Concordia Maritime Signs Agreement with TOTAL

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.