Concordia Maritime charters in another suezmax, gets extension for product tanker

Concordia Maritime charters in another suezmax, gets extension for product tanker

Concordia Maritime has strengthened its positions in the crude oil tanker segment by chartering in another modern suezmax vessel, adding to three chartered in during May.

The unnamed 2015-built suezmax has been chartered jointly with Stena Bulk for one year, and will go into the Stena Sonangol Suezmax Pool.

Kim Ullman, CEO of Concordia Maritime, commented: “We continue to act based on our belief in a progressively stronger market from autumn 2018 onwards, and we have now brought in a total of four suezmax vessels on 50 percent charters. We have increased our earning capacity through the contracts, and the weak market has enabled us to enter into the contracts at a level that is advantageous to us.”

Concordia previously only had one suezmax in its fleet, the 2012-built Stena Supreme which is on bareboat charter until 2028 and part of the Stena Sonangol Suezmax Pool.

Concordia also revealed that it has been awarded an extension for the charter of P-MAX tanker Stena Paris, taking the charter through to July 2019. Contracted to a major oil and gas companies, the vessel is being used for the transportation of refined petroleum products, mainly in the Asia Pacific region.

“It is always pleasing to receive a renewal of confidence and given the challenging market conditions, we are satisfied with the level of the contract. For our part, the contract means that we ensure employment for this specialised vessel for another year, while continuing our cooperation with one of the world’s largest oil companies,” Ullman said.

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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1 Comment

  1. James Ashmead
    July 26, 2018 at 4:42 pm

    Stena Paris was on TC to Total for 4 years before, i wonder if it’s them again?