Concordia Maritime signs time-charter contract for two P-MAX tankers and launches a pool with four vessels

The time-charter contracts are with Stena Bulk and cover the wholly owned Concordia Maritime tankers Stena Perros and Stena President, for one year each. The pool to be started up by Concordia Maritime and Stena Bulk will also include the P-MAX vessels Stena Penguin and Stena Primorsk for the same period of time. The four tankers will transport heavy petroleum products, primarily in the Atlantic market.

“We are very pleased with the agreement and still believe in a stronger market in 2015, but we also want to balance our spot market exposure. At the same time, this allows us to fully leverage the operational expertise that Stena Bulk has amassed over time in this market”, says Kim Ullman, CEO of Concordia Maritime.

“This transaction is firmly in line with our successful development in the crude oil and heavy products segments, and further strengthens the partnership between our companies in an exemplary way,” adds Erik Hånell, CEO of Stena Bulk.

Stena Perros, Stena President, Stena Penguin and Stena Primorsk are four of the ten P-MAX vessels included in Concordia Maritime’s fleet. The tankers were constructed at the Brodosplit Shipyard in Split, Croatia, in 2008, 2007, 2010 and 2006, respectively.

Tankers with the P-MAX design have a double hull, two machine rooms with full water and fire integrity, as well as two separate propulsion systems. Maneuverability and an integrated bridge layout are also critical to facilitating safe navigation in narrow channels. A significantly wider hull also provides substantial cargo flexibility and increases cargo capacity by 30 percent.

Technical data for the P-MAX tankers:

Length: 183 m, beam: 40 m, draft (design): 11.3 m, deadweight: 65,200 tons.

For further information, please contact:

Kim Ullman                                                                    Erik Hånell

CEO                                                                                CEO
Concordia Maritime AB                                                 Stena Bulk AB

Tel +46 31 855003                                                         Tel +46 31 855 002

Mobile: +46 704 855003                                                Mobile: +46 704 855 002

Email kim.ullman@concordiamaritime.com                Email erik.hanell@stenabulk.com

Concordia Maritime is an international tanker shipping company. Our focus is on cost-effective and safe transportation of refined petroleum products and vegetable oils. The company’s B shares were admitted to trading on Nasdaq OMX Stockholm in 1984. www.concordiamaritime.com

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