Concordia Maritime brings in more product tankers

Sweden’s Concordia Maritime is preparing for an expected market upturn with the chartering in of two more MR tankers, while also extending the contracts for two MRs currently chartered in by a further year.

The two vessels brought in are joint charters with Stena Bulk, and the vessels will be operated by the MR pool within Stena Bulk Product & Chemicals.

Additionally, Concordia has sealed a contract to charter out P-MAX tanker Stena Performance for six months, with a further option for six months. The charter, which commences this month, is with a large global oil company and will see the ship used primarily for niche traffic in the Middle East.

Kim Ullman, CEO of Concordia Maritime, commented: “We are acting based on our firm belief in a progressively stronger market from summer 2018 onwards. By chartering in a total of six vessels (50% each), we have now increased earning capacity significantly in a short period. At the same time, we continue our efforts to identify niche trades for our P-MAX vessels, where their unique properties are particularly beneficial. The new P-MAX contract is a good example of this. For our part, the contract means that we secure employment for the vessel for six months ahead, at a level clearly above the market and standard vessels.”

Last month, Concordia brought in a newbuild IMO2/3 class MR tanker on charter for a two-year period and extended the charter of another product tanker.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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