Concordia Maritime - Further Positioning for Expected Market Upturn- More MR (ECO) Vessels Chartered in and P-MAX Vessel Chartered Out

News provided by

Jan 10, 2018, 08:38 ET

GÖTEBORG, Sweden, Jan. 10, 2018 /PRNewswire/ --

As an important part of fleet positioning ahead of the progressively stronger market that is expected, Concordia Maritime has chartered in two more MR (ECO) vessels, while also extending the contracts for two of the currently chartered MR (ECO) vessels by a further year. In parallel, a contract to charter out the P-MAX tanker Stena Performancehas also been signed. The contractual partner is a large global oil company and the vessel will be used primarily for niche traffic in the Middle East.

As with previous charters, these latest contracts are joint charters with Stena Bulk, and Concordia Maritime's share amounts to 50 percent. The vessels will be operated by the successful MR pool within Stena Bulk Product & Chemicals (formerly Stena Weco). The contract for Stena Performance is for six months, with an option for a further six months, and runs from January 2018.

"We are acting based on our firm belief in a progressively stronger market from summer 2018 onwards. By chartering in a total of six vessels (50% each), we have now increased earning capacity significantly in a short period. At the same time, we continue our efforts to identify niche trades for our P-MAX vessels, where their unique properties are particularly beneficial. The new P-MAX contract is a good example of this. For our part, the contract means that we secure employment for the vessel for six months ahead, at a level clearly above the market and standard vessels," says Kim Ullman, CEO of Concordia Maritime.

CONTACT:

Kim Ullman

CEO

Concordia Maritime AB

Tel +46-31855003

Mobile +46-704855003

Email [email protected]

Ola Helgesson

CFO

Concordia Maritime AB

Tel +46-31-855009

Mobile +46-704-855009