Stena P-MAX

September 9 2004

Concordia gets 10 year time charters for two P-MAX tanks

Concordia Maritime has signed two 10-year time-charter contracts for two Stena P-MAX tankers with Russia's Progetra S.A.

This means that Concordia has now secured employment for four of the six P-MAX tankers on order. Five-year time-charter contracts for two vessels had previously been signed with the French oil company TOTAL.

The Baltic Sea will be the primary traffic area.

The P-MAX design, which increases loading capacity compared with standard tankers at the same draft, is well suited to a number of Russian ports,

The hull has been strengthened and developed for navigation in icy waters to meet the most restrictive European requirements, including the Swedish/Finnish requirements for ice class 1B, thus making possible transportation during even severe icy winters.

The Stena P-MAX has double propulsion systems with double engines, two rudders and two propellers for maximum safety and maneuverability. In addition, navigation and bridge systems have been developed for better control of the vessel, particularly in narrow waters with heavy traffic. The bridge has a 360° view and double control centers for maneuevring.

"This deal underlines our ambition to generate long-term and profitable business with our customers and is part of our investment in high-quality, ice-classed tonnage for the Baltic Sea, Russia and Europe," says Concordia Maritime's president, Hans Noren.

"The P-MAX tankers have been very well received on the market," saysNoren. "Of the six vessels, two have been chartered out for five years and two for ten years. The time-charter agreements, which have been signed during a boom in practically every shipping segment, form the core of our goal of Concordia being a shipping company with fundamentally solid finances and a stable profit and cash flow".

Progetra S.A. is a rapidly expanding company, which cooperates closely with a number of Russian oil companies. Today, the company's business consists mainly of overland transportation and the operation of a number of oil terminals in Russia. At the beginning of 2004, Progetra signed 10-year time-charter agreements with Stena for two Aframax tankers built to ice class 1A Super specifications.


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