Concordia Maritime Secures New Deal for Its Stena Progress

Swedish shipping company Concordia Maritime has signed a charter contract for its P-MAX tanker, Stena Progress. Signed with an unnamed national oil company, the contract comes into effect in April 2016 and will be valid for three years. 

“We have now chartered out three of our ten P-MAX tankers over longer periods and are continuously evaluating the possibility of similar arrangements. All contracts are fully in line with our chartering strategy. 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,” Kim Ullman, CEO of Concordia Maritime, points out.

The vessel that sails under the flag of Bermuda is to be mainly used for niche trades in the Atlantic Basin, the company said.

Built in 2009, the Stena Progress is one of the ten P-MAX tankers in Concordia Maritime’s fleet. Previously, the vessel had been chartered to Shell Tankers Singapore Private Ltd. (Shell) in 2014.

The contract comes in less than two months since the company inked a contract to charter out an undisclosed P-MAX tanker to a UK shipping company for one year, a contract that came into effect at the beginning of February 2016.