Annual Report 2017

2017 in brief

A challenging year

Tanker markets remained weak in 2017. The main reasons were Opec production cuts and relatively large ship deliveries, which created a significant imbalance between supply and demand. For Concordia Maritime, the decline was partly offset by the fact that several ships were employed on niche contracts.

Key ratios

Net income
SEK million
Result excluding impairment and tax
SEK million
Proposed dividend per share

Continued investments

During the year, an agreement was signed for the inclusion of three MR (ECO) vessels of IMO 2/3 class. In parallel, the charter for another MR vessel was extended for at least another year.

Renewed contract for P-MAX vessels

During the year, the charter contracts for the P-MAX vessels Stena Paris and Stena Provence were renewed. At the end of the year, five of the ten vessels in the P-MAX fleet were employed under time charter contracts.

Sale of the IMOIIMAX vessel Stena Important

During the year, a sale & lease back agreement was signed for the IMOIIMAX vessel Stena Important. The purchase price amounted to USD 36 million.

No serious accidents or incidents

2017 was another year in which none of Concordia Maritime’s vessels were involved in any incident resulting in serious personal injury or bunker oil/cargo discharging into the water.

Word from CEO

All in all, we expect increased demand for tanker transport and a progressively more balanced and stronger market during the second half of 2018.

Kim Ullman, CEO Concordia Maritime

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Outlook 2018

Four factors that point to a stronger market in 2018

Several factors indicate a significantly better balance and a progressively stronger market during the second half of 2018 significant growth in oil consumption, increasing oil production, declining oil stocks and a low order book.

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Sustainable Shipping

Major focus on sustainability

For Concordia Maritime, commitment to the environment, safety, transport efficiency and social responsibility go hand in hand with sound and stable financial development.

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Objectives & strategy

Focus on niche trades and flexibility

With our unique understanding of market drivers and the individual customer’s business, we will satisfy specific transportation and logistics needs. Collaboration with customers will be based on long-term relationships, characterised by partnership and high ambitions – whether this applies to one voyage or the development of a brand new vessel concept.

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Our fleet

A flexible fleet

Our fleet consists of ten P-MAX class product tankers, two newly built IMOIIMAX class chemical and product tankers, one suezmax tanker, and a share of six chartered MR (ECO) tankers.

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