Bond Stina AB 7.875% ( XS0495219874 ) in EUR

Issuer Stina AB
Market price 100 %  ▲ 
Country  Sweden
ISIN code  XS0495219874 ( in EUR )
Interest rate 7.875% per year ( payment 2 times a year)
Maturity 14/03/2020 - Bond has expired



Prospectus brochure of the bond Stena AB XS0495219874 in EUR 7.875%, expired


Minimal amount 50 000 EUR
Total amount 200 000 000 EUR
Detailed description Stena AB is a Swedish transport and logistics group operating ferry services, offshore support vessels, and other maritime operations globally.

This financial report details a bond identified by ISIN XS0495219874, issued by Stena AB, a diversified Swedish family-owned conglomerate with significant interests across shipping, real estate, and financial services; this EUR-denominated obligation, issued out of Sweden, featured a 7.875% coupon rate with semi-annual payments, a total issuance size of ?200,000,000, and a minimum investment lot of ?50,000, and was redeemed at 100% of its par value on its maturity date of March 14, 2020, completing its full repayment cycle.







Offering Memorandum
Not for general
distribution
in the United States
Stena AB (publ)
200,000,000
7.875% Senior Notes due 2020
Interest payable March 15 and September 15
Issue Price: 98.3113%
The notes will mature on March 15, 2020. Interest on the notes will accrue from March 16, 2010, and the first
interest payment date wil be September 15, 2010.
The notes are not redeemable prior to maturity, except as set forth herein. At any time prior to the maturity of the
notes, we may redeem some or all of the notes at a price equal to 100% of the principal amount plus accrued and
unpaid interest plus a "make-whole" premium. In addition, we may redeem al of the notes at a price equal to their
principal amount plus accrued and unpaid interest, if any, upon the occurrence of certain changes in tax law. If we
experience specific kinds of changes of control, we must offer to purchase the notes.
The notes will be general unsecured obligations of Stena AB (publ) and wil rank equal y with al our existing and
future unsecured senior debt. Because Stena AB is a holding company and al of our operations are conducted
through our subsidiaries, the notes will be structurally subordinated to all existing and future liabilities (including
trade payables) of our subsidiaries, including those under our revolving credit facilities.
See "Risk factors" beginning on page 23 for a discussion of certain risks that you
should consider in connection with an investment in the notes.
The notes have not been, and wil not be, registered under the United States Securities Act of 1933 (the
"Securities Act") or the securities laws of any other jurisdiction. We are offering the notes only to qualified
institutional buyers under Rule 144A and to persons outside the United States (the "U.S.") under Regulation S.
We do not intend to register the notes pursuant to an exchange offer under the Securities Act.
Application has been made to list the notes on the Official List of the Luxembourg Stock Exchange and to trade
on the Euro MTF Market of that exchange. This offering memorandum constitutes a prospectus for the purposes
of Part IV of the Luxembourg Act dated July 10, 2005 relating to prospectuses for securities.
Delivery of the notes was made to investors in book-entry form through Euroclear and Clearstream on March 16,
2010.
Joint Book-running Managers
Deutsche Bank
J.P. Morgan
April 1, 2010


...
2


In making your investment decision, you should rely only on the information contained in this offering
memorandum. We and the initial purchasers have not authorized any other person to provide you with
any information. If you receive any other information, you should not rely on it.
We and the initial purchasers are offering to sell the notes only in places where offers and sales are
permitted.
You should not assume that the information contained in this offering memorandum is accurate as of any
date other than the date on the front cover of this offering memorandum.
Table of contents
Page
Overview of offering.............................................................................................................................
13
Risk factors..........................................................................................................................................
23
Use of proceeds...................................................................................................................................
35
Capitalization.......................................................................................................................................
36
Selected consolidated financial information and other data...................................................................
38
Management's discussion and analysis of financial condition and results of operations ........................
41
Business..............................................................................................................................................
61
Management........................................................................................................................................
83
Principal shareholders .........................................................................................................................
86
Certain relationships and related party transactions .............................................................................
87
Description of notes .............................................................................................................................
89
Description of other indebtedness ........................................................................................................
112
Transfer restrictions .............................................................................................................................
115
Book-entry, settlement and clearance ..................................................................................................
118
Certain tax considerations....................................................................................................................
121
Plan of distribution ...............................................................................................................................
125
Legal matters.......................................................................................................................................
127
Independent auditors ...........................................................................................................................
127
Where you can find more information...................................................................................................
127
Index to financial statements................................................................................................................
F-1
Stena AB (publ) is a stock corporation of limited liability incorporated on August 9, 1897 under the laws of the
Kingdom of Sweden and governed by the Swedish Companies Act. Our principal executive offices are located at
Masthuggskajen, SE-405 19 Gothenburg, Sweden, and our telephone number at that address is +46-31-855-000.
Our registered office is in the Commune of Gothenburg, Vastra Gotaland County, Sweden. Our website address
is http://www.stena.com. The information in our website is not part of this offering memorandum.
3


