Letter from...

Dan Sten Olsson

At Stena we know that the shipping business is a cyclical business and the world economy will also always behave in cycles.

Our life at Stena has always been stressed by shipping- or economic related cycles. In consequence we have always kept thinking we are in a crisis or vulnerable to the next crisis. To avoid future disasters 52% of Stena AB´s activities are today non- marine related. Our tenants in our Real Estate accommodations form a stable income to us. Our companies held in Stena Adactum are even today less vulnerable to cycles.

To be prepared for the next cyclical crisis has always been a motto for us.

If the crisis is not at the door because of the economy or marine cycles in general; it is at the door by aggressive and competent competitors. So we shall not be overwhelmed by today´s economic shock, although none of us understood the consequences of what is now happening because of the Corona virus.

First of all, I urge you all to protect yourself and people around you, at home and at work, as much as possible from being infected and follow the instructions from the authorities. We all have a responsibility in that respect.

With borders closed our passengers are not allowed to travel with us to those countries. In consequence Stena Line is forced to take drastic measures in form of cost and staff reductions.

With borders closed and the price of oil at extremely low level it is difficult for our clients to fulfill their drilling programs. Already our costs both in operations and ashore have been substantially reduced, but if the clients do not have job for us we have to continue reducing our costume.

With tanker rate at a sort of historical high our colleagues in Stena Bulk and Concordia Maritime are doing their best to take advantage of their market.

During the last few weeks I have seen fantastic examples of colleagues doing everything in their power to make sure our operations continue to run, rising to the occasion and taking actions. Now is the time to continue to show our determination to survive and help everyone around us to pull in the same direction, without getting distracted.

Of course, we should take the necessary precautions to stay healthy and we must now lead by example, prioritizing hygiene, live our lives as normally as we possibly can, given the situation wherever you are, and keep our business running and the wheels of society rolling.

We will of course make use of the support being offered by Governments to mitigate the impact on staff and continue to act in the best possible manner.

There is nothing wrong with being scared, whilst facing challenging times, as we do right now. Nevertheless, we must understand that the economy at large and we at Stena will at some point return-back to happiness from this.

But it will not happen without action, without all of us purposefully working together focusing on taking care of each other and our business in a safe calm and focused manner. We have done it before and we are going to do it again.

Wishing you all the best

 

Dan Sten Olsson

Gothenburg 23 of March 2020

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