Concordia Maritime Secures Work for Stena Provence

Swedish tanker shipping company Concordia Maritime has signed a contract to charter out the P-MAX tanker Stena Provence for another year.

The undisclosed oil and gas major has been employing the vessel since 2014 for niche transportation of refined petroleum products, mainly in the Asia Pacific region.

“It’s always pleasing to be given a renewal of confidence. This customer has a specific transport need, for which the large load capacity of our P-MAX vessels are well suited. For our part, the contract is fully in line with our efforts to concentrate employment on niche trades where the P-MAX vessels’ unique properties are most beneficial,” says Kim Ullman, CEO of Concordia Maritime.

This is Concordia Maritime’s second contract extension in the recent period. In July, a similar contract was signed with the same customer for the P-MAX vessel Stena Paris.

“Given the weak market, we are still pleased with the level of the contract. Having part of the fleet signed to longer-term contracts is strategically important for us,” concludes Kim Ullman.

Despite reporting a widened net loss in the second quarter of the year, reaching USD 6.2 million, Ullman believes the weak market will see an upturn soon due to the increased demand for tanker transport and moderate fleet growth.