In this offering memorandum, the terms "we", "us", "our", "Stena", "Stena AB" and the "Company" refer to Stena
AB (publ) and its subsidiaries, unless the context requires otherwise, and "initial purchasers" refers to the firms
listed at the bottom of the cover of this offering memorandum. The term "Issuer" refers to Stena AB. The term
"Stena Sphere" refers to Stena AB, together with Stena Sessan AB ("Sessan"), Stena Metal AB ("Stena Metal ")
and Concordia Maritime AB (publ) ("Concordia"), which is 52% owned by Sessan.
We have prepared this offering memorandum, are solely responsible for its contents and accept
responsibility for the information contained in this offering memorandum. To the best of our knowledge,
the information contained in this offering memorandum is in accordance with the facts and does not omit
anything likely to affect the import of such information. This offering memorandum does not constitute a
prospectus for the purposes of EU Directive 2003/71/EC (the ``Prospectus Directive''). This offering
memorandum may only be used for the purposes for which it has been published.
You are responsible for making your own examination of us and your own assessment of the merits and
risks of investing in the notes. You may contact us if you need any additional information. By purchasing
any notes, you will be deemed to have acknowledged that:
· you have reviewed this offering memorandum;
· you have had an opportunity to request any additional information that you need from us; and
· the initial purchasers are not responsible for, and are not making any representations to you
concerning, our future performance or the accuracy or completeness of this offering memorandum.
We are not providing you with any legal, business, tax or other advice in this offering memorandum. You
should consult with your own advisors as needed to assist you in making your investment decision and
to advise you whether you are legally permitted to purchase any of the notes.
You must comply with all laws that apply to you in any place in which you buy, offer or sell any notes or
possess this offering memorandum. You must also obtain any consents or approvals that you need in
order to purchase any of the notes. We and the initial purchasers are not responsible for your compliance
with these legal requirements.
We are offering the notes in the United States in reliance on exemptions from the registration
requirements of the Securities Act. These exemptions apply to offers and sales of securities that do not
involve a public offering. The notes have not been recommended by any federal, state or foreign
securities authorities and they have not determined that this offering memorandum is accurate or
complete. Any representation to the contrary is a criminal offense in the United States.
The notes have not been and will not be registered under the Securities Act. The notes are subject to
restrictions on resale and transfer as described under "Transfer restrictions." By purchasing any notes,
you will be deemed to have made certain acknowledgements, representations and agreements as
described in that section of this offering memorandum. You may be required to bear the financial risks of
investing in the notes for an indefinite period of time.
In connection with this offering, Deutsche Bank AG, London Branch, may over-allot or effect transactions
for a limited period of time with a view to supporting the market prices of the notes at a level higher than
that which might otherwise prevail. However, Deutsche Bank AG, London Branch, is not obligated to do
this. Such stabilizing, if commenced, may be discontinued at any time, and must be brought to an end
after a limited period.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS
BEEN FILED UNDER RSA 421-B WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A
SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW
HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT ANY DOCUMENT FILED
UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE
FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR TRANSACTION MEANS
THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS
OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY, OR TRANSACTION. IT IS
4


UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR
CLIENT, ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH.
NOTICE TO CERTAIN INVESTORS
European Economic Area
This offering memorandum has been prepared on the basis that al offers of the notes will be made pursuant to an
exemption under Article 3 of the Prospectus Directive, as implemented in member states of the European
Economic Area (the "EEA"), from the requirement to produce a prospectus for offers of the notes. Accordingly,
any person making or intending to make any offer within the EEA of the notes should only do so in circumstances
in which no obligation arises for the Company or any of the initial purchasers to produce a prospectus for such
offer. Neither the Company nor the initial purchasers have authorized, nor do they authorize, the making of any
offer of the notes through any financial intermediary, other than offers made by the initial purchasers, which
constitute the final placement of the notes contemplated in this offering memorandum.
In relation to each member state of the EEA that has implemented the Prospectus Directive (each, a "Relevant
Member State"), with effect from and including the date on which the Prospectus Directive is implemented in that
Relevant Member State, the offer of any notes which is the subject of the offering contemplated by this offering
memorandum is not being made and wil not be made to the public in that Relevant Member State, other than:
(a) to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or
regulated, whose corporate purpose is solely to invest in securities; (b) to any legal entity which has two or more
of (i) an average of at least 250 employees during the last financial year, (i ) a total balance sheet of more than
43,000,000, and (ii ) an annual net turnover of more than 50,000,000, as shown in its last annual or
consolidated accounts; or (c) in any other circumstances falling within Article 3(2) of the Prospectus Directive;
provided that no such offer of the notes shall require the Company or the initial purchasers to publish a
prospectus pursuant to Article 3 of the Prospectus Directive.
For the purposes of this provision, the expression an "offer of notes to the public" in relation to the notes in any
Relevant Member State means the communication in any form and by any means of sufficient information on the
terms of the offer and the notes to be offered so as to enable an investor to decide to purchase the notes, as the
same may be varied in that Relevant Member State by any measure implementing the Prospectus Directive in
that Relevant Member State and the expression "Prospectus Directive" means Directive 2003/7 1/EC and
includes any relevant implementing measure in each Relevant Member State.
Each subscriber for or purchaser of the notes in the offering located within a member state of the EEA wil be
deemed to have represented, acknowledged and agreed that it is a "qualified investor" within the meaning of
Article 2(1)(e) of the Prospectus Directive. The Company, each initial purchaser and their affiliates, and others wil
rely upon the truth and accuracy of the foregoing representation, acknowledgement and agreement.
United Kingdom
This offering memorandum is for distribution only to, and is only directed at, persons who: (i) have professional
experience in matters relating to investments fal ing within Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order"); (ii) are persons falling
within Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial
Promotion Order; or (i i) are persons to whom an invitation or inducement to engage in investment activity (within
the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of
any notes may otherwise lawful y be communicated or caused to be communicated (al such persons together
being referred to as "relevant persons").
France
This offering memorandum has not been prepared in the context of a public offering in France within the meaning
of Article L.411-1 of the French Code Monétaire et Financier and Title I of Book II of the Réglement Général of the
Autorité des Marchés Financiers (the "AMF") and therefore has not been filed with the AMF for prior approval.
Consequently, the notes are not being offered, directly or indirectly, to the public in France and this offering
memorandum (or any other offering material relating to the notes) has not been and will not be released, issued
or distributed or caused to be released, issued or distributed to the public in France or used in connection with
any offer for subscription or sale of the notes to the public in France.
5


