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Straits Tankers bets on North East Passage

Experience and a very high level of security are necessary components in order for companies to get involved on the North East Passage. But there is a lot of money to be made and saved. See how Straits Tankers operates on the route.

Photo: Privat

A picture of a polar bear on an ice floe and the message that the captain has not seen a ship for days is the usual message when Martin Lorenz, Senior Chartering Manager of Straits Tankers, receives the daily midday report from a vessel on the North East Passage.

Not a lot of ships in the global fleet are capable of operating on the route offering serious challenges. Still, Hafnia Management had no doubt when entering a joint venture with Japanese MOL on the Straits Tankers pool in 2011. Today, Straits Tankers is a 50/50 ownership headquartered in Singapore operating 30 LR1 tankers of which six have an ice classification.

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