SEK 1.9 billion investment program. Premiere for the ship of the future: P-MAX.

Today, Concordia Maritime will hold the Naming Ceremony for Stena Paris, its first P-MAX tanker, in a series of six. The total investment for the six vessels amounts to SEK 1.9 billion. The P-MAX is a large step in the implementation of the new strategy for realising the company’s objectives.

“This is more than a ceremony for naming a ship. With the P-MAX, we are implementing our new strategy, a shift in focus from the transportation of crude oil to refined petroleum products. This will open up even better business opportunities for us”, says Hans Norén, President of Concordia Maritime. The new ship type, which has a deadweight of 49,900 tons, has many advantages. With its unique P-MAX design, the tanker can transport about 30 per cent more cargo than a conventional product tanker at no significant extra cost. Additionally, the P-MAX tankers can load both crude and refined oil, and rapidly switch between the two types of cargo, “This is a vessel that represents a new class of ship and it demonstrates the cutting-edge competence we have access to in the field of shipbuilding – competence our customers value highly and which is leading to more and better business for us”, says Hans Norén. Cost effectiveness, flexibility and raising the safety level still further have been key considerations during the development of the P-MAX. “These are areas we are focusing on in order to consolidate our leading position, quite simply because they result in more satisfied customers and higher profitability”, says Hans Norén. In addition to having mandatory double hulls, the P-MAX tankers have been designed according to a new 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. The Stena Paris has been chartered out to the French company TOTAL, one of the world’s largest oil and chemicals companies, and will sail for them for five years. The vessel’s godmother is Nadira Thouilin, wife of the Director for TOTAL Shipping at TOTAL, Bertrand Thouilon. Split, Croatia, 18 November, 2005 Concordia Maritime (publ)