The notes may only be offered or sold in the French Republic to (i) persons providing investment services relating
to portfolio management for the account of third parties, (ii) qualified investors (investisseurs qualifiés) and/or
(iii) a limited group of investors (cercle restreint d'investisseurs), taking part in the transaction solely for their own
account as defined in and in accordance with articles L.411-2, D.411-1 to D. 411-4, D. 744-1, D. 754-1 and D.
764-1 of the French Code Monétaire et Financier.
Prospective investors are informed that the notes may not be further distributed directly or indirectly to the public
in the French Republic otherwise than in accordance with articles L. 411-1, L. 411-2, L. 412-1 and L. 621-8 to L.
621-8-3 of the French Code Monétaire et Financier.
Germany
The offering of the notes is not a public offering in the Federal Republic of Germany. The notes may be offered
and sold in the Federal Republic of Germany only in accordance with the provisions of the Securities Prospectus
Act of the Federal Republic of Germany (the "Securities Prospectus Act", Wertpapierprospektgesetz WpPG) and
any other applicable German law. No application has been made under German law to publicly market the notes
in or out of the Federal Republic of Germany. The notes are not registered or authorized for distribution under the
Securities Prospectus Act and accordingly may not be, and are not being, offered or advertised publicly or by
public promotion. Therefore, this offering memorandum is strictly for private use and the offer is only being made
to recipients to whom the document is personally addressed and does not constitute an offer or advertisement to
the public. Consequently, in Germany the notes wil only be available to, and this offering memorandum and any
other offering material in relation to the notes is directed only at, persons who are qualified investors (qualifizierte
Anleger) within the meaning of Section 2 No. 6 of the Securities Prospectus Act. Any resale of the notes in
Germany may only be made in accordance with the Securities Prospectus Act and other applicable laws.
Italy
The offering of the notes has not been cleared by the Commissione Nazionale per la Societa e la Borsa
("CONSOB") (the Italian Securities Exchange Commission), pursuant to Italian securities legislation and,
accordingly, in the Republic of Italy the notes may not be offered, sold or delivered, nor may copies of this offering
memorandum or of any other document relating to the notes be distributed in the Republic of Italy, except:
(a)
to qualified investors (operatori qualificati), as defined pursuant to Article 100 of Legislative Decree
No. 58 of February 24, 1998, as amended (the "Financial Services Act") and Article 34-ter, first
paragraph, letter b) of CONSOB Regulation No. 11971 of May 14, 1999, as amended from time to time
("Regulation No. 11971"); or
(b)
in circumstances which are exempted from the rules on solicitation of investments pursuant to Article
100 of the Financial Services Act and Article 34-ter of Regulation No. 11971.
Any offer, sale or delivery of the notes or distribution of copies of this offering memorandum or any other
document relating to the notes in the Republic of Italy under (i) or (ii) above must be:
(a)
made by an investment firm, bank or financial intermediary permitted to conduct such activities in the
Republic of Italy in accordance with Legislative Decree No. 385 of 1 September 1993 (the "Banking
Act"), the Financial Services Act, CONSOB Regulation No. 16190 of October 29, 2007 (as amended
from time to time) and any other applicable laws and regulations;
(b)
in compliance with Article 129 of the Banking Act, as amended, and the implementing guidelines of the
Bank of Italy, as amended from time to time, pursuant to which the Bank of Italy may request
information on the issue or the offer of securities in Italy; and
(c)
in compliance with any and al other applicable laws and regulations.
Luxembourg
The terms and conditions relating to this offering have not been approved by and will not be submitted for
approval to the Luxembourg Financial Services Authority (Commission de Surveil ance du Secteur Financier) for
purposes of public offering or sale in the Grand Duchy of Luxembourg ("Luxembourg"). Accordingly, the notes
may not be offered or sold to the public in Luxembourg, directly or indirectly, and neither this Offering Circular nor
any other circular, prospectus, form of application, advertisement or other material may be distributed, or
otherwise made available in or from, or published in, Luxembourg, except in circumstances which do not
constitute a public offer of securities to the public, subject to prospectus requirements, in accordance with the
Luxembourg Act of July 10, 2005 on prospectuses for securities.
6


