Annual Report 2018

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

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

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

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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.

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Sustainable 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.

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Our 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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