All Concordia Maritime vessels in SEK 2.2 billion investment program now chartered out

Concordia Maritime has signed an agreement with TOTAL, one of the world’s largest oil companies, covering a 5-year time charter of yet another of Concordia Maritime’s P-MAX tankers, which will be named Stena Perros. The vessel is the last in a series of six and will be delivered at the beginning of 2008. With this agreement, all eight vessels in the SEK 2.2 billion investment program are now chartered out.

P-MAXs to TOTAL Size, dwt Ice class Est. delivery date Employment on delivery ------------------------------------------------------------------------------------------------------------------- Stena Paris 49,900 1B Delivered December, 2005 5 years Stena Provence 49,900 1B 1st quarter, 2006 5 years Stena Perros 49,900 1B 1st quarter, 2008 5 years The unique design of this ship type enables these tankers to load 30% more cargo than a conventional product tanker with the same draft – at very little extra cost – and provides a very high level of safety thanks to double main engines, rudders and other critical components and systems. Transport economy, flexibility and increasing safety still further have guided the work on developing the P-MAX tankers. “It is worth repeating that these vessels have, in their way, formed a new school in terms of both transport economy and ship technology and they are concrete proof of the cutting-edge competence we have access to in ship construction – competence our customers value highly and which is leading to more and better business deals. The fact that all the vessels are contracted prior to delivery is proof of this”, says Hans Norén.