Kim Ullman News

27 Apr 2019

Volatility Hits Tanker Market: Concordia

Pics: Concordia Maritime

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…

06 Sep 2018

Contract Extension for Tanker Stena Provence

© One eyed Kiwi / MarineTraffic.cm

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.

25 Jul 2018

Concordia Maritime Charters in Suezmax Tanker

© Steven Watkins / MarineTraffic.com

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…

28 May 2018

Concordia Maritime Charters Three Suezmax with Stena Bulk

Photo: Concordia Maritime

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%.

25 May 2018

Concordia Boosts Tanker Biz

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.

10 Jan 2018

Concordia Maritime Charters Two More MR Vessels

Image: Concordia Maritime

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.

12 Dec 2017

Concordia Eyes Growing Product Tanker Market

Kim Ullman, CEO of Concordia Maritime (Photo: Concordia Maritime)

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.

11 Sep 2017

Concordia: Contract Signed for Tanker

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.

29 Jun 2017

Concordia Charters Out P-MAX Tanker

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.

21 Apr 2017

Concordia Maritime Charters Two MR Tankers

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…

28 Oct 2016

Concordia Maritime Sells Tanker Stena Supreme

Photo courtesy of Concordia Maritime

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.

04 Oct 2016

Concordia Maritime Sells IMOIIMAX Tanker

Stena Image (Photo: Concordia Maritime)

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.

28 Jul 2016

Concordia Maritime Posts Q2 Profit

Stena Polaris (Photo: Concordia Maritime)

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.

26 Apr 2016

Concordia Maritime Inks P-MAX Tanker Contract

Stena Polaris (Photo: Concordia Maritime)

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.

14 Mar 2016

Concordia Maritime Signs Time Charter Contract

Photo: Concordia Maritime

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.

26 Jan 2016

Concordia Maritime Signs Time Charter Contract for P-MAX Tanker

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.

28 Dec 2015

Concordia Maritime Charters Out P-MAX Tanker

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…

19 Feb 2015

Concordia Maritime Boosts Suezmax Market Presence

Stena Supreme, a Suexmax vessel owned by Concordia Maritime and employed on the spot market via Stena Sonangol Suezmax Pool controlled by Stena Bulk and the Angolan state oil company Sonangol (Photo courtesy of Concordia Maritime)

International tanker shipping company Concordia Maritime has signed an agreement to charter 50 percent of a vessel in the Suezmax crude oil segment for a period of one year from August 2015, with an option for an additional year. The Suezmax tanker has a deadweight of 158,000 mt and was built in South Korea in 2012. Kim Ullman, CEO of Concordia Maritime, said, “This agreement strengthens our presence still further in the strong Suezmax market. At the end of last year, we chartered 50 percent of a Suezmax tanker.

08 Apr 2015

Next Gen Tankers Delivered to Concordia Maritime

Stena Image (Photo courtesy 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.

15 Sep 2015

Concordia Maritime Renews P-MAX Vessels Contract

Stena Polaris (Photo: Concordia Maritime)

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…

30 Dec 2014

Concordia Renews Charter of 2 P-MAX Tankers

Stena Provence (Photo: Concordia Maritime)

Concordia Maritime has renewed its contract with a major oil and gas company for a consecutive voyage charter arrangement for the P-MAX tankers Stena Provence and Stena Polaris. The agreement will run until the summer of 2015. “This is a testament to the fact that our P-MAX tankers make a major difference when properly utilized. We are very pleased to be able to extend this charter, which, alongside our business partner, we have long and successfully cultivated in this region of the world,” said Kim Ullman, CEO of Concordia Maritime.

31 Dec 2014

Concordia Maritime Extends Charters for Tanker Duo

P-MAX tanker

Concordia Maritime has just renewed its contract with a major oil and gas company for a consecutive voyage charter arrangement for the P-MAX tankers Stena Provence and Stena Polaris. The agreement will run until the summer of 2015. “This is a testament to the fact that our P-MAX tankers make a major difference when properly utilized. We are very pleased to be able to extend this charter, which, alongside our business partner, we have long and successfully cultivated in this region of the world,” says Kim Ullman, CEO of Concordia Maritime.

24 Nov 2015

Concordia Maritime Charters MR Tanker

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.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News