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Concordia Maritime Charter Out Two Tankships

Maritime Activity Reports, Inc.

May 26, 2014

Sweden's Concordia Maritime says it has contracted out the 50,000 dwt P-MAX tankers Stena Provence and Stena Polari to a major oil and gas company for 6 months initially to run until the end of 2-14.

"We are very proud to have concluded this deal and we are looking forward to continuing to develop this growing trade with refined petroleum products into the Asia Pacific with our business partner,” says Kim Ullman, CEO of Concordia Maritime.

“Since January this year, we have adopted a more aggressive chartering strategy to maximize the vessels’ superior earnings capacity, which is also the case with this deal,” concludes Kim.

Concordia adds that these P-MAX tankers are particularly well suited for this trade with their extremely shallow draft design. Their LOA is 183 meters, the same as conventional MR tankers, but they have a beam of 40 meters enabling them to lift approx. 50,000 mt on 11 meters. They also have a fully redundant propulsion system with two separate engines, steering machinery, rudders and propellers.

www.concordiamaritime.com

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