Concordia AB (STO:CCORB)
Concordia Maritime has signed a contract to charter out another P-MAX
tanker. The contract, which comes into effect at the beginning of
February 2016, is for one year with an option for a further year. The
contract partner is a UK shipping company.
“We are continuing to take advantage of the strong market by chartering
out another of our P-MAX tankers over a longer period. The contract is
fully in line with our chartering strategy. We ensure a good level of
income for the vessel over the coming year, while balancing the exposure
to the spot market in a well-judged way. In a short time, we have now
chartered out two of our ten P-MAX tankers over longer periods and we
are evaluating the possibility of similar arrangements,” says Kim
Ullman, CEO of Concordia Maritime.
The vessel will be mainly used for the transportation of light oil
products to West Africa. With her shallow draft and high load capacity,
the P-MAX tanker will allow efficient transportation of large volumes.
“The goal for the P-MAX fleet is precisely to concentrate employment on
trades and chartering systems where the unique properties of the tankers
come into their own, and where there is potential to achieve premium
rates. Transportation of oil products to West Africa is a good example
of such a niche trade that we have identified and developed in recent
times,” says Kim Ullman.
Concordia Maritime is an international tanker shipping company. Our
focus is on cost-effective and safe transportation of refined petroleum
products and vegetable oils. The company’s B shares were admitted to
trading on Nasdaq OMX Stockholm in 1984. www.concordiamaritime.com
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Copyright Business Wire 2016
Source: Business Wire
(January 26, 2016 - 4:09 AM EST)
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