Concordia interim report 1998

Information to the press dated February 9, 1999 * Good result for 1998 - profit before tax: SEK 114 million * Return on equity 17% * Ship values decreased by 22% but net worth is still 130% over the share price * Board proposes dividend of SEK 0.50 per share * Continued effective ship operation * Firm orders for two Stena V-Max newbuildings plus six fixed price options CONCORDIA MARITIME AB Concordia Maritime is a public tanker company in the Stena Sphere and works in close co-operation with Stena Bulk. Concordia owns seven large tankers built in the mid-1970s as well as a product tanker and two self-discharging bulk carriers. Management of the ships is handled by the wholly owned subsidiary Universe Tankships in New York and the Stena-owned Northern Marine in Glasgow. In terms of quality, the Group's large tankers are comparable with many younger vessels. They were built to very high specifications as regards both customer satisfaction and life-span. The quality of the vessels and the management and manning organisations is documented by quality certificates from Det Norske Veritas and the American Bureau of Shipping. Two new revolutionary designed VLCCs of the Stena V-Max class have been ordered at Hyundai Heavy Industries for delivery in 2001. These two tankers have been signed to profitable charters for the first three years. Concordia has fixed price options on another six sister vessels. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/10/19990210BIT00670/bit0001.doc Full report http://www.bit.se/bitonline/1999/02/10/19990210BIT00670/bit0002.pdf Full report