Sweden
The initial purchasers have represented and agreed that they wil not (directly or indirectly) offer for subscription or
purchase or issue invitations to subscribe for or buy or sell any notes or distribute any draft or definitive document
in relation to any such offer, invitation or sale in Sweden unless such offer, invitation or sale is made pursuant to
any of the exemptions to the obligation to have approved and published a prospectus in Sweden, al in
accordance with the provisions of lag (1991:980) om handel med finansiel a instrument and any other applicable
laws and regulations in Sweden.
Service of process and enforcement of civil liabilities
Stena AB is a stock corporation incorporated under the laws of the Kingdom of Sweden. Substantially al of Stena
AB's directors and executive officers and the experts named herein are residents of the Kingdom of Sweden. All
or a substantial portion of the assets of Stena AB and of such individuals are located outside the United States. It
may not be possible for investors to effect service of process within the United States upon Stena AB or such
persons with respect to matters arising under the U.S. federal securities laws or to enforce against them
judgments obtained in U.S. courts predicated upon the civil liability provisions of such laws. Stena AB has been
advised by Wistrand Advokatbyra Goteborg KB, its Swedish counsel, that the United States and Sweden do not
have a treaty providing for reciprocal recognition and enforcement of judgments in civil and commercial matters.
Furthermore, such counsel has advised that (i) there is doubt whether an original action could be brought in
Sweden against Stena AB predicated solely upon the provisions of the U.S. federal securities laws and (ii) actions
for enforcement of judgments of U.S. courts against Stena AB are not enforceable in Sweden, either by treaty or
in practice, but are accepted on an evidential basis in a Swedish legal action.
Forward-looking statements
This offering memorandum includes statements that are, or may be deemed to be, "forward-looking statements"
within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934 (the
"Exchange Act") and the Private Securities Litigation Reform Act of 1995. Forward looking statements include
those under the captions "Overview of Offering--Our strategy" and "Business" with respect to our future financial
position and business opportunities. Some of these statements can be identified as "forward-looking statements"
by the use of forward-looking terminology including terms such as "anticipate", "should", "likely", "foresee",
"believe", "estimate", "expect", "intend", "continue", "could", "may", "plan", "project", "predict", "wil " or, in each
case, their negative or other variations or comparable terminology. These forward-looking statements include all
matters that are not historical facts. They appear in a number of places throughout this offering memorandum and
include statements regarding our intentions, beliefs or current expectations concerning, among other things, our
results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we
operate.
Many factors could cause our actual results, performance or achievements to be material y different from any
future results, performance or achievements that may be expressed or implied by such forward-looking
statements. Factors that could cause our actual results to differ material y from those expressed or implied in such
forward-looking statements include, but are not limited to:
· changes in general economic and business conditions;
· changes in laws and regulations;
· changes in currency exchange rates and interest rates;
· risks incident to vessel operations, including discharge of pol utants;
· introduction of competing services or products by other companies;
· changes in trading or travel patterns;
· increases in costs of operations or the inability to meet efficiency or cost reduction objectives;
· changes in our business strategy; and
· other risk factors listed in this offering memorandum and in our reports filed with or submitted to the U.S.
Securities and Exchange Commission (the "SEC") from time to time.
7


We do not intend, and undertake no obligation, to revise the forward-looking statements included in this offering
memorandum to reflect any future events or circumstances. Our actual results, performance or achievements
could differ material y from the results expressed or implied by these forward-looking statements. Factors that
could cause or contribute to such differences include those discussed under the heading "Risk factors" in this
offering memorandum.
Currency of presentation
Stena AB maintains its consolidated financial accounts in Swedish kronor. In this offering memorandum,
references to "SEK" are to Swedish kronor, references to "U.S. dollars," "dol ars", "USD", "U.S.$" or "$" are to U.S.
dollars, references to "EUR," " " and "euro" are to the currency introduced at the start of the third stage of
European Economic and Monetary Union pursuant to the treaty establishing the European Community, as
amended by the Treaty on the European Union, references to "GBP", "British pounds" or "£" are to Pound sterling,
and references to "DKK" are to Danish kronor. Our financial reports are presented in SEK, which is the functional
currency of the Company. Unless otherwise indicated, all amounts are rounded to the nearest million. Figures in
the reports are based on a consolidation system in SEK thousands. Totals in tables may not always equal the
sum of the included rounded numbers as a result of rounding. For the convenience of the reader, this offering
memorandum contains translations of Swedish kronor amounts into U.S. dollars at specified rates. Unless
otherwise stated, the translations of Swedish kronor into U.S. dol ars have been made at $1.00 = SEK 7.1890, the
noon buying rate as certified for customs purposes by the United States Federal Reserve (the "Noon Buying
Rate") on December 31, 2009. Unless otherwise stated, the translations of other currencies into SEK have been
made at the applicable conversion rates as reported by Sveriges Riksbank, the Central Bank of Sweden, on
December 31, 2009. No representation is made that these amounts have been, could have been or could be
converted into such amounts at the rates indicated or at any other rates.
Financial presentation for the year ended December 31,
2009
Audited financial results for the financial year 2009 are not yet available. However, KPMG AB has performed the
procedures specified by FAR SRS (the Swedish institute of public accountants) in Standard on Review
Engagements ("SÖG") 2410: "Review of Interim Financial Information Performed by the Independent Auditor of
the Entity" for a review of the financial statements for the twelve month period ended December 31, 2009. The
foregoing procedures do not constitute an audit and would not necessarily reveal matters of significance that may
be revealed during the audit process. Audited results may differ from our unaudited results in ways that could be
material.
Exchange rate information
The following table sets forth, for the years and months indicated, certain information concerning the exchange
rates between Swedish kronor and U.S. dollars based on the Noon Buying Rate. The exchange rate information
is expressed in Swedish kronor per $1.00.
Period
Year
Average 1
High
Low
end
2005 ..........................................................................................
7.5200
8.2434
6.6855
7.9370
2006 ..........................................................................................
7.3098
7.9656
6.7674
6.8342
2007 ..........................................................................................
6.7575
7.1060
6.2356
6.4568
2008 ..........................................................................................
6.5935
8.4858
5.8346
7.8770
2009 ..........................................................................................
7.6520
9.3294
6.7491
7.1890
2010 (through March 26)............................................................
7.1903
7.4777
7.0217
7.2525
8


