July 14, 2003

Stena P-Max

Concordia orders P-Max products tankers
Stena Group's Concordia Maritime has confirmed orders for four P-MAX medium range (MR) products carriers to be built at the Brodosplit Shipyard in Croatia. The contract includes options for two further vessels.

The new Stena P-MAX ships at about 49,900 dwt have a lower draft and higher speed than traditional, modern MR products tankers. With a length overall of 183 metres -- equal to that of a traditional MR tanker, but beam of 40 metres as against 32.2 metres for today's MR -- the P-MAX will offer 70,000 cubic metres of cargo capacity, almost 30% more than the 55,000 cubic metres of today's largest MR vessels.

This is the heart of the Stena MAX concept: 30% more cargo and highest safety.

The P-MAX will offer the active safety component of propulsion redundancy seen on the V-MAX VLCCs delivered to Concordia in 2001 and the C-MAX coastal products/LPG carriers introduced by Stena Bulk in 2002.

The P-MAX ships will have two engine rooms divided by a fire safe and watertight bulkhead; two engines with separate fuel supply and other auxiliary systems for each engine, two propeller shafts, two propellers and rudders, plus independent control and monitoring systems for each propulsion unit -- in accordance with the requirements of the DNV RPS class notation (Redundant Propulsion Separate). Fuel consumption is comparable with modern MR tankers at the same cargo intake.

In the product carrier sector, with frequent port calls, restricted water depths, traffic intensive waterways, sensitive cargoes and operations into sensitive areas, Concordia knows that improved maneuverability, reliability and redundancy found in all the Stena MAX ships are at the heart of safe ship operations. Another major advantage with the Stena MAX ships is that there may be less need for dredging of ports and approaches.

The P-MAX double hull will be further strengthened to DNV enhanced fatigue Class Notation Plus 2, and Swedish/Finnish Ice Class 1B.

Navigation instrumentation and layout will be enhanced according to DNV NAUT-AW.

With hull and machinery system failures accounting for some 25% of tanker incidents in 2002, according to INTERTANKO and collisions/groundings/contacts some 50%, Concordia is convinced that the features built into the P-MAX will make a positive difference to both safety and environmental protection.

Lars Carlsson, President of Concordia Maritime which will own the new line of ships said that Concordia and Stena have the products carrier experience as a significant charterer through its subsidiary StenTex, and the experience of owning and operating the Stena C-MAXes. He believes that now is the time for Concordia to expand into the challenging sectors, which the P-MAX orders represent. "The economics of scale for what is essentially a maxi medium range tanker will drive this deal in the commercial market, while there can be no doubt about the long term safety and environmental dividend" Carlsson said.

With the first P-MAX scheduled for delivery in 2005, no firm charters have been fixed. "These are highly flexible vessels with lots of opportunities," said Lars Carlsson. " We are having discussions with charterers and cargo owners, and with the Stena MAX concept up and running with great success, these P-MAX ships are being built for an increasingly environment conscious market and we have every confidence that they will have an outstanding future."

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