Stena Bulk and South Korean Hyundai to work together in transportation business

By Finance

Stena Bulk and South Korean Hyundai Glovis will start working together in the transportation of cargo through the Northern Sea Route. More and more companies are choosing short distances. Northern East Passage is becoming open for navigation after the region is starting to warm and the tick ice is no longer an obstacle.

The Stena Polaris, an oil tanker that is expected to leave port UST LUGA in 2 days carrying 37,000 tons of naphtha. The tanker is planned to arrive in South Korea after 28 days or in the mid-October.

Erik Hånell, President & CEO of Stena Bulk said:
"We see the voyage with the Stena Polaris as the beginning of a long and far-reaching collaboration with Hyundai Glovis where we together will invest in different types of transportation of which voyages via the North East Passage are one part."

North East Passage
The number of ships passing through this route is increasing. More and more ships have been permitted to pass through the North East Passage. Statistics reveals that the volume of the cargo shipped through this new route will be 5 times bigger compared to the last year.  
Global warming is "helping" the maritime industry. The tick ice is already not so tick. There are months starting from July that allow safe crossing.

The good business relations between Stena Bulk and Concordia Maritime with the Finnish Neste Oil as a customer, many their ships sail through the North East Passage. Before a vessel can "sail in the ice" it has to be with the right classification for the journey.

Erik Hånell added:
"Like many others, we feel that there could be a commercial break-through in the near future, although there are still a number of challenges to be overcome before this can take place on a large scale."

Rough Arctic conditions are not for every ship. Small number of tankers specially equipped can take the voyage through North East Passage. Water is covered with ice and special knowledge is needed to sail safely. Maritime companies are making huge investments to secure safe transportation.

The P-MAX tankers were created and finished by Stena and Concordia Maritime. They are built with a double hull, optimum corrosion control, 2 engine rooms with full water and fire integrity and 2 propulsion systems. The ships can easily change the direction and this is extremely useful when navigating in narrow channels. 

IMO number : 9390032
Flag  : Bermuda
AIS Type  : Tanker (HAZ-A)
Built  : 2010
Destination: UST LUGA