Period
Month
Average 2
High
Low
end
October, 2009............................................................................
6.9576
7.0988
6.7491
7.0352
November, 2009 ........................................................................
6.9372
7.1843
6.7655
6.9513
December, 2009 ........................................................................
7.1415
7.361
6.7786
7.1890
January, 2010............................................................................
7.1534
7.3852
7.0217
7.3852
February, 2010 ..........................................................................
7.2683
7.4777
7.1010
7.1010
March, 2010 ..............................................................................
7.1512
7.2628
7.0597
7.2525
(1)
Represents the average of the Noon Buying Rates on the last business day of each full month during the relevant period.
(2)
Represents the average of the daily Noon Buying Rates during the relevant period.
9


Glossary
The following are abbreviations and definitions of certain terms commonly used in the shipping industry and this
offering memorandum.
Aframax tanker. Tankers ranging in size from 80,000 dwt to 120,000 dwt.
American Bureau. American ship classification society.
Annual survey. The inspection of a vessel pursuant to international conventions, by a classification society
surveyor, on behalf of the flag state, that takes place every year.
Bareboat charter. The rental or lease of an empty ship, without crew, stores or provisions, with the lessee
responsible for complete operation and maintenance of the vessel, including crewing.
Charter. The hire of a vessel for a specified period of time or to carry a cargo for a fixed fee from a loading port to
a discharging port. The contract for a charter is cal ed a charterparty. A vessel is "chartered in" by a lessee and
"chartered out" by a lessor.
Classification society. A private self-regulatory organization that has as its purpose the supervision of vessels
during their construction and afterward, in respect to their seaworthiness and upkeep, and the placing of vessels
in grades or "classes" according to the society's rules for each particular type of vessel.
Contract of affreightment. A contract between a shipowner and a shipper, whereby the shipowner undertakes to
carry a cargo over a certain route on specified occasions.
Conventional, day and night ferries. Ferries designed to transport a combination of cars, trucks, freight trailers and
passengers. A conventional ferry is available in two different designs: the day ferry and the night ferry. Night
ferries also provide cabin accommodation for passengers.
DnV. Norwegian ship classification society.
Dril MAX. Sixth generation, high specification, ultra-deepwater drillships, designed by Stena for worldwide
operations, including in harsh environments.
Dril ship. A maritime vessel modified to include a drilling rig and special station-keeping equipment. The vessel is
typical y capable of operating in deep water, or ultra-deep water up to 10,000 or 12,000ft. A dril ship must stay
relatively stationary on location in the water for extended periods of time. This positioning may be accomplished
with multiple anchors, dynamic propulsion (thrusters) or a combination of these.
Drydock. A large basin where fresh/sea water is pumped out after a ship docks in order to carry out cleaning and
repairing of those parts of a vessel that are below the water line.
Dwt. Deadweight tonne. A unit of a vessel's capacity for cargo, fuel oil, stores and crew, measured in metric
tonnes of 1,000 kilograms. A vessel's dwt or total deadweight is the total weight the vessel can carry when loaded
to a particular load line.
Dynamic positioning (DP). An advanced satel ite navigation system that controls thrusters to maintain a vessel's
position in most weather without anchors.
Freight unit. Trucks, trailers, containers and railcars.
Gross ton. Unit of 100 cubic feet or 2.831 cubic meters.
High speed vessel (HSS). A ship, usually built from aluminium and often multi-hul , designed to have excel ent
motion characteristics in heavy seas. HSS vessels operate at speeds of over 30 knots and primarily target the
passenger market.
Hul . The shell or body of a ship.
IFRS. International Financial Reporting Standards.
IMO. International Maritime Organization, a United Nations agency that issues international standards for
shipping.
Lane meter. The number of useable length meters of lanes for cars, trailers or trucks, except with respect to RoRo
vessels that do not carry cars.
10