Final accounts 2002
Concordia Maritime is an international large-tanker shipping company, which owns two new 314,000 dwt VLCCs delivered in 2001 and four VLCCs of about 270,000 dwt built in the mid-1970s. The new vessels, Stena V-MAX, in addition to having mandatory double hulls, were built according to a completely new tanker concept for safer oil transportation with double main engines in two completely separate engine rooms, double rudders and steering gear, two propellers and double control systems. All the vessels were built to very high specifications as regards both customer satisfaction and lifespan. 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. INNOVATION AND PERFORMANCE Our business concept is to provide our customers with safe and cost-efficient tanker transportation based on innovation and performance REPORT ON FINAL ACCOUNTS, 2002 · Result after financial net SEK -142.4 (251.9) million · Weak freight market, characterised by weak global economy and political turbulence, during first ten months · Dramatic improvement in freight market in November · Continued safe and cost-efficient ship operation · Strong first half of 2003 anticipated, but weaker second half probable · Forecast for full year: SEK 100 million profit · Prestige accident will affect future of tanker shipping - demands for increasingly safe transportation will grow Further information may be obtained from: Lars Carlsson, President Telephone +46 31 85 50 03 or +46 704 85 50 03 Hans Norén Telephone +46 31 85 51 01 or +46 704 85 51 01 Jonas Kamstedt Telephone +46 31 85 50 80 or +46 704 85 50 80 Gothenburg, 18 February, 2003 CONCORDIA MARITIME AB (publ) Lars Carlsson President ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/02/20/20030220BIT00580/wkr0001.doc The full report http://www.waymaker.net/bitonline/2003/02/20/20030220BIT00580/wkr0002.pdf The full report