Concordia Signs Three Timecharters

Tuesday, May 20, 2008

Concordia Maritime have entered into time charter contracts for three of its P-MAX new buildings with ST Shipping and Transport, a subsidiary of Glencore. The contract period is three years for each vessel upon delivery from the shipyard. In total Concordia Maritime´s P-MAX fleet consists of ten vessels, of which six have been delivered and the four remaining will be delivered in 2009 and 2010. With the conclusion of the above three contracts for vessels to be delivered in 2009 and 2010 the entire fleet is committed to time charter contracts. ST Shipping and Transport is the shipping arm of Glencore, one of the world´s largest companies in the area of oil trading and other commodities.
“We are very pleased to have concluded this transaction with ST Shipping and Transport. They have a large shipping operation and we view them as being an innovative and solid provider of oil transportation – a good and interesting customer for long term business” says Concordia Maritime President Hans Norén.

”Since the sale of the V-MAX vessels in 2004 we have had a solid and strong financial position, which is further strengthened by this transaction. The purpose of securing the vessels in our new building program on long term charters is twofold. Steady and solid cash flows of course but it also helps us in our efforts to develop a deeper customer relationship, such as with ST Shipping now. Another example is the oil- and energy major TOTAL which since before has four of our P-MAX on long term contracts” says Financial Manager Göran Hermansson.

“These contracts mean that Concordia Maritime will have yet more stability and ability.
Stability in terms of a really good solid financial base with steady cash flows and a strong balance sheet. Ability to react and act swiftly when it comes to business opportunities and the further growth and development of the company. This is particularly relevant for the next couple of years when we believe the market will be weak” concludes President Hans Norén.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1119 sec (9 req/sec)