Stena Bulk sells two LNG tankers to BW LNG in bid to ‘build bridges towards a new era’

Swedish tanker shipping company Stena Bulk has completed the sale of two liquefied natural gas (LNG) carriers to Norway-based gas shipping company BW LNG.

The Norwegian player will take over the existing charters for the sister high-specification tri-fuel diesel electric (TFDE) propulsion vessels BW ENN Crystal Sky, formerly Stena Crystal Sky, and BW Clear Sky, previously named Stena Clear Sky.

The 2011-built vessels have a carrying capacity of 174,000 cbm. They were built at South Korea’s Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering, which is currently building four other LNG vessels for the Norwegian shipbuilder.

The addition of two tankers brings the number of vessels in BW LNG’s fleet up to 34, including four newbuilds under construction and four floating storage regasification units (FSRUs). Furthermore, according to the company, the two new tankers have the potential of becoming FSRUs in the future as well.

One of its FSRUs, BW Singapore, was acquired by the Italian energy player Snam in December 2023 to be deployed offshore Ravenna, Italy. The Norwegian company is also one of the two parties that have been preselected as suppliers of FSRUs to be used for the regasification terminal in the Gulf of Gdańsk in Poland, which is planned to start in early 2028.

“BW LNG is delighted to welcome BW Clear Sky and BW ENN Crystal Sky to our fleet of now 34 LNG carriers and FSRUs. This is an interesting growth opportunity for us; acquiring high specification vessels on the water with solid charters to existing key clients. In BW LNG, we are committed to developing strategic floating LNG infrastructure to accelerate the global transition towards a low carbon society,” said Petter Lindvig Larssøn, EVP for LNG Shipping, BW LNG.

As for Stena, last week, the Swedish company formed a partnership with an undisclosed, “prominent Gulf Co-operation Council investment institution”, which will become 50% owner of part of the company’s IMOIIMAX tanker fleet. These tankers can carry IMO 2 and 3 cargoes, as well as clean and dirty products.

Commenting on the sale, Erik Hånell, President and CEO of Stena Bulk, remarked: “As part of our strategy to continuously look for new opportunities, Stena Bulk took the decision some time ago to sell Stena Crystal Sky and Stena Clear Sky. We are pleased to have been able to find a solid buyer in BW LNG for these two LNG carriers.

“Following the sale of these two vessels, we have one LNG tanker – Stena Blue Sky – still in our control. We will continue to be pragmatic about Stena Blue Sky, and the opportunities that slightly rationalizing our fleet will bring. This news enables us to continue to build bridges towards a new era for Stena Bulk and our fleet.”