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. By chartering in the three suezmax tankers, we also strengthen our presence in the crude oil tanker segment and continue to increase our earning capacity. The weak market means that we could enter into the contracts at favorable terms. In purely operational terms, we know the vessels well, as they have earlier been employed in the Stena Sonangol Suezmax Pool. This is obviously a reassuring bonus,” says Kim Ullman, CEO of Concordia Maritime.

Concordia Maritime’s presence in the suezmax segment has been represented by the tanker Stena Supreme since 2012. Stena Supreme is also employed on the spot market via Stena Sonangol Suezmax Pool. The pool, controlled by Stena Bulk and the Angolan state oil company Sonangol, comprises a total of about 25 efficient suezmax tankers.