Concordia Maritime announced it has chartered out a P-MAX tanker to a Chinese shipping company for two years, effective in late January or early February 2016.
Kim Ullman, CEO of Concordia Maritime, said, “We are now taking advantage of the strong market and chartering out one of our P-MAX tankers over a longer period. This means that we ensure a good level of income for the vessel over the next two years, while balancing our exposure to the spot market in a well-judged way.”
The vessel will be mainly used to transport heavy oil products between Korea, Japan and China. Several of the ports in the region are relatively shallow, and the P-MAX tanker, With her shallow draft and high load capacity, is well suited for this.
“The goal for the P-MAX fleet is precisely to concentrate employment on trades and chartering systems where the unique properties of the tankers come into their own, and where there is potential to achieve premium rates,” Ullman explained. “The contract that has been signed shows the strength of this niche strategy – even when it comes to transporting heavy oil products.”