Good colleagues,
We have endured an unpredictable situation ever since the early 2020 outbreak of the pandemic. This was replaced by the Russian invasion of Ukraine in February 2022 and then by Hamas' attack on Israel in October 2023.
There is every reason to believe that this unstable geopolitical situation will continue through 2025.
We have navigated safely through these five unpredictable years: we have maintained and even improved our safety performance, our vessels sail like clockwork with few operational issues, and we have gradually restructured and increased what today is an impressive contract portfolio.
During these years our terminals have shown a very impressive development with a long row of successful expansion projects.
Watch: Harald holds a townhall meeting for the 4Q24 results
Our target is unchanged: We shall be the leading operator of deep-sea chemical tankers and we shall continue to develop and expand our terminal business. Our guiding principles are to capture the short term and de-risk the long term.
To be the "leading operator" implies that we must maintain and even further improve our safety performance—that is a fundamental and unalterable condition for everything we do.
We must also continue to improve operational efficiency—that is an eternal task. It is not possible to improve efficiency without simultaneously implementing digital tools that support these improvements.
For that reason, we have recently initiated two important projects: one that is aimed at improving our operating model for digitalization initiatives and the other is the establishment of a new data platform that will make it easier to share and combine data between our business units.
It is also a condition that we renew and expand our fleet. Newbuilding prices are today at the highest, and future ship technology is still uncertain due to the green transition.
For that reason, we are presently mostly relying on time charter tonnage, but we are also preparing for our own ship investments. Presently we have signed contracts for 18 future vessels: 16 on various time charter agreements and two vessels to be fully owned.
We have a leading position within sustainability among all ship owners. Independent of shipping segment. This is a position that we shall retain!
Suction sails are about to be installed on Bow Olympus and we firmly believe that this project will significantly contribute to future energy savings in our fleet.
This year, we will also reinforce our attention to our work environment—in particular, on board our vessels. There are two reasons for this initiative: firstly, we all deserve to be part of a fair and inclusive work environment; and secondly, I firmly believe that a good work environment contributes to a safe work environment.
All in all, 2025 will be a good mix of hard work, progress, and success stories, and I eagerly look forward to going down that road together with all of you!
Best regards,
Harald
Read more about Harald’s 4Q24 presentation here.
