Press release from Concordia Maritime AB

At the Annual General Meeting of Concordia Maritime AB held on 29 April, 2004, Per Bjurström, Lars Carlsson, Bert Åke Eriksson, Dan Sten Olsson, C. Mikael von Mentzer and Morten Chr. Mo were re-elected as members of the board. The Meeting decided in favour of a total fee of SEK 1,045,000 (unchanged since 2003) to be paid to the board members and remuneration to the auditors to be paid on an on-going basis. The Meeting also decided in favour of a dividend of SEK 0.50 per share and that the record date for the payment of dividends be 4 May. The dividend will be distributed via the Swedish Securities Register Center (VPC AB) from Friday, 7 May. At the following statutory company meeting, Dan Sten Olsson was re-elected as Chairman of the Board and Mikael von Mentzer as Vice Chairman of the Board. The company’s president for the last 20 years, Lars Carlsson, has announced his intention to retire. He will, however, remain on the board. Hans Norén, the present Executive Vice President, has been appointed as President and will take up the position immediately. Gothenburg, 29 April, 2004 CONCORDIA MARITIME The Board of Directors