Concordia Maritime Reels In USD 5 Mn for IMOIIMAX Success

Swedish tanker owner Concordia Maritime is to receive a payment of USD 5 million related to its IMOIIMAX tankers.

The amount is based on the cooperation between Stena Bulk and Concordia Maritime related to the IMOIIMAX concept.

The company explained that the payment is “a consequence of the commercial successes of the IMOIIMAX fleet since delivery.”

Expected to be made during the third quarter of 2019, the payment would be reported as other income.

During the second quarter ended June 30, 2019, Concordia Maritime reported an operating loss of SEK 7.8 million (USD 0.8 million), against an operating loss of SEK 55.5 million (USD 5.7 million) seen in the same period a year earlier.

“Developments during the second quarter were largely as we expected – namely, weak but still stronger than the corresponding quarter the previous year. Among the reasons were OPEC’s production cuts, extended seasonal maintenance of refineries prior to IMO 2020 and extensive deliveries of new vessels.”

During the first half of 2019, the tanker markets produced voyage result per day levels that exceeded the corresponding period in the slump year 2018 by 50-100 percent.

“Our view of market development going forward is largely unchanged. Several factors still point to a gradually stronger market in autumn,” the company noted.