Swedish tanker shipping company Concordia Maritime has signed a contract to charter out a P-MAX tanker to an unnamed UK shipping company for one year with an option for a further year.

The contract will come into effect at the beginning of February 2016.

“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,” says Kim Ullman, CEO of Concordia Maritime.

“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.”

According to the company, the vessel will mainly be used to transport light oil products to West Africa.

The announcement comes only a month after the company inked a two-year charter deal for a P-MAX tanker with an undisclosed Chinese shipping company. This vessel will be mainly used to transport heavy oil products between Korea, Japan and China.

Concordia Maritime’s wholly-owned fleet consists of ten P-MAX product tankers, two newly built IMOIIMAX chemical and product tankers, and one suezmax tanker.