Concordia Maritime Fixes P-MAX Tanker Trio

Sweden’s tanker shipping company Concordia Maritime informed that it has renewed a contract with an international oil and gas company for three vessels.

The renewed contract relates to P-MAX vessels: Stena Paris, Stena Provence and Stena Polaris. Two tankers got their employement renewed for 12 months, while the third vessel got a six month extension.

“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, which results in a lower actual cost per unit. The contract is fully in line with our efforts to steer employment towards niche trades that can optimally utilise the P-MAX vessel’s unique characteristics,” says Kim Ullman, CEO of Concordia Maritime.

“Just as previously predicted, we can now see a seasonal slowdown in the second half of the third quarter. This is from high levels, however, and we do not think the decline will be as deep and prolonged as seen in recent years. Our basic market outlook as from the fourth quarter is therefore still positive,” says Kim Ullman.

Concordia Maritime’s wholly-owned fleet consists of ten P-MAX product tankers, one IMOIIMAX product and chemical tanker, and one suezmax tanker. The newbuilding program comprises one additional IMOIIMAX tanker, with delivery scheduled in the fourth quarter of 2015.

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