorget 9
SE-211 22 Malmö
Telephone +46 (0)75 241 50 00
Stena Fastigheter
Stockholm AB
Box 16144
SE-103 23 Stockholm
Telephone +46 (0)75 241 50 00
NETHERLANDS
Stena Realty BV
Burgemeester Haspelslaan 61
NL-1181 NB Amstelveen
Telephone +31 20 426 16 16
www.stenarealty.com
FRANCE
Stena Bureaux SARL
WTC – Les Crêtes
Sophia Antipolis/Nice/ Côte d’Azur
Parc de Sophia – Antipolis
FR-06560 Valbonne
Telephone +33 (0) 4 93 95 89 96
www.stenarealty.com
STENA LINE
SWEDEN
UNITED KINGDOM
Stena Line
Stena House,
Station Approach
Holyhead, Gwynedd
GB-Wales LL65 1DQ
Telephone +44 1407 60 66 66
Stena Line Scandinavia AB
Danmarksterminalen
SE-405 19 Göteborg
Telephone +46 (0)31 85 80 00
www.stenaline.com
Stena Line Travel Group AB
Bredgatan 5
Box 1324
SE-251 13 Helsingborg
Telephone +46 (0)42 37 85 00
Stena Line Onboard Services AB
Galoppgatan 4
SE-213 77 Malmö
Telephone +46 (0)31 85 89 50
DENMARK
Stena Line Denmark A/S
Box 723
DK-9900 Frederikshavn
Telephone +45 96 20 02 00
Stena Line Limited
Suite 4, First Floor
Pluto House
19-33 Station Road
Ashford, Kent
UK, TN23 1PP
Telephone +44 1233 64 86 28
Stena Line
The Ferry Terminal 4
West Bank Road
GB-Belfast BT3 9JL
Northern Ireland
Telephone +44 28 90 88 40 40
IRELAND
Stena Line
Alexandra Road
Dublin Port
Dublin 1
Telephone +353 1 855 32 77
NORWAY
Stena Line Norge AS
Akershusstranda 53
Postboks 764, Sentrum
NO-0106 Oslo
Telephone +47 02010
LATVIA
Stena Line
4a Gredu Street
LV-1019 Riga
POLAND
Stena Line Polska SP
Terminal Promowy
ul.Kwiatkowskiego 60
PL-81-156 Gdynia
Telephone +48 58 660 92 00
NETHERLANDS
GERMANY
Stena Line GmbH & Co. KG
Zum Fährterminal 1
Überseehafen
DE-18147 Rostock
Telephone +49 (0)381 20 35 54 55
Stena Line BV
Stationsweg 10
P.O.Box 2
NL-3150 AA Hoek van Holland
Telephone +31 174 38 93 33
Solberg.
Photos and images: Katja Andersson, Dan Ljungsvik,
Peter Mild, Per-Anders Hurtigh, Johan Palmborg et al.
Care
Innovation
Performance
Stena International S.A.
26b, Boulevard Royal LU-2449 Luxembourg
Telephone +352 26 48 67 00
www.stena.com

stena international sa

Transcription

Similar documents

NEW RO-RO SERVICE - Stena Line Freight

Plats för ett budskap som kopplar till detta avsnitt

shipping logistics conditions of carriage

plain sailing

enerGY anD C are

Take Care - Stena.com

Brochure Stena sphere at a glance 2015

event report - Fabian Bengtsson Media AB

stena ab - Stena.com

international real estate