Concordia Maritime Signs Agreement with TOTAL

Friday, June 29, 2007
Concordia Maritime and the French oil and energy company TOTAL signed an agreement today covering charters totalling nine years for three different P-MAX tankers. The agreement is for a 5-year time charter of the Stena Progress, which will be delivered from Brodosplit Shipyard at the end of 2009 as well as 2-year extensions of the existing charters of the sister ships Stena Paris and Stena Provence, whose current 5-year charters expire in 2010 and 2011, respectively. With today's agreement, TOTAL now has four of Concordia Maritime's ten P-MAX tankers signed to time charters. The remaining duration of the charters for these four vessels is 22 years.
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