Concordia Sells Two VLCCs

Friday, January 16, 2004
Concordia Maritime has sold its two remaining VLCCs in the so-called Concordia Class, the Stena Congress and the Stena Constellation. They will be converted by the buyer for operation in offshore projects. The vessels will be delivered later in 2004 and their sale is expected to result in a capital gain of approx. SEK 50 million.

Concordia's quality concept with robust tankers manned by large, highly qualified crews was first implemented in the six tankers in what came to be called the Concordia Class. The high quality of these vessels together with a unique market situation has made it possible for Concordia to dispose of four of these vessels for continued operation on oilfields at sea for many years beyond their 30th anniversary. At the same time, we have been able to invest in new, ultramodern vessels at reasonable prices - the two V-MAX tankers delivered in 2001 and the six P-MAX tankers ordered in 2003.

When the last two vessels in the Concordia Class generation are delivered to the buyer, the construction of our new P-MAX fleet, incorporating the latest technology for the safe transportation of oil in sensitive waters, will be in progress. Concordia can now be regarded as a completely new company with a completely new fleet, but with long experience of safe oil transportation at sea.

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