Kim Ullman News

Erik Lewenhaupt will take over as CEO of Concordia Maritime on January 1, 2022, succeeding Kim Ullman, who informed the Board his wish to step down as CEO and retire.Lewenhaupt has a long track record in tanker shipping. He started his tanker career at Nordström & Thulin in 1996, and was later recruited to Stena Bulk, where he was tanker chartering manager in both Gothenburg and Singapore. His most recent position has been Head of Sustainability at Stena Line, where he has been…

Tanker shipping company Concordia Maritime said it has sold two IMOIIMAX vessels Stena Image and Stena Important to a Chinese leasing company.The two ships were sold to a large Japanese financial services company in 2016 and 2017 under sale-leaseback agreements. The agreements also included annual purchase options, which have now been exercised. The net liquidity surplus from the transactions amounts to approximately SEK 45 million ($5.2 million) and will be added to Concordia Maritime in connection with the delivery of the vessels to the buyer.“The sale of the vessels is in line with the continuing ambition to strengthen the company’s financial position and liquidity…

Swedish tanker shipping company Concordia Maritime has named Martin Nerfeldt as the new CFO and member of Group management. He will replace the current CFO Ola Helgesson, who has decided to leave his position to take on new challenges.Nerfeldt holds an MSc (Economics) from the Gothenburg School of Business, Economics, and Law, and joins the Company from his role as CFO of Sail Racing International AB. He has over 20 years’ experience in finance, economics, and business development…

The tanker shipping market continued to be volatile during the first quarter of 2019, but at a higher level than in the corresponding quarter the previous year, said Concordia Maritime.After the sharp rise at the end of 2018, some tanker market segments have now slowed down again, said the international tanker shipping company. The main reason for this is the decision by OPEC and other major oil producers to cut production at the end of 2018 and start of 2019, this time by a total of about 1.2 million barrels of oil per day.In addition to the large output reduction, the market has been adversely affected by refinery maintenance and deliveries of new vessels.

Concordia Maritime said it has signed a contract to charter out the P-MAX tanker Stena Provence for another year from September 2018.The contractual partner is one of the world’s largest oil and gas companies, who has used the vessel since 2014 for niche transportation of refined petroleum products, mainly in the Asia Pacific region.“This customer has a specific transport need, for which the large load capacity of our P-MAX vessels are well suited,” said says Kim Ullman, CEO of Concordia Maritime. “For our part, the contract is fully in line with our efforts to concentrate employment on niche trades where the P-MAX vessels’ unique properties are most beneficial.”This is Concordia Maritime’s second contract extension in the recent period.

Tanker owner Concordia Maritime announced it has moved to strengthen its positions in the crude oil segment by chartering in another suezmax vessel.The 158,000 dwt suezmax vessel that has been chartered in was built in Korea in 2015. As with previous charters, this is a joint charter with Stena Bulk, and Concordia Maritime’s share amounts to 50 percent. The contract is for 12 months, and the vessel will be employed on the spot market through the Stena Sonangol Suezmax Pool from July.Kim Ullman, CEO of Concordia Maritime, said, “We continue to act based on our belief in a progressively stronger market from autumn 2018 onwards, and we have now brought in a total of four suezmax vessels on 50 percent charters.

As a further step in fleet positioning ahead of the gradually stronger market that is expected, Concordia Maritime has decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea in the period 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the successful Stena Sonangol Suezmax Pool. Concordia Maritime's share in the vessel charters is 50%. The contracts also include a profit-sharing clause with the contractual partner. "We continue to act based on our belief in a progressively stronger market from autumn 2018 onwards.

To prepare for a gradually strenghthening tanker market, Concordia Maritime decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea between 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the Stena Sonangol Suezmax Pool. Concordia Maritime’s share in the vessel charters is 50%. The contracts also include a profit-sharing clause with the contractual partner. “We continue to act based on our belief in a progressively stronger market from autumn 2018 onwards.

Swedish tanker owner Concordia Maritime has chartered in two more MR (ECO) vessels, while also extending the contracts for two of the currently chartered MR (ECO) vessels by a further year. A contract to charter out the P-MAX tanker Stena Performance has also been signed. The contractual partner is a large global oil company and the vessel will be used primarily for niche traffic in the Middle East. As with previous charters, these latest contracts are joint charters with Stena Bulk, and Concordia Maritime’s share amounts to 50 percent. The vessels will be operated by the successful MR pool within Stena Bulk Product & Chemicals (formerly Stena Weco). The contract for Stena Performance is for six months, with an option for a further six months, and runs from January 2018.

Swedish tanker shipping company Concordia Maritime said it has signed a contract to charter in another IMO2/3 class MR tanker while also extending an expiring charter of another MR tanker. The new charter contract will run for two years from the time the newbuild is delivered in January 2018, with multiple options to extend. The other MR tanker charter contract, which expired in November, will be extended for a minimum of one year. Both are 50/50 joint charters with Stena Bulk to be operated by the MR pool within Stena Bulk Product & Chemicals.

Concordia Maritime signed a contract to charter out the P-MAX tanker Stena Provence. The contract is for one year, with an option for a further year, and runs from mid-September 2017. The contractual partner is one of the world’s largest oil and gas companies. The vessel has previously been used by the same customer for consecutive transportation of refined petroleum products, mainly in the Asia Pacific region. This is the second time charter contract for Concordia Maritime in recent months. A similar contract was signed with the same customer in June for the P-MAX vessel Stena Paris. “It’s always pleasing to be given a renewal of confidence. Long-standing customer relationships are one of the cornerstones of our strategy.

Concordia Maritime said it has signed a contract to charter out the P-MAX tanker Stena Paris to “one of the world’s largest oil and gas companies.” The contract is for one year, with an option for a further year, and runs from July 2017 to July 2018. The P-MAX vessel Stena Paris has been used by the same customer since 2013 for consecutive transportation of refined petroleum products, mainly in the Asia Pacific region. Kim Ullman, CEO of Concordia Maritime, said, “With the arrangement, we create benefits for both parties. Our customer has a specific transport need for which the large load capacity of the P-MAX concept is well suited. For our part, the contract means that we secure employment for the vessel for a further year at a fixed rate.

Concordia Maritime has signed a contract for the chartering of two IMO2/3 class MR tankers. This a joint chartering arrangement with Stena Weco, and Concordia Maritime’s share amounts to 50 percent. The contract is for one year, and the charters run from June and July 2017. The vessels were built in 2013 and are ECO-design tankers. They will be operated by Stena Weco, which has a fully integrated global logistics network for the transportation of petroleum products, light chemical and vegetable oils. The overall fleet comprises about 60 MR vessels. “The arrangement is fully in line with our fleet and chartering strategy. We are exploiting…

Concordia Maritim said is selling the Suezmax tanker Stena Supreme as part of a sale and leaseback transaction, which in this case means that Stena Supreme will be chartered back on a bareboat basis for 12 years, with annual purchase options from year three onwards. The counterpart is one of Japan’s largest ship owning companies and senior debt funding will be provided by one of Japan’s “Mega Banks”. The transaction is scheduled for late November, and the sale gives rise to an accounting profit of approx. $1.8 million and a positive liquidity effect of approx. $22 million.

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. 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…

Concordia Maritime signed a contract to charter out another P-MAX tanker. The contract, which comes into effect at the beginning of February 2016, is for one year with an option for a further year. The contract partner is a UK shipping company. “We are continuing to take advantage of the strong market by chartering out another of our P-MAX tankers over a longer period. The contract is fully in line with our chartering strategy. We ensure a good level of income for the vessel over the coming year, while balancing the exposure to the spot market in a well-judged way. In a short time, we have now chartered out two of our ten P-MAX tankers over longer periods and we are evaluating the possibility of similar arrangements,” says Kim Ullman, CEO of Concordia Maritime.

Concordia Maritime’s first chemical and product tanker based on the IMOIIMAX concept, the Stena Image, was delivered from the Chinese shipyard GSI (Guangzhou Shipbuilding International) in Guangzhou. The vessel, a 50,000 dwt MR tanker, is equipped with 18 tanks of the same size, each with a capacity of 3,000 m3, able to load vegetable oils and chemicals as well as petroleum products. The technical design has enabled fuel consumption, when sailing at service speed, to be reduced by 10-20% compared with other vessels of the same size.

Concordia Maritime has signed a contract to charter out another P-MAX tanker, Stena Progress. The contract, which comes into effect in April 2016, is for three years. Contract partner is a national oil company. “We are continuing to take advantage of the market momentum by chartering out another of our P-MAX tankers over a longer period. We have now chartered out three of our ten P-MAX tankers over longer periods and are continuously evaluating the possibility of similar arrangements. All contracts are fully in line with our chartering strategy.

Concordia Maritime has signed a new consecutive voyage contract for the P-MAX tanker Stena Polaris. The contract, which comes into effect in May 2016, is for one year. The contractual partner is one of the world’s largest oil and gas companies. “This is a new niche trade that we have identified together with our customer. The new contract clearly demonstrates that we have found an arrangement that creates value for all parties. The customer has a specific transport need for which the large load capacity of the P-MAX tankers will be well suited.

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel employment and successful chartering, though still coming in under its Q2 2015 results largely due to an arbitration settlement and lower daily income for its vessels. The company reported a profit before tax of SEK 12.4 (44) million for the second quarter 2016, with operating cash flow (EBITDA) of SEK 57.2 (105.2) million, corresponding to USD 7 (13.1) million.

International tanker shipping company Concordia Maritime said it has renewed a contract with an international oil and gas company for 12 months for two vessels. The contract also includes an additional vessel for six months. The renewed contract relates to three P-MAX vessels: 2005-built Stena Paris and 2010-built Stena Provence and Stena Polaris. CEO of Concordia Maritime Kim Ullman said, "It's obviously very positive to achieve the renewed confidence of this customer, which has specific transport requirements that suits the high cargo capacity of our P-MAX vessels…

Concordia Maritime is selling the IMOIIMAX tanker Stena Image to a large Japanese financial institution. The transaction is a sale and leaseback agreement, which in this case means that the vessel will be chartered back to Concordia Maritime on a bareboat basis (i.e., without crew) for eight years, with annual purchase options from year four onwards. The sale price is $37.5 million and delivery to the buyer is scheduled for mid-October. “Through this transaction, we have simultaneously accomplished goals of strategic and financial importance to the company.

Concordia Maritime has signed a contract for the charter of an IMO2/3 class MR tanker, the company announced today. The vessel will be chartered jointly with Stena Weco, and Concordia Maritime's share amounts to 50 percent. The contract, which comes into effect at the end of November 2015, is for two years with an option for a further one to six months. The vessel was built in 2014 and is an eco-design tanker, which means about 25 percent lower fuel consumption than the previous generation of MR tankers. The vessel will be operated by Stena Weco, which has a fully integrated global logistics network for the transportation of petroleum products, light chemical and vegetable oils.