Sweden’s Concordia Maritime has fixed out its 2006-built post-panamax (P-MAX) tanker Stena Provence for another year from September.
The contract extension is with an unnamed oil and gas company, who have used the vessel since 2014 for the transportation of refined petroleum products, mainly in the Asia Pacific region.
Kim Ullman, CEO of Concordia Maritime, commented: “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.”
Concordia recently secured an extension with the same client for another 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. Long-standing customer relationships are one of the cornerstones of our strategy,” added Ullman.