Concordia Maritime in Chartering Deal for Aframax Tankers
January 14, 2011
Concordia Maritime participateswith50% in time charter contracts fortwoAframaxtankerswith high ice class(1A). The contracts aremadeby StenaBulk. AnAframaxvesselisaround110 000dead weight tonsandcarriesmostlycrudeoil. The contractextendsfrommid-December2010 tothe endof thefirstquarter of 2011, and includesaprofit sharingclause, meaning that the ship ownergetspartof themarketearningsabove acertainlevel. The shipsare operatedbyStenaBulk'sHelsinkioffice, and employedinnorthernEurope. The marketforthis kindoftonnageisveryvolatile,especially during wintermonthsandis among other things affected byice conditionsin theBaltic Sea. Shippingratescan for shortperiodsbeveryhighand thenfallbacktolowerlevelsveryquickly.
