Concordia Maritime Agrees Two Charter Deals

Swedish tanker owner Concordia Maritime has strengthened its position in the crude oil tanker segment with two charter deals.

Namely, the company chartered in another modern Suezmax vessel, and secured an extension contract to charter out the P-MAX tanker Stena Paris for the sixth consecutive year.

The 158,000 dwt Suezmax vessel, which was built in Korea in 2015, was chartered in for a period of 12 months. With effect from July, the vessel will be employed on the spot market through the Stena Sonangol Suezmax Pool. As with previous charters, this is a joint charter with Stena Bulk, and Concordia Maritime’s share amounts to 50 percent.

“We continue to act based on our belief in a progressively stronger market from autumn 2018 onwards, and we have now brought in a total of four Suezmax vessels on 50 percent charters. We have increased our earning capacity through the contracts, and the weak market has enabled us to enter into the contracts at a level that is advantageous to us,” Kim Ullman, CEO of Concordia Maritime, said.

In parallel, Concordia Maritime has signed the extension agreement for the P-MAX tanker Stena Paris. The contract is for one year and runs from July 2018 to July 2019.

The company said that Stena Paris has been used by the same customer since 2013 for consecutive niche transportation of refined petroleum products, mainly in the Asia Pacific region.