Slowsteaming Saves Stena USD 9 Million

Inview of the prospects on the freight market and anticipated future fuel prices, Stena Bulk is focusing even more on maximising the relationship between freight and bunker fuel. The fleet will continue to operate at low speed in the foreseeable future and great importance is attached to the development and adaptation of technology. As a result of efficiency-enhancing measures and reduced speed, Stena Bulk’s fleet has saved more than SEK 65 million ( USD 9.11m) during the last 12 months, the company said in a release.

”The cost of bunker oil accounts today for more than 60% of the freight cost, which means that operating vessels as energy -efficiently as possible is an obvious solution.

In the case of a modern 160,000 dwt Suezmax tanker, the freight rate must average USD 40,000 per day over time to justify a speed increase of 0.5 knots compared with the present fuel price level.

In other words, the freight rate must be doubled before even a small speed increase can be justified based on market conditions so far in 2014,” said Erik Hånell, President & CEO of Stena Bulk. 

Adjusting a vessel’s propeller and bulb to its actual speed can make a big difference when it comes to reducing fuel consumption. Adding stern tubes and fins are other types of solutions that can have a positive impact on a vessel’s performance.

“The vessels’ technical design is a key factor, but how vessels are operated in terms of energy management is just as important. When it comes to the design and operational excellence of its latest vessels, Stena Bulk has been successful in both these areas,” said Hånell.

The traditional energy efficiency and reduced bunker fuel consumption have been combined with increased efficiency from a more commercial and operational perspective. The relationship between freight and bunker fuel has thus been maximised.

The higher efficiency is mainly due to the vessels spending more of their time sailing at optimum speed, which is defined as being the most efficient speed for each individual vessel and voyage during the current fuel and freight market conditions.

This has been achieved primarily by means of an energy budget for each vessel and voyage, which in turn has made it possible to monitor performance more efficiently and in greater detail together with ship optimisation and increased awareness on board.