Concordia Maritime and Stena Weco charter in MR product tanker

Concordia Maritime and Stena Weco have jointly chartered in an MR product tanker for two years, plus an optional extension period of up to six months.

Stena Weco will operate the vessel, which is a 2014-built tanker with a fuel-efficient design and with IMO2/3 notation. Concordia said the ‘eco’-design will lead to 25% lower fuel consumption than the previous generation of MR tankers.

The charter rate was not disclosed today, but MRs are currently fixing at around $18,000 per day for one-year timecharters, according to estimates from London-based shipbroker Alibra Shipping.

“This vessel represents an interesting complement to our existing fleet of PMAX and IMOII-MAX vessels. The transaction strengthens our position in the MR segment. We believe in a continuation of the strong market, and we have a highly competent partner in Stena Weco,” says Kim Ullman, CEO of Concordia Maritime (pictured).

Concordia currently owns two MR2 (IMOII-MAX) tankers and 10 post-panamax (PMAX) tankers of around 65,000 dwt, all of which are pooled with Stena Weco and trade in the spot market.

Concordia took delivery of its second IMOII-MAX tanker, Stena Important (50,000 dwt), in October from CSSC Offshore and Marine Engineering in Guangzhou, China. The delivery completed Concordia’s newbuilding programme.

In addition, Concordia owns one suezmax tanker and has a 50% interest in two more suezmaxes on timecharter, which operate in the Stena Sonangol Suezmax Pool. It also owns four more PMAXes, which are jointly pooled with Stena Bulk.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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