2018 in brief
Strong end to a weak year
After several years of weak markets, rates rose sharply at the end of the year. Among the main drivers were increased oil production, normalized stock levels and low growth in the global fleet.
Key ratios
Sale of positions in chartered in Suezmax vessels
During the year, Concordia Maritime participated in the chartering in of four Suezmax vessels. Concordia Maritime’s share amounted to 50 percent. At the end of the year, Concordia Maritime sold the shares in the charters to Stena Bulk, thereby realising the increase in value that arose from an increasingly stronger market.
Extended contracts
During the year, one of the world’s largest oil and gas companies extended the charters for the P-MAX vessels Stena Paris and Stena Provence again.
No serious accidents or incidents
No Concordia Maritime vessels were involved in any type of incident that resulted in bunker oil or cargo discharging into the water during 2018. For the fifth consecutive year, no vessels were involved in any workplace incident resulting in an LTI.
MR (ECO) vessels chartered in
During the year, contracts were signed to charter in another four IMO 2/3 class MR tankers. In parallel, two already chartered MR vessels had their contracts extended.
Word from CEO
The market will probably remain volatile, but at a higher level. 2020 looks very exciting.
Kim Ullman, CEO Concordia Maritime
Outlook 2019
2019 - beginning of the next economic upturn in tanker shipping
2018 ended strongly. 2019 started a little weaker, but several factors point to a gradually stronger market in the second half of the year. 2020 then has everything in place to be a really positive year for tanker shipping.
Read moreSustainable Shipping
Safety, care for the environmental and employer responsibility
For Concordia Maritime, issues relating to care for the environment, safety, transport efficiency and employer responsibility are closely aligned with sound and stable financial development.
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Objectives & strategy
Focus on niche trades and flexibility
We will use our unique understanding of market drivers and the individual customer's business to satisfy specific transportation and logistics needs. Collaboration with customers is based on long-term relationships, characterised by partnership and high ambitions – whether this applies to a voyage or the development of a brand-new vessel concept.
Read moreOur fleet
A flexible fleet
Our fleet consists of ten P-MAX class product tankers, two IMOIIMAX class chemical and product tankers, one suezmax tanker, and a share of six chartered MR (ECO) tankers.
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