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Concordia and Stena Bulk Awarded Environmental Diploma

Maritime Activity Reports, Inc.

October 12, 2006

At World Shipping Day in Gothenburg, Concordia Maritime and Stena Bulk will be awarded Sjöfartsforum’s Environmental Diploma for Stena’s in-house developed MAX vessels. The prize will be handed over at a ceremony at the Concert Hall.

The jury for the award says, “Innovative thinking and responsibility characterize Stena Bulk/Concordia Maritime. They have been awarded Sjöfartsforum’s Environmental Diploma in 2006 for the development and construction of the P-MAX tankers. Doubling the majority of their functions results in an unsurpassed level of safety and manuverability among the world’s tankers, which benefits the environment. The sharply increasing volume of tanker traffic in the Baltic Sea is a challenge. The sensitive Baltic Sea is well served by these new vessels, with their well-trained crews, deployed by Stena Bulk/Concordia Maritime.”

“Concordia Maritime has so far invested in the P-MAX program, which is an important platform for our long-term and strategic development. Today, our fleet consists of ten P-MAX tankers. Four P-MAX tankers are currently in service and a further six are on order for delivery up until the end of 2010. Effective transport economy has been the guiding principle in the development of the P-MAX concept. As a result, the vessels have an exceptionally wide hull enabling them to transport about 30 percent more cargo than a conventional product tanker. At the same time, the P-MAX tankers, with most of their functions doubled, have built-in proactive safety”, says Hans Norén, President of Concordia Maritime AB.

Stena P-MAX design The P-MAX tanker is a product tanker of about 65,200 DWT. 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. All these double systems can be operated independently of each other, which results in safer oil transportation.

Green Passport All the P-MAX tankers are certified with a Green Passport by DNV (Det norske Veritas). Green Passport certification is voluntary and means that all hazardous materials used in the construction of the vessel are identified and documented. With this certification, which is voluntary, Concordia Maritime are acting proactively prior to any future regulations and recommendations concerning ship